Morning Coffee: As bank hiring picks up, meet the people receiving 30 job offers a month. Morgan Stanley juniors handed reprieve

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30 spam jobs a month

Hiring is picking up across investment banking. We've been saying so for some time, but recruitment firm Astbury Marsden has now got in on the mantra too. It claims that a recovering IPO market helped to create 3,220 new finance jobs in London during February - up one third on the number of jobs created in February 2012. 

Equity capital markets bankers might find themselves in demand as a result of all these alleged new finance jobs. However, they're unlikely to be as popular as some technology professionals who are apparently being deluged with 'hot jobs' all the time. In the tech industry, some people are reportedly receiving as many as 30 job offers a month.  That level of employer interest may sound exciting, but apparently it's just a drag. Most of those 30 job offers come in the form of spam emails sent blindly by recruiters who've harvested tech employees' email addresses wherever they can and then blast them with (often) inappropriate jobs. "Very few recruiters today actually do recruiting,” complained technologist David Heinemeier Hansson.

Separately, James Gorman appears to have relented and will be offering young bankers at Morgan Stanley more time off after all. Previously, Gorman had said it made little sense to impose hard restrictions on young bankers' working hours and seemed to be doing nothing about the issue, but Quartz reports that Morgan Stanley's juniors might be getting a reprieve. However, while other banks which have enshrined limits to working hours in written policies, Morgan Stanley's commitment seems a bit nebulous - the bank still won't put anything in writing. Instead, Morgan Stanley issued guidelines saying that juniors shouldn't work "unnecessary hours" or spend more than 12 consecutive days in the office. They should also have at least 12 days off every three months, weekends included. And no work must be allocated on Friday evenings.


Goldman Sachs is hiring 10 people in Australia. (Bloomberg) 

The UK is facing a shortage of newly qualified accountants now that visa restrictions are making it harder to hire Antipodeans. (Financial Times)  

Goldman Sachs has given £1m to Exeter College Oxford. It's to be used to create scholarships. (Financial News)

Andrew Tyrie, the chairman of the Treasury select committee, said banks’ approach to pay “does not come close” to meeting proposals from the Parliamentary Commission on Banking Standards. (Financial Times) 

RBS is halving the amount of assets at its broker dealer operation in New York in response to new capital rules. (Financial Times) 

Ross McEwan says RBS is very happy to be a second tier investment bank. (Telegraph) 

New rules about fund manager bonuses (stating that people must be paid half of their bonuses in units of the funds they manage, and will have to have 40%-60% deferred for at least three years), are causing a fuss at U.S. funds. (Financial Times)

Employees at Bloomberg want to join a union. (Fortune)  

Attractive man says female bosses treated him like hunk of meat. (NY Post)  

Related links:

Post-bonus hiring merry-go-round now rotating. Why male bankers marry female fashionistas

Ex-bankers’ favourite hedge fund has $2bn of deferred compensation. Jamie Dimon’s nemesis now hiring in London

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