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
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
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)