Costa Coffee is becoming a synonym for the difficulty finding a decent job in the UK. Last week, it was reported that more than 1,700 people had applied for eight jobs at Costa Coffee – in other words 212 applicants for every role. The Telegraph did some digging to see who Costa selected. Among other things, it unearthed an ex-Deloitte management consultant who is now a Costa Coffee area manager. The chain has also been receiving barista applications from ex-accountants.
“In the last six months I’ve recruited three graduates with first-class degrees who hadn’t found work in the past few years,” Costa area manager Sham Ramparia, who previously worked at Deloitte, told the paper.
Separately, it seems that RBS will announce more investment banking job cuts when it announces its results this week. The two part test for the viability of a business at RBS will reportedly now be whether it is a) profitable and b) contributes to the British economy. RBS’s investment bank may fail at step two. The Telegraph also reports that RBS is under pressure to slim the investment bank significantly. Back and middle office staff are reportedly at most immediate risk of job cuts.
RBS may cut 10% from the balance sheet of its investment bank. (Telegraph)
Bonus pool for RBS’s investment bank in 2012 is likely to be between £250m-£300m, down from £390m in 2011. (Financial Times)
Bank of England is considering locking in all bonuses for banking executives until they leave their firms. (Financial News)
The European CMBS market is making a comeback as US banks allocate capital to the region. (Bloomberg)
If you leave Citigroup to join the government, you get to keep your unvested stock, which also vests immediately. (Bloomberg)
England’s brightest school pupils have fallen two years behind their Asian peers in maths ability by the time they are 16. (Financial Times)
The most stressed mothers are the most deprived. The 2nd most stressed mothers are the most highly educated. (The Times)