Risk, compliance, and valuations; these are the places to be. Forget sales, trading or advisory roles, demand is centred on control functions and pay is heading up.
Today is the day that recruiters Morgan McKinley and Astbury Marsden have released their respective monthly employment snapshot into the City job market and, as job numbers rise, so does pay for risk professionals – by 20% to be exact.
The other ray of sunshine is that October, which of course is the first month of the final quarter, was better than September. Morgan McKinley says that jobs are up 11% month-on-month, while Astbury Marsden’s figures point to a 10% increase. Unfortunately, compared to the October 2011, the market is bleak – job numbers are down by 36% and 14% respectively.
Despite ongoing redundancy announcements, candidate numbers remain low, even if they’re up on the record depths of September, as the chart below shows. Both recruiters encourage caution, with Morgan McKinley saying job numbers are unlikely to change much in November.
“This is still a very difficult jobs market, with a huge surplus of talented finance staff who are looking for jobs and continued cost cutting at some of Europe’s biggest investment banks,” said Mark Cameron, chief operating officer at Astbury Marsden.
J.P Morgan is suing the ‘London Whale’s’ boss, but may not sue all the traders it alleges are responsible and has been in talks to attempt a voluntary return of bonuses (Financial Times)
People who say they have seen Jon Corzine at social events say he has generally been confident about the likelihood that he will avoid any criminal charges (Wall Street Journal)
If the UK stays outside the EU banking union, London will suffer (Bloomberg)
“Canned fixed income employees were told we’d get 3 weeks for every year worked, but HR didn’t even have the details or papers ready– they basically said the document would be in the mail.” (Dealbreaker)
Kweku Adoboli is emerging as Jerome Kerviel’s biggest fan (Financial Times)
UBS is only keeping FX, precious metals and small team that supports the DCM division (Reuters)
Wells Fargo is expanding its investment bank as others retract…in North Carolina (Reuters)
Roberto Hoornweg is leaving UBS. Rajeev Misra is going from co-head to sole head of UBS’s fixed income trading business (Financial Times)
US regulator is threatening to hit Barclays with a $470m fine for attempting to manipulate the electricity market (Guardian)
Deutsche Bank has a new North American head (Dealbook)
In the US, UBS called people up on their mobile phones and told them not to bother coming to work (Dealbreaker)
Dexia is unlikely to be too big to fail (Bloomberg)