Morning Coffee: This firm is hiring 2,400 experienced finance professionals in the UK before June 2014
Another week, another big hiring number – and, no, it doesn’t involve JPMorgan and control jobs. This time, it’s EY (formerly known as Ernst & Young). According to the Times, it wants to hire 3,700 people in the UK by June 2014. 2,400 people will be experienced hires and the rest will be university leavers.
The Big Four firm has its own history of ostentatious hiring promises. Last year, EY told us that it would be recruiting 20,000 people in 2013 across Europe the Middle East, India and Asia (EMIA), of which 10,000 would be graduates and 10,000 would be experienced hires. In that context, 3,700 new hires sounds a little paltry – although this time they’re for the UK alone and are happening over an eight month period. EY currently employs 11,000 people in the UK, implying that it’s planning a 33% increase in headcount, just so long as no one leaves.
The new hires will be focused on a few key areas. EY wants 350 people for big data and 250 people for cyber security. It wants TMT advisors. The jobs will be distributed across the assurance, tax, advisory and transactions units.
Citi has had a disastrous drop in FICC trading revenues. Overall revenues could fall 10% because of it. (Financial Times)
Deutsche Bank has also had a bad third quarter in fixed income trading. (Financial Times)
Macquarie says things have been going well, even in trading. (Bloomberg)
Goldman’s electronic bond trading platform G-Sessions is really not going well. (Financial Times)
Banks’ efforts to cut headcount have been cancelled out by falling revenues and rising costs elsewhere. (Financial Times)
58% of people who work in banking want to leave and do something else. 34% of people on the sellside feel negative or very negative about the prospects for the industry. (Financial News)
When JPM ordered that the CIO’s portfolio be shrunk by 35%, Xavier Martin-Artajo’s portfolio trebled in size. (The Times)
UK is heading for its best year for IPOs since the financial crisis. (Financial Times)
Brain drain at the Bank of England. (Telegraph)
Everything you’ve ever wanted to know about George Soros’ wedding. (Reuters)