The UK financial services sector has shrunk. According to Bloomberg, the five biggest British banks (RBS, Lloyds, HSBC, Barclays, Standard Chartered) now employ 11% fewer people than they did three years ago, amounting to a reduction of 103,000 people, of whom 34,500 have been cast adrift in the UK. Most of the cuts so far haven’t been in investment banking, however, but in staff in processing centers, bank branches and call centres.
Separately, Russian bank VTB appears to be recruiting. Its new London-based head of international operations, the former Goldman partner Atanas Bostandjiev, told Financial News he wants to increase revenues earned outside Russia to 30% of the total (from 6% last year).
Promisingly, Bostandjiev also said, “it will be vital to ensure that the bank competes for talent with the best western firms,” suggesting he has money to spend. In the short term, this may go to New York and Hong Kong, where new offices are due to open before the end of 2011.
Goldman has hired “a lot” in Singapore and is running out of room to hire in Bangalore. (WSJ)
Now Citigroup’s hired Nomura’s head of industrials. (Bloomberg )
Citi’s secret quant genius. (BusinessInsider)
UBS just gave base raises of 30-40% for most of the i-bankers and capital markets employees to try and stop all the recent losses. (Dealbreaker)
John Paulson thinks BAML stock will rise to $30 (from $11) by the end of this year. (Benzinga)
Dick Bove thinks BAML is about to take losses that are ‘historic in proportion.’ (BusinessInsider)
Female graduates across Europe expect to earn less than male graduates. (Economist)
Fat men and thin women get the best jobs. (ScienceDirect)
People who spend an hour or more getting to work earn nearly twice as much as those who commute for 15 minutes or less. (Financial Times)