Job Market Monitor
Financial Services
Skills and transition in Financial Services
[One of the transition in financial services] concerns the talent base and the kind of skills and capabilities needed. Historically, insurers have focused on backward-looking data, on actuarial science, on estimating future risk from past performance. If motor vehicles undergo massive change so that they don’t drive the same way and accidents are automatically prevented, … Continue reading
Middle East – 53% of finance professionals are actively looking for a new job, the highest pourcentage
With extensive job cuts over the last six years and ongoing prudence around pay, financial service employees have every right to feel a little gloomy in the workplace, and yet the majority of people working in the industry are still happy in their roles and the majority are not looking to leave their current job. Only … Continue reading
Co-op Group / To close 50 bank branches with “significant” job losses
The Co-operative Group on Monday announced plans to close around 50 of its bank branches as part of a £1.5 billion rescue plan that will give investors majority control of the lender… The move has caused concern among some about whether the bank will be able to retain the ethical approach which attracted many of … Continue reading
Standard Chartered / Cut 2,000 jobs last year but hired 2,000 compliance and legal staff in 3 years
Standard Chartered has hired around 2,000 people to work in compliance and legal functions over the last three years despite paring back on its employee headcount overall. Speaking on an investor’s call, following Standard Chartered’s interim management statement, the bank’s chief financial officer Richard Meddings also revealed that overall headcount has actually fallen by 2,000 … Continue reading
Wells Fargo / To cut 925 more jobs
Wells Fargo, the biggest U.S. mortgage lender, eliminated an additional 925 jobs in its home loan unit and has cut more than 5,700 since midyear Continue reading
UK / Financial services shed 10,000 jobs in three months
The financial services sector is thought to have shed 10,000 jobs in the three months to June despite strong growth in business volumes, the CBI employers’ group and PwC have reported. The industry expects to create 1,000 jobs in the next quarter, according to the latest survey of 94 companies by the CBI and PwC, … Continue reading
Skills Gap / Banks struggle to recruit compliance experts
Nearly nine in 10 financial services executives are struggling to recruit staff with the right skills as regulatory changes boost demand for experts in areas such as compliance and accounting, a report suggested on Monday. Regulators around the world imposed tighter controls over the financial services industry following the financial crisis, including lifting capital requirements … Continue reading
UK / Axa to Cut 450 Jobs
Axa SA (CS), Europe’s second-largest insurer, plans to cut 450 jobs in the U.K. as it stops providing financial advice following a change in regulation. Axa will stop advising customers in branches of Co- Operative Bank Plc and National Australia Bank Ltd.’s Clydesdale and Yorkshire banks, it said in a statement on its website yesterday. … Continue reading
Wall St / Layoffs continue
Wall Street may seem like its old self again. Financial giants including Goldman Sachs Group Inc. raked in mega profits in 2012. Bonuses are expected to fatten more Wall Streeters’ pockets than last year. The Dow Jones industrial average has been flirting with an all-time high after topping 14,000 for the first time in half … Continue reading
UK / Finance to cut another 18,000 jobs
Banks, insurers, asset managers and other finance firms cut 25,000 jobs in the final quarter of 2012, with banking seeing the deepest drop, the survey of 94 companies showed. The cuts will means about 132,000 jobs have been lost in the sector since the downturn began in 2008, when it employed around 1 million people, … Continue reading
Hong Kong / More Financial jobs than New York or London by 2016
CEBR, the London-based economics consultancy, recently forecast Hong Kong will have more financial services jobs than New York or London by 2016, with some 262,000 positions. The Institute of Chartered Accountants in England and Wales (ICAEW) also gives its endorsement, saying Hong Kong will be the world’s premier financial job center by 2017, with 275,000 … Continue reading
Finance / 300,000 jobs gone in the past two years, more than half a million in four years
Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup Inc. (C)’s announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer … Continue reading
London – Financial sector to cut 13,000 jobs in 2013
London’s financial sector will lay off 13,000 staff in 2013, cutting employment in a key UK economic sector to a 20-year low, as job vacancies also drop in Europe and even Asia, studies showed. Financial firms in Europe’s biggest financial center have laid off more than 100,000 employees since a market peak in 2007, driven … Continue reading
Bank of America – A New Round of Layoffs
Bank of America Corp (BAC: 7.64, +0.16, +2.12%) has been cutting jobs in its commercial banking unit in recent weeks even as it tries to boost the group’s business, people familiar with the situation said, reflecting the bank’s broader struggles to grow in a tepid economy. The job cuts are the latest round in the … Continue reading
Chicago – Federal Savings Bank to create 400 jobs
The Federal Savings Bank, a Kansas-based home lender bought last year by a pair of Chicago brothers in the mortgage banking business, is opening a national home loan center in the West Loop that it says will create 400 jobs over three years. The bank said it’s getting $18 million in tax breaks over 10 … Continue reading
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