Two financial services organisations have revealed hiring plans today. One is Blackrock, the asset management firm. The other is Oppenheimer, the US financial services company. Unfortunately, Blackrock's hiring plans are tempered by a simultaneous intention to get rid of people.
The Financial Times reports that Blackrock will be recruiting 500-600 people this year. It doesn't say precisely which areas of the business they will be joining, but points out that Blackrock has said that its priorities for growth include the US defined contribution pension savings business, iShares, and its emerging markets and alternative funds. It is also creating an in-house electronic exchange to match trades between clients.
While Blackrock may be hiring, it is unfortunately also firing. Both the FT and Reuters say that Blackrock is laying off 300 people, or 3% of its workforce as its business evolves.
Meanwhile. Financial News reports that Oppenheimer & Co wants to double its headcount in the UK and Europe. It currently employs 58 people in the region, and wants to hire the same number (over the next five years). The new hires will be focused on equity research and capital markets (equity and debt).
Brady Dougan says it’s not sustainable for bankers to keep earning more than shareholders. (Bloomberg)
Bruno Iksil’s advocacy of the ‘very young, very talented’ trader Henry Kim shows how to get ahead at JPMorgan. (BusinessWeek)
Bank of America has cut its head of Australian equities and won’t be replacing him. (Bloomberg)
Goldman Sachs has poached Catherine Rich from Deutsche Bank for its Australian FX business. (WSJ)
Bonus cuts at Man Group meant CEO Peter Clarke had pay cut 86% from $7m, CFO Kevin Hayes cut 64% from $2.4m. (Guardian)
Surprise: EU bonus caps mean fund managers may be compelled to increase pay too. (Financial Times)
Now that they’re paid less, senior bankers are deciding to work less. (Quartz)
Losing just a few hours of sleep a few nights in a row can lead to almost immediate weight gain. (NY Times)