☰ Menu eFinancialCareers

Late Lunchtime Links: Forty thousand City jobs to go between 2011 and 2013. Here’s where one hundred and fifty jobs are being created

Plenty of call centre type jobs on offer in Ireland (Photo credit: vlima.com)

Plenty of call centre type jobs on offer in Ireland (Photo credit: vlima.com)

The CEBR has issued another dire pronouncement about City jobs. The graph below doesn’t need much explanation: basically the think tank things took a turn for the worse in 2008 and have taken several more worse turns since. Nor is there any sign that things will improve. Embellished slightly – between the start of 2011 and the end of 2013, the CEBR thinks that 43,500 City jobs will disappear, never to return. The only save havens it identifies are private equity and technology M&A – neither of which are volume employers.

The CEBR usually follows up its depressing job predictions with depressing bonus predictions, so expect to be told you’ll be paid nothing tomorrow.

City-type jobs in London

Source: CEBR

The good news is that jobs are being created – in Ireland. Butterfield Fulcrum, a fund administration group is more than doubling its workforce and hiring an extra 150 people. The bad news is that these are middle office and customer relationship roles and may therefore not be worth emigrating for. More promisingly, Financial News points out that Sunrise Brokers, the longstanding leader in equity derivatives broking, is evolving into a full service multi-asset broker and has just hired Daryl Bowden, former head of European equities at Macquarie. The chart below, from IMAS corporate finance suggests Sunrise has been consistently hiring in London throughout this year.

FSA approved persons at Sunrise Brokers

Source: IMAS


Paul Taubman decided to retire from Morgan Stanley after realizing that Morgan Stanley Chief Executive James Gorman planned to choose Colm Kelleher as the sole boss. Morgan Stanley’s trading business is run out of London by Franck Petitgas. (Reuters)

Credit trading drove a third quarter doubling of profits at HSBC’s investment bank. (Financial News) 

Why you don’t want to work in commodities for a European bank: “The total wallet back at the peak was about $14 billion for the banking sector in commodities trading. I’d imagine this year it’ll be about $7 billion. There were 10-14 banks when it was at $14 billion, now there are really five relevant ones,” said David Silbert, who leads commodities trading at Deutsche Bank. (Reuters)

Adoboli accused of gambling addiction after losing £140k on spread bets. He says he was just tired. (Reuters)

Brazilian banks aren’t so hot after all. (Financial Times)

The average managing director is set to take home about $930,000 in total pay for 2012, up 3.3% from $900,000 a year ago but down about 23% from $1.2 million in 2010. (Wall Street Journal)

Olivier DesBarres, head of FX strategy at Barclays in Asia, was caught on camera ranting at local construction workers (“I’m gonna go after you. I’m gonna burn your f****** house down,” he shouts in the video. “You have no respect. You know what? You’re f****** animals. Chinese f****** animals. I have a life. I have a family. You break that, I will find your f****** family. I can find it very easily — I’m a man with resources.”) He is no longer working at Barclays. (The Times)

Comments (2)

  1. Think tank thinks things?

  2. Guys. Financial services grew 116% from 2000 to 2012. I would argue (although I don’t have the stats) that banking was already in a bubble in 2000. Remember the tech bubble. So to get back to ‘tech bubble’ levels, jobs have to halve. That means ~150k ‘city-type’ jobs. But do you really think in today’s climate that this will be a gentle decline? I think it will undershoot. I’d like to see how many jobs there were in the 1970s-1980s. I suspect the number will be closer to 100k. We face 20 years of non-existent growth. Your best hope is for hyperinflation … looking at new careers. You only live once, theres more to life than money (although being poor obviously sucks). Go and get into shape, find and pursue a worthwhile passion, and find a nice man/woman to share life with (trying to follow this advice myself!). Have to admit I love/loved being an investor and still doing that. (But again, 95% of those jobs are just tracking a benchmark and screwing clients with large fees. IFA = screwing stupid clients in a different way. VC could be fun).

The comment is under moderation. It will appear shortly.


Screen Name


Consult our community guidelines here