banking-and-financial-services

The majority of independent financial advisers (IFAs) use multiple platforms in the conduct of their financial services jobs, according to industry information provider Defaqto.

Just two per cent of those surveyed by the organisation said that they do not use platforms at all when deciding which products to recommend to clients.

But 54 per cent use at least two different platforms, with some using as many as four.

Fraser Donaldson, insight analyst for funds at Defaqto, suggests that IFAs are a step ahead of the industry's expectations when it comes to fulfilling the duties of their financial services jobs to the best of their ability.

"Regulators are keen on segmentation of clients and matching products and services for them appropriately," he explains.

Defaqto notes the rise in use of platforms by IFAs across the board in recent years.

The total of assets under management now stands at more than £100 billion within the IFA community, the organisation claims.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 08 September 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Individuals in banking jobs face a natural tendency to act impatiently when their goals are within reach, according to the Bank of England's executive director for financial stability Andrew Haldane.

He explains that "the patient planner becomes a spontaneous doer ... the cautious saver becomes a reckless spender" as their strategies near completion.

This contrasts with the fundamental nature of banking jobs as requiring long-term thrift and patience in order to achieve the greatest levels of growth.

"At root, banks and capital markets are simply a means of matching saving to investment," adds Mr Haldane.

When impatience is allowed to take hold, however, he argues that over-borrowing, over-trading and under-saving are all likely to emerge.

Mr Haldane's role as executive director for financial stability is a key element in the Bank of England's remit to maintain stability in the markets it governs.

He joined the Bank in 1989, taking up his present role two decades later on January 1st, 2009.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 06 September 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs could currently face customers who perceive a 0.5 per cent base rate of interest as the normal level.

Despite the fact that the rate is an all-time low reference point for interest charged by mortgage providers and other lenders, Paula John, editor of property loans information provider Your Mortgage, notes the risks that emerge over time.

She points out that, historically speaking, a fixed-rate mortgage at a five per cent interest level - ten times the base rate - would still be a good long-term opportunity for buyers.

"There is a danger that, the longer we have a 0.5 per cent base rate, the more people will forget that," she says.

As a result, people in banking jobs could face complaints from borrowers that the interest rates advertised on their products are too high.

Ms John adds a note of caution to consumers that rates will eventually begin to climb - although she does not expect them to swing too rapidly towards the upside.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 26 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People working in banking jobs should act ethically, particularly during the fallout from the recent recession, it has been suggested.

Rachel Mason, spokesperson for the Fair Investment Company, argues that a burden of responsibility lies with people in banking jobs to ensure that consumers can afford to take on new credit cards.

"It seems reckless to be offering customers great introductory deals when they cannot afford to pay back the debt once the deal is over," she comments.

However, she adds that banking customers also share the need to be realistic about taking on new borrowing.

She concedes that credit card providers are profit-making enterprises and, therefore, that introductory deals are one more way of gaining customers.

Ms Mason tells the users of those cards that they should remember that they do not have to accept any new lending that is offered to them if they do not believe they can afford to take it on.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 26 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

From the start of the millennium until 2008, rising property prices led to housing becoming more of a financial investment for many people and less a choice of where to live.

However, the faltering economy in the past two years has reversed this trend, according to PricewaterhouseCoopers, which could see financial services jobs return to the traditional types of investment advice seen in previous years.

Chief economist at PricewaterhouseCoopers John Hawksworth says: "Housing is certainly a significantly riskier asset than index-linked gilts, although not as risky as equities."

Activity has not yet returned to the world of business investment, PricewaterhouseCoopers recently noted, adding that this is probably due to a lack of demand rather than an unwillingness from lenders to underwrite loans for such deals.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 23 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

The latest round of appointments to senior-level financial services jobs at Allianz Commercial sees Russell Corbould-Warren take the post of SME underwriting manager.

He takes over from Catherine Dixon, the subject of a previous announcement regarding financial services jobs at the insurance provider.

She moved from the SME underwriting role to a more senior position as property and risk control manager.

Mr Corbould-Warren is to take responsibility for the insurer's small business account, optimising its pricing and segmentation to help drive profitability.

Head of SME affinity and broker markets David Martin says: "Russell brings a wealth of commercial experience and systems understanding which will be vital to the ongoing development of Allianz's SME proposition."

The group also recently announced that Sarah Smith had been promoted to the position of operations manager within its claims division.

In a similar announcement, James Barclay took the position of claims manager at Allianz Legal Protection.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 19 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Discounted share schemes could be one way to get people in finance jobs to engage more closely with the overall success of the organisation.

Charles Cotton, performance and reward adviser at the Chartered Institute of Personnel and Development, explains that there can be taxation advantages associated with offering discounted company shares as an incentive.

The possibility could be of particular interest to companies that offer finance jobs - and whose workforce may therefore be more aware of investments in general.

"Employees, because they have these shares, are therefore more interested in what makes the shares go up or down," says Mr Cotton.

"So they become more business-aware; become more aware of the economic issues at large," he adds.

He also notes that owning a part of the company can help to make employees feel more as though they are a part of the firm itself and more appreciative of any rewards extended to them.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 16 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Moves by people in banking jobs to lend to British businesses more dynamically have gained praise from Defaqto.

The financial industry information provider notes the British Bankers' Association announcement this week that people in banking jobs at major institutions will be working with the government to free up the supply of business credit.

Defaqto banking specialist David Black says: "Anything the banks are seen to be doing to improve lending and the availability of finance to small businesses is clearly good news.

"But the proof will be in the pudding."

He adds that, while collaboration between the government and the financial sector could help to heal old wounds relating to the responsibility for business credit, it remains possible for politicians to easily shift the blame elsewhere.

Mr Black suggests that any lending that does occur will still need to be a good business move for the banks involved - and must be based on a sound commercial proposition from the borrower.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 16 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People with banking jobs at some of the UK's best-known financial institutions are to be involved in the process of removing barriers to business finance, the British Bankers' Association (BBA) reveals.

The BBA outlines a letter from its chairman, Stephen Green, to chancellor of the Exchequer George Osborne.

It details plans for individuals in banking jobs to work with the Bank of England, HM Treasury and the Department for Business, Innovation and Skills to remove obstacles from the business financing process.

"Mr Green said that the chief executives of the UK's high street banks were to guide a series of work streams designed to identify barriers to businesses securing finance," the BBA explains.

The letter itself is an update on the progress made by the BBA taskforce set up as a consequence of the Green Paper entitled Financing a Private Sector Recovery.

Mr Green notes that the taskforce's remit is to assess both the demand for and the challenges faced by business finance, as well as to recommend on areas relating to funding and liquidity within the banking system itself.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 16 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Best practice among firms of all kinds could help to highlight the optimal approach to take when hiring to banking jobs.

Aberdeen Group reports that the best examples of hiring practice it has seen occur in firms where candidates are assessed both before they are hired and after they have been appointed to a position within the company.

The most important part of the process is that which takes place before the appointment, the analyst suggests, particularly in starter firms.

"For organisations that are just starting out, this is often the first step and can serve as a foundation upon which to build an entire assessment strategy," Aberdeen Group says.

Companies which adopt a best practice approach to hiring people into banking jobs could be up to 47 per cent more likely to use pre-hire assessments than the industry average, in light of figures cited by the research group.

Previous research from Aberdeen Group recommended assessing vacancies themselves - particularly at senior level - to ensure people are appointed into a role that will serve the company into the future.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 12 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

At a time when the government is downsizing some areas of the public sector, official figures show growth in employment due to people with banking jobs at nationalised institutions.

The latest labour market report from the Office for National Statistics shows a year-on-year increase of 0.5 per cent in the number of people employed in the public sector.

Figures are based on March 2010, when more than six million individuals were working for government organisations and other public bodies.

However, the report includes a rise of almost 250,000 between September and December of 2008.

This includes the combined workforce of people in banking jobs at Lloyds Banking Group and Royal Bank of Scotland Group, both of which are considered to have become part of the public sector in October 2008.

More recently, a slight decline in public sector employment resulted in a 0.1 per cent drop between December 2009 and March 2010.

The Labour Market Statistics series includes figures relating to unemployment and claimant counts, labour disputes and vacancies.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 12 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Looking back over the first half of 2010 

What stands out is how quickly the market changed from one where the supply of candidates was greater than the number of roles, to one where the reverse is true. As a result we are back in a market which while not at 2006 and 2007 levels, is one where strong candidates have a high degree of choice and hiring organisations need to be willing and able to move quickly when they see the right candidate.

Within this edition of Market Insight we look at:   

 Where the demand is?

 Where are the skill shortages?

 How can you ensure you are a candidates' employer of choice?

Trends through Q2 of 2010

Q2 saw the job flow rise slightly on Q1 and strengthen compared to the first half of 2009. Overall job flow for the first half of 2010 was more than double than the same period in 2009. What has happened is that the rise in the number of jobs has begun to plateau after the growth in Q1 2010. It is likely that this tailing off was caused by the May General Election, uncertainty in the PIGS economies and the continued drive to regulate the banking industry.

The strongest flow of roles was across Finance and more from a permanent perspective. The main driver for that came from within Product Control and regulatory roles. Temporary roles within finance were within change projects and mirrored the permanent side in terms of the desire for Product Control and technical accountants.

Within Operations demand has been driven by middle office roles including trade support, and bookrunners. This demand has been more permanent in nature, although it has been supplemented by organisations looking at temporary options. For temporary operations the demand has been very much in middle office as well as thedata and corporate actions spaces. Compliance focussed roles such as KYC and AML also saw demand increase.

What skills are currently desirable? 

Finance

. Demand for Product Controllers is high and is across all asset classes, although people with structured and exotic experience are highly sort after.

. Finance transformation projects and systems implementation projects are taking place at a number of organisations and this is creating roles that are both temporary and permanent. Where possible businesses are trying to move existing employees and then back filling, or they are looking for specific project experience.

. Technical accountants remain in demand, in particular people who have a level of product exposure. In addition Regulatory and Liquidity specialists are being sort across the market both from a temporary and permanent perspective.

. There is a demand for cost and revenue accountants who are able to analyse results and provide strong commercial recommendations.

Operations

. There has been an increase in Project and Change Management roles, these roles are primarily temporary and interim in nature and relate to businesses trying to increase their STP levels.

. The demand for middle office candidates with structured and exotic product experience remains high. Demand is for both temporary and permanent candidates.

. Comodities are an area that many businesses are continuing to grow and volumes remain strong.

. What is key is a demand for candidates who understand the importance of control and operational risk and how, within an operations roles they can influence and drive that control. 

What does this mean to you? 

These figures show that the market remains stable and that there is still high demand for candidates. I wrote at the start of the year that it would be interesting to see whether confidence had returned to the market and I believe it has. What has happened though is that the market is seeing the results of the number of people who left the market, candidates who are holding tight until 2011 and businesses holding on to current employees.

The increase in roles that are being recruited for, coupled with the reduction in candidates looking to move has led to intense competition for these people. This is between companies and current employers, meaning that there has been a rise in counter offers. It is important  that recruiting companies ensure that they are selling stability, progression and development where possible. These are stronger reasons for people to move than remuneration.

To create candidate buy-in, companies need to ensure they select a recruitment company that will act as a business partner for them in the market place. This is important in a market of short supply where competition between employers is high.

What does the 2nd Half of 2010 hold? 

We are likely to see further tightening in the number of candidates that are available and looking for work. Reasons for this include the fact that some candidates will look now to hold on until 2011 when bonsues are paid. Some candidates are reluctant to move after two years of turbulence, meaning that candidate flow will remain challenging.

What hirers need to do is sell their companies to ensure candidate buy-in throughout the process, be flexible on what they look for in a candidate and move processes quickly. Remember candidates have choices and you need to give them every reason to choose you.

Go to www.poolia.co.uk for more information

Updated: 03 August 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

With the pensionable age rising and the default retirement age due to be removed from the world of work, more over-50s could be looking to move into banking jobs from other sectors.

Figures from HSBC show that the majority of the current older generation do not expect to stop working completely at any point in their lives.

However, they are also looking to different disciplines, with 30 per cent of over-50s opting to switch career paths - which could see some apply their business acumen to banking jobs and other finance roles.

Donna Tipping, senior consultant at Forster AGEncy, a provider of communication solutions tailored for the older worker, says the findings are not surprising.

"With a minimum of ten to 15 years left to work, why wouldn't 50somethings want to transfer their skills to another sector?" she asks.

She adds: "All power to those older workers who refuse to be left on the scrapheap."

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 02 August 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in UK banking jobs may be interested in the outcome of the recent stress tests of European financial institutions.

However, one economist suggests that the testing did not employ a worst-case scenario - and was not tailored to focus on UK banks.

"I don't think the emphasis was on the UK really," says Alan Clarke, UK economist at financial services provider BNP Paribas.

But he adds that "UK banks are able to withstand a reasonable-sized shock", which may reassure people already in or seeking banking jobs within the sector.

Mr Clarke adds that a positive outcome that might emerge from the stress tests - which the continent's banks passed - could be an improvement in confidence.

If this occurs in the single-currency eurozone, he argues that trade may gain as a result.

The impact this could have on business banking remains to be seen, as Mr Clarke also concedes that, with house prices down, financial institutions are unlikely to want to increase their lending to companies too soon.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 30 July 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Candidates applying for investment banking jobs in the years to come could face a different landscape due to a number of present-day trends.

The latest Financial Activity Barometer from John Gilbert Financial Research (JGFR) shows how the recent recession and turbulent economy have led to a likely change in the industry.

Chief executive John Gilbert says: "The retail financial services industry is set to go through a major restructuring, which is likely to have far-reaching effects on savings, investment and borrowing behaviour."

One effect that could impact on candidates for future banking jobs is the proposal to separate retail and investment activities to protect consumers against stock market risks.

Two-thirds of the public support this idea, according to figures from JGFR due to be elaborated upon in a coming report.

JGFR undertakes its research in order to help financial organisations of all types predict consumer behaviour in the coming months, so that they may ensure they achieve a positive relationship with their primary customers.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 26 July 2010.
Categories: banking-and-financial-services, market-and-industry-news.

An ever-changing taxation regime is taking up the time of small and medium-sized enterprises' owners and the people in related financial services jobs, according to the Chartered Institute of Taxation.

Immediate past president Andrew Hubbard says: "Small businesses and their advisers will spend a lot of time playing around with the numbers, trying to work out the best way to structure themselves, as opposed to getting on with running the business."

This is due to the changing taxation landscape for small businesses, with some fairly complex rule updates over the past year for people in financial services jobs that serve commercial customers to attempt to understand.

For instance, Mr Hubbard notes that being self-employed has advantages including the biannual nature of paying tax - rather than through the pay as you earn system - and the greater opportunity to claim financial relief due to expenses.

He adds that greater stability is needed in small business taxation, in order that firms might be able to plan for the long term with greater confidence.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 26 July 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People looking for London banking jobs are learning that university students should receive advice about their careers as part of their qualification.

Dan Hawes, co-founder of the Graduate Recruitment Bureau, believes guidance sessions could be included in the timetable to help them in the post-recession fight to secure work.

A report by the Recruitment and Employment Confederation had warned that the economic downturn was having a disproportionate effect on youth jobless numbers and there is the potential for a generation of 16 to 24-year-olds to be at risk of being scarred by long-term unemployment.

However, Mr Hawes stated that students in their final year of university could benefit from learning about CV writing, interviews and assessment centres if is part of the curriculum.

"By and large, most graduates decide to look for work when they leave university, by which point they are possibly back at home with their parents, miles away from their uni," he said.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 14 July 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People aspiring to work in the City are finding that more banking jobs are becoming available in the capital.

The Financial Times reports that opportunities are on the increase and with other areas of the UK labour market looking less appetising, recruitment in the Square Mile shines more brightly.

"A telling sign of the City's returning confidence is Royal Bank of Scotland's plan to hire almost 600 graduates this year," it said.

Furthermore, the publication stated that signs will remain encouraging as long as confidence is not dashed by problems in the eurozone, the sovereign debt market or the introduction of a new bank levy in the UK.

Last week, the Confederation of British Industry revealed that people in financial services jobs had seen increased business activity at its fastest rate since 2007.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 14 July 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People seeking banking jobs have been told by one expert that spending time making each application unique can boost their chances of landing a role.

Director of career coaching firm Talent Transitions Chris Morrall said graduates in particular could benefit from adjusting their CV for each position to which they apply.

"To increase chances of getting an interview, do research on the company and tailor the application for the job," he explained.

His remarks followed recent statistics from High Fliers that found one-third more university leavers were hired by City investment banks in 2010 when compared with last year.

Commenting on the availability of jobs, Mr Morrall stated vacancies are up, but there were still unfilled positions last year as many people did not show "interpersonal skills" in interviews.

Being fully prepared and rehearsing potential questions could enhance a person's chances of being employed, he went on to say.

For more information about banking jobs in London contact Poolia Recruitment Specialists

Updated: 01 July 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in financial services jobs have seen the growth of activity increase at the fastest rate since 2007, new figures suggest.

The Confederation of British Industry (CBI) teamed up with PricewaterhouseCoopers to produce its Financial Services Survey, which revealed that nine per cent more businesses witnessed volumes increase than decrease in the last quarter.

Some 38 per cent of companies said they saw more business in the three months to June, compared with the 29 per cent that claimed they had fewer transactions.

John Cridland, deputy director-general of the CBI, said: "Firms hope that activity will strengthen over the coming quarter and are now planning to expand their staff numbers."

Angela Baron, adviser at the Chartered Institute of Personnel and Development, recently said that people in accounting jobs should consult their staff on ways in which the efficiency of operating systems can be improved.

Click here to find financial and accounting jobs in London through Poolia Recruitment Specialists

Updated: 01 July 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

New research has shown that there has not been the expected backlash against the banking industry among those seeking graduate jobs.

Despite the popular conception in the media of finance sector workers having contributed to the credit crisis, university leavers are still looking for banking jobs in UK, the High Fliers report showed.

It was also discovered that graduates taking banking jobs were more likely to receive a higher starting salary than they would have two years ago, with basic pay rising by ten per cent to £42,000 in the period.

Martin Birchall, managing director of High Fliers Research, said: "If anyone was expecting moral outrage and shying away from the banks then it hasn't happened. People are still very, very keen on working in the City."

High Fliers Research is behind the Times Top 100 Graduate Employers list and the UK Graduate Careers Survey and has been reviewing the jobs sector for degree-holders for the past 15 years.

Click here to find banking and financial services jobs through Poolia Recruitment Specialists

Updated: 01 July 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Those searching for banking jobs could struggle as financial services firms move to freeze budgets.

Banking jobs in IT could become less available as financial firms move to freeze their IT budgets, it has been suggested.

The CBI has found that many financial services firms are holding back on growth in their IT departments over the next year, with few firms planning to invest in technology over the coming 12-month period.

Firms are basing the decision on a fall in trade over the last quarter. Many companies have also forecast an increase in regulation over the second half of 2010 and want to avoid risking employing non-compliant staff, Contractor UK reported.

There is also a reduction in the number of temporary IT contracts arising within the banking sector, it has been indicated.

As a result, those in banking jobs are feeling the effect, with many permanent IT contractors finding themselves posted within the company to head up major projects.

Earlier this month, it came to light that graduates seeking banking jobs were urged to keep looking as there were still vacancies available despite a decline in graduate schemes.

Click here to find financial services jobs

Updated: 29 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Those working in banking and financial services could find themselves receiving bonuses for good customer service if plans to change the banking culture are instigated.

Banking jobs could be rewarded for providing great customer service instead of pushing sales if new proposals are adopted.

Which? published a ten-point manifesto on June 24th outlining ideas to improve the UK's banking services in the aftermath of the recent financial crisis.

The document set out key points that Which? believes would "help to rebuild trust between banks and their customers".

The proposals put a new emphasis on customer service and suggest that banking staff would receive bonuses for good customer service rather than being given incentives for selling products to customers.

In addition, the Future of Banking Commission published a report earlier this month criticising the industry as being "structurally flawed" which had "failed its customers".

It too pushed for a change to banking culture, encouraging those offering financial services to stop rewards for product selling and refocus on customer service.

Ed Bowsher, head of consumer finance at lovemoney.com, said: "The proposal that bonuses should be paid for good customer service rather than sales is welcome."

For more information about banking jobs

Updated: 29 June 2010.
Categories: market-and-industry-news, banking-and-financial-services.

People in banking jobs and other professions may benefit from feeling more valued by their manager.

This is according to a recent article in Management Issues, which summarised various research showing that employees may be "turned off" if they are not respected and continually reminded of their weaknesses as opposed to their strengths.

Writer Mitch McCrimmon said there are some simple techniques leaders can try out in order to make staff aware of their value.

The tips may be particularly pertinent to those in banking jobs given the economic climate of the past few years and the increasing pressure of the sector.

Asking employees what they think about certain issues is recommended, Mr McCrimmon added, because it stimulates others' creativity and engages people.

Delegation is also key, he went on - but in terms of responsibility, not tasks.

"This means identifying their strengths, what they want to learn and do more of in future, then delegating projects that are challenging but not outside their capabilities," he concluded.

The comments follow a recent recommendation from the Chartered Institute of Personnel and Development, which said companies can improve efficiency via smart dialogue with their employees.

Click here for more information about banking jobs with Poolia Recruitment Specialists in London.

Updated: 28 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Brits looking for financial services jobs may be pleased to hear the latest news regarding flexible working.

According to a survey conducted by Citrix Online, 47 per cent of enterprises in the UK have seen an increase in the number of people taking advantage of workplace mobility over the last five years.

Furthermore, 77 per cent of respondents said their employers offer them the technology they need to get their job done away from the office, such as laptops, notebooks and smartphones, HR Magazine reports.

Bernardo de Albergaria, vice-president and general manager of global marketing and ecommerce at Citrix Online, told the publication: "Flexible working comes from an ability to trust staff. An inability to trust staff underlines a much bigger problem in business."

A total of 68 per cent of businesses encouraged their staff to work flexibly, the research found.

The Trades Union Congress recently advised bosses to introduce flexible working so that employees can watch England compete in the World Cup.

Click here to find financial services jobs with Poolia Recruitment Specialists in London.

Updated: 28 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

To improve efficiency people in accounting jobs should consult their staff on ways in which operating systems can be improved, one expert has advised.

Angela Baron, an adviser at the Chartered Institute of Personnel and Development, said if firms have a variety of options for employees who may want to make suggestions, they are more likely to get good feedback.

She noted that an area on a company's intranet page can be useful, as is a forum where workers can interact with each other.

"It's good to have a discussion just to spark people off and think about things that they wouldn't have thought about before just sitting in a dark corner on their own," Ms Baron continued.

She noted many public sector companies consult their staff "extensively" over ways in which operations can be improved.

During his Budget speech earlier this week, chancellor George Osborne said restraining public sector pay and the high costs of pensions may help to ease pressure on public services.

Click here to find financial services jobs

Updated: 28 June 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The Budget has created a "real opportunity" for people who are looking for financial services jobs, one industry commentator believes.

Edward Winterton, recruitment finance spokesman for Bibby Financial Services, said financial pressure on less-sizable enterprises will be eased by the increase in small business rate relief in October.

Along with a £5,000 national insurance break for start-ups, he thinks this will create jobs across the UK, especially in regions that were worst-hit by the recent economic downturn, Recruiter reports.

This comes after the Chartered Institute of Personnel and Development's Resourcing and Talent Planning Survey showed the number of companies planning to implement an employment freeze has fallen from 42 per cent to 22 per cent in 2010.

"The reality is that the country is in hugely difficult economic times and maintaining a healthy cash flow can reap considerable benefit," Mr Winterton continued.

Earlier this week, the emergency Budget was delivered by new chancellor George Osborne.

Updated: 28 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

There is a decline in the number of people securing accounting jobs in the finance industry, it has been suggested.

Tom MacInnes, research director at the New Policy Institute, said rising unemployment levels are a "real worry" in the UK, especially considering the low number of young people getting work.

In his opinion, the excessive amount of Brits aged between 16 and 25 without a job is a "chronic" problem in Britain.

Furthermore, they are likely to suffer when they go for accounting jobs in the future, as short-term unemployment at a young age is "scarring", Mr MacInnes continued.

"Your ability to hold down a job in later life in your late 20s and 30s is limited by experience of unemployment when you are younger," he noted.

The Office for National Statistics recently released job market figures for the three months to April 2010 and found the number of unemployed people increased to 2.47 million - a rise of 23,000 citizens.

Click here to find Poolia Recruitment Specialists financial services jobs

Updated: 25 June 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The default retirement age creates stereotypes about older people in financial services jobs, it has been suggested.

In the opinion of Claire Nurden, research and policy officer for Independent Age, those over the age of 65 should be allowed to choose when they finish working.

This is because many are still able to fulfil their duties while others may prefer to ease their way into retirement by gradually reducing their hours, she explained.

"Many of the people we support at Independent Age tell us that they miss working and the work environment and feel more than capable of carrying on," Ms Nurden continued.

She said the retirement age implies people in financial services jobs over the age of 65 are less capable of doing their work.

Her comments come after a new survey commissioned by Age UK revealed 65 per cent of the public think the default retirement age should be scrapped.

Click here to view Poolia Recruitment Specialists financial services jobs

Updated: 25 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Companies have been advised on ways in which they may be able to reduce the number of people in banking jobs who take sick days.

Sue Hayday, senior research fellow at the Institute for Employment Studies, said measures such as back-to-work interviews and trigger points can lower absence rates.

Similarly, businesses should promote the idea that they do not tolerate casual absence or make flexible working arrangements to discourage people from taking non-genuine sick days to deal with domestic responsibilities.

This can include allowing people to work from home, changing the times they start and finish in the office or letting them make up time at a later date.

Ms Hayday also said it is important to ensure "line managers are trained and able to manage the attendance of their staff".

Unum recently revealed that stress counts for 23 per cent of all long-term sickness, which is down from the 33 per cent recorded in 2006.

For more information about banking jobs

Updated: 25 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in human resources jobs may know the importance of keeping their workforce feeling positive and well-motivated.

If this is the case, the comments of one industry expert about incentivising the office could prove to be useful.

Andrew Hodgkins, acting managing director at Keith Prowse, explained the nature of today's businesses means many people often get stressed at work.

To counteract this, he recommended bosses in financial services jobs motivate their employees by entertaining them at a cultural or sporting event.

"Star employees who have proved their worth over a sustained period can be rewarded with fine dining, superb service and the excitement of an international sporting contest," Mr Hodgkins advised.

He also stated that spending time together out of the office can encourage members of staff to form new relationships.

These comments come after a study conducted by the European Agency for Safety and Health at Work found 79 per cent of managers are concerned about stress in the workplace.

Updated: 24 June 2010.
Categories: banking-and-financial-services, human-resources, market-and-industry-news.

University leavers looking for banking jobs are being urged to keep looking as there are still graduate vacancies available, an expert has said.

Tom Davie, director of professional development on the board of the Association of Graduate Careers Advisory Services, is advising students to use all means at their disposal in order to find an opportunity including career advisors and job portals.

He cited the example of Santander's scheme of hiring graduates for banking jobs and suggested that, although some schemes are being reduced, there are many businesses that will still take on people leaving higher education.

Mr Davie, who is also deputy head of careers at the University of Durham, added: "They should be very proactive in selling their skills and abilities to those employers that are still recruiting - because they are still out there."

Last month, the Confederation of British Industry conducted a survey that found fewer companies are now freezing their graduate recruitment schemes compared with 2009.

Updated: 22 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

London-based banking and financial services firm Jupiter Fund Management has reportedly raised £220 million to pay off debt from a private equity-backed management buyout three years ago.

As a result, its directors and figures in senior banking jobs are set to earn a total windfall of £33.5 million thanks to the share issue, the Telegraph reports.

It has claimed that chief executive Edward Bonham Carter, brother of film actress Helena Bonham Carter, is to have a 3.5 per cent stake in the organisation, while TA associates that funded the 2007 takeover will own 22 per cent.

The publication also suggested that its appeal for investors is two and a half times over subscribed.

Earlier this month, the Times reported told people in banking jobs that star fund manager Tony Nutt was estimated to have a shareholding worth £70 million for a nine per cent in the business.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 21 June 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Graduates looking for London banking jobs may be interested to learn that employers across many sectors in the UK are looking for more than just a degree mark when it comes to selecting the right candidates.

According to Martin Pennington, director of the Association of Graduate Careers Advisory Services, replacing the current classification system for university students may make it easier for bosses to look at an individual's ability and achievements.

He noted that an increasing number of people are graduating with a 2:1 grade and this creates a quandary when trying to compare many applicants, with employers finding today's method insufficient to their requirements.

Furthermore, Mr Pennington indicated that managers and recruiters are keen on candidates who use their own time to nurture other skills and take opportunities outside of their courses.

The Higher Education Policy Institute last week proposed replacing the current system with general overviews of students' performances and capabilities.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 08 June 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in banking jobs are learning that a star fund manager's shareholding in their company could make him worth more than £70 million.

Tony Nutt runs the high-performing Jupiter Income Trust, currently valued at around £2.8 billion, and is believed to own a nine per cent stake in the investment management operation, which is looking to be listed on the London Stock Exchange, the Times reports.

People in banking jobs were told that, based on the company's share mid point valuation for potential investors, his share portfolio is estimated to be worth £71 million.

However, he would only be allowed to sell 20 per cent of his holding in the firm, meaning he could raise up to £14.3 million.

Jupiter started life as a specialist boutique in 1985, but has since grown into one of the country's most successful investment management operations, looking after UK and offshore funds.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 03 June 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in banking jobs are being told that a new code of conduct for FTSE 100 companies on gender and ethnic diversity is promising, according to a women's business group.

Toni Eastwood, training director at everywoman, welcomed the introduction of the guidelines by the Financial Reporting Council for governance standards and the particular reference to companies needing to show "due regard" to these issues, when in the process of hiring at boardroom level.

She believes that the code "will help to further the issue around gender imbalance in Europe" and suggested that having diverse representation in the senior ranks of a company is "proven to benefit" businesses.

The expert pointed out that there were fewer women directors working for organisations in the FTSE 250 in 2009 compared with previous years.

Ms Eastwood highlighted the introduction of a ruling last year in Norway that stipulates 40 per cent of company boardrooms must be made up of female members.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 02 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are being told that newly proposed rules could add an extra 100 pages of extra disclosures to annual reports.

A report by the UK Accounting Standards Board (ASB) highlighted a string of criticisms and concerns around the intended new standard for financial instruments as outlined by the second phase of the International Accounting Standards Board (IASB) review.

The IASB is recommending that banks would "continually reassess the health of their loans" and downgrade profit forecasts if they expect something bad will occur, Accountancy Age reports.

However, the ASB believes there are many issues that still need to be sorted out including the need for people in banking jobs to estimate loan losses 25 years in advance.

It said a "trade-off between meaningful disclosures and volume of disclosures" was required to sort out the issue.

The ASB collaborates with other national bodies from various countries in order to "influence the development" a universal format for financial reporting.

Updated: 01 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in financial services jobs are learning customer service is not a high priority for a number of organisations in the UK at the moment.

According to Jo Ganly, spokesperson for uSwitch.com, customers were seemingly unhappy with their current provider.

What may interest those in financial services jobs is that people are said to be aware of the level of competition for their business and how companies will try to get people to switch providers.

However, "they would sooner either wait and see or test the water out with a 'low risk' product such as a credit card or savings account", Ms Ganly notes.

She points out that with companies focused on staying on-track, this consideration may not be given as much credence.

In 2008, the British Banking Association pointed out that banking and financial services sector was the fasting growing over a ten-year period between 1996 and 2006

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 01 June 2010.
Categories: banking-and-financial-services, market-and-industry-news.

The man occupying one of HSBC's senior commercial banking jobs has indicated that businesses in the UK have adapted well during the recession.

Noel Quinn, the firm's head of commercial banking, is reassured by the amount of export activity during the first few months of 2010, which is also 15 per cent up year on year.

He observed that a unique occurrence going into the recession is how UK organisations "preserved cash better" as well as being able to achieve debt reduction at the same time.

The expert noted that, in his position in a senior banking job, he came across a supplier to the construction industry which saw a 90 per cent drop in domestic turnover, but had managed to offset the decline having already increased efforts in terms of export operations.

A report last week from the banking institution revealed that UK companies are on a good footing and future success may be driven by innovation and business thinking.

Updated: 26 May 2010.
Categories: banking-and-financial-services, market-and-industry-news.

As I began to write this we awaited a General Election, now we have a coalition government which will hopefully not effect the positive signs that we have seen through out the first third of 2010. What this opening to 2010 has given us is high demand for staff across temporary, interim and permanent recruitment into financial services.

Within this edition of Market Insight we will look at where demand is, and probably more importantly given the state of the current market look at where there are shortages in candidate supply, trends that we have noted and what these may mean to the market.

Trends through Quarter 1 of 2010

Quarter 1 of 2010 for Poolia's financial services team saw the job flow rise significantly on Q1 of 2009 and the growth on Q4 2009 was also notable. The job flow on Q4 was up by 35% on Q4 and more than double of Q1 from 2009. All of this shows that there has been an increase in confidence and that we are returning to what the market was like in 2006 / 2007.

The flow of roles has been across all areas of finance and operations, for both temporary and permanent recruitment. Where the main drivers have come have been in product (particularly structured and complex derivatives) related areas, particularly those providing a control function such as Product Control and middle office related functions.

What these figures show is that market confidence has grown and is continuing to do so. The apprehension that was shown in Q4 has gone. In the January issue of Market Insight Poolia noted that the time to gauge how market confidence was effecting recruitment would be the middle to end of Q1. The reason for this was that bonuses would have been paid, budgets have been approved, and year ends were over. The result of this has been the continued increase in role flow, however the supply of suitable candidates has become more scarce.

So where has the growth come from?

Areas of demand

Operations

. There has been an increase in the demand for candidates with KYC knowledge and for people with client on-boarding experience. These have primarily been from a temporary basis but permanent demand is now increasing.
. The demand for candidates with structured and derivative product experience is up across all asset classes, and demand is across temporary and permanent especially within the middle office roles such as trade support, trader's assistant, and trade review type roles.
. Commodities are an area that many businesses are continuing to grow and volumes remain strong. This demand was seen in Q4 but is continuing to grow.
. A key requirement across all roles being recruited currently is that people need to be able to add value by looking at and challenging existing processes and ways of doing things. The aim behind this is to reduce bank's operational risk by improving controls.

Finance

. The demand for Product Controllers across all asset classes has returned, particularly people with experience in derivatives from an Exotic and Structured background.
. Candidates with MI experience and the ability to analyse what is behind the numbers and therefore add value.
. Regulatory accountants continue to be in demand, as do accountants with core technical skills.
. New qualified candidates also continue to be in demand and this is across a number of different areas, though demand does seem to be highest in Product Control.

Candidate Supply

The permanent market has seen a decrease in the number of candidates who are qualified and suitable for the roles that are in the market. It had been expected that the flow of candidates may increase given the upturn in the market and after bonus season, however movement has not occurred at the levels that were expected.
 
As well as a number of candidates staying in existing roles as salaries and bonuses met expectations, candidates are still wary of moving given the events of the past two years. It is this combined with the fact that a number of candidates left the market, and the fact that roles being recruited for currently require specific skill sets.

This shortage, combined with an increase in the number of roles being recruited for has meant that candidates are being counter offered and there is the re-emergence of multiple offers. What this does mean is that it is essential that organisations are moving processes as quickly as possible and as importantly are selling to candidates. Poolia should be able to provide information about candidate motivations and what candidates are looking for in a role to prospective interviewers so that this information can be used to help secure a candidate. Candidates want to know only about the role on offer, but about the opportunity, the progression and why your company is a company they want to work for.

From a temporary perspective the shortage is not as pronounced for temporary roles. The supply is down on 2009 as candidates who were made redundant during the downturn find work and we move back to a more traditional temporary market. From a finance perspective there has been an increase in the number of Australians and New Zealanders coming into the market. While this is not at the same levels as 2007, in part due to the exchange rate, the supply is stronger.

What does the rest of Q1 2010 hold?

With what is hopefully a stable coalition government, and hopefully regardless of the Greek and Southern Europe situation, Poolia expect the current levels of recruitment to continue and potentially increase. This will be across Finance and Operations for both temporary and permanent recruitment. The candidate flow however is likely to remain as it is currently, and within that there will be people who are testing the market rather than actively pursuing new opportunities.

Discrepancies in levels and make up of compensation, that have been caused by the differing situations that banks find themselves in, mean that the playing filed is not level necessarily when trying to attract candidates. Again this why the ability of organisations to move quickly and to be able to sell the opportunities that exist become even more important. This is especially so for mid tier organisations who now face more competition than in 2009 as the large investment banks have returned to the recruitment market.

What is likely to happen is that there will be a continued drive to hire people, but the candidates that are more scarce than they were over 2008 and 2009, and this means that recruitment processes need to take this into account to ensure that organisations are able to get the people that they want.
 
Contact Poolia today to discuss your recruitment needs 

Updated: 17 May 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are learning the Royal Bank of Scotland Group (RBS) is reportedly using its investment arm to drive its business going forward.

The Wall Street Journal noted the organisation is "aggressively courting" corporate customers and is relying on this part of its operations to help turn around its fortunes and be in a position to allow the government to sell its 84 per cent stake in the firm.

Last week, Stephen Hester - the man in the top banking job at RBS - said the company was not taking excessive risks and is doing "everything it can" to make its investment banking arm "successful and safe" in terms of risk.

In March 2009, Newsnight economics editor Paul Mason, in an interview with Mark Thomas, said that UK taxpayers were exposed to more than £300 billion worth of debt after the original share purchase made by the Labour government.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 14 May 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in financial services jobs are learning that James Brotherton has been appointed chief financial officer (CFO) of Lupus Capital.

As well as becoming an executive director with the firm's board, he will assume his duties after its annual general meeting on May 28th.

Mr Brotherton joined the building products supplier in 2004 as its head of corporate development and he played a key role in the acquisitions of a number of its rivals including Schlegel in 2006 and Laird Group in 2007.

Prior to joining Lupus, he also occupied senior roles with a number of large banking and financial services companies in the City of London, including at Citigroup as its director of UK investment banking.

He qualified as a chartered accountant at big four firm Ernst & Young.

Meanwhile, people in accounting jobs have been in the news this week with many former industry professionals being elected to parliament after the country's voters went to the polls on Thursday (May 6th).

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 12 May 2010.
Categories: banking-and-financial-services, finance-and-accounting, london, market-and-industry-news.

Banking jobs could be set for London after Swiss financial giant UBS announced it will be exploring opportunities in the capital.

According to the Guardian, the organisation is currently looking to expand its workforce in the UK following improved fortunes after the recession.

The news provider hinted that banking jobs may be available at a new headquarters planned for London, with the organisation currently in talks with British Land over the project.

It follows the financial institution's announcement yesterday (May 4th) that it registered $2 billion (£1.3 billion) profits for the first quarter of 2010.

UBS has offices in more than 50 nations across the world and employs over 64,000 staff members.

Group chief executive officer of the firm Oswald Grubel said: "We implemented the measures announced in 2009 and delivered a good profit while managing our costs and using our balance sheet and risks in a disciplined way."

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 06 May 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Big four accounting firm KPMG has appointed Jeremy Anderson to its top international financial services job.

He will succeed Brendan Nelson as the chairman of the company's Global Financial Services practice, after the predecessor retired from the role to become a non-executive director at Royal Bank of Scotland Group.

Mr Anderson brings with him more than 20 years of experience in the sector, having worked with many of KPMG's leading clients across Europe, Australia and the US.

Prior to his appointment, he held the position of head of financial services for its Europe, Middle East and Africa region.

He said: "The next few years will be a critical time for the financial services industry as companies navigate significant regulatory, risk and business changes and respond to the rapidly evolving global economy."

The division employs 10,000 partners and professionals, offering tax, auditing and advisory services from its 22 offices in London and across the UK.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 06 May 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are being told a set of global tax reforms on the sector are "premature".

That is the view of Nout Wellink, chairman of the Basel committee on banking supervision and head of the Dutch central bank.

Mr Wellink told the Financial Times that such a move could be a "hindrance" to efforts to make the system safer through a tightening of capital and liquidity rules.

"I doubt whether this is a good idea. It's born out of frustration. There are strong political motives behind it," he added.

Mr Wellink believed the first step should be to finalise the Basel deal on stricter regulations and capping a bank's assets, then see if an additional measure is required afterwards.

Among the measures proposed by the International Monetary Fund is a flat rate on all institutions as well as tax on bonuses for people in banking jobs and a charge of profits made by a company.

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 04 May 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are learning that Barclays showed strong growth during the first quarter of 2010.

The group's chief executive John Varley expressed his delight with the results and claimed that diversification of risk and its business operations helped to produce this outcome.

He said: "The improvement that we have seen in impairment reflects the signs of economic recovery now evident in many of the markets in which we operate."

Pre-tax profits for the bank's retail operations rose by 20 per cent to £238 million.

Barclays employs over 144,000 people in 50 countries, including a substantial number in London.

This positive news follows comments from Sir Phillip Hampton, chairman of Royal Bank of Scotland (RBS), who commented that pay for people in banking jobs is very high.

But a statement from RBS said that it had to strike a balance over salaries to avoid making its most talented staff feel disadvantaged compared to rival companies in the sector.

Updated: 04 May 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in banking jobs are learning that Royal Bank of Scotland (RBS) shareholders have overwhelmingly backed a long-term incentive plan for its top bosses at its annual general meeting in Edinburgh.

In a statement, RBS also addressed the issue of pay for its leading talent, a source of anger for some of its shareholders after the package awarded to Sir Fred Goodwin

"We share the public's concerns and we understand that it is impossible to defend some of the historic pay practices of the industry," it read.

However, the company's bosses sounded a note of caution about the undermining the "profitable core" of its operations and that talented people in banking jobs should not feel at a disadvantage compared with peers at other institutions.

Another bank looking at restructuring its pay and remuneration for people in banking jobs is Barclays after it was announced that president Bob Diamond would be awarded a salary and bonus totalling £63 million.

Updated: 30 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are learning of a proposal from the International Monetary Fund (IMF) to introduce a global tax on remuneration, as well as profits, for firms in the sector.

However, there are suggestions that such measures could lead to disagreement among tax authorities and in some cases avoidance of payment.

Last week, the IMF formally announced its intention to place a flat rate charge on institutions, as well as taxing profits and bonus payments to those in banking jobs.

However, organisations and experts have given a lukewarm response including the G20, which has asked for a rethink from the global monetary body.

Accountancy Age stated that while the IMF had the best intentions, the plan is "clearly flawed".

"Perhaps the body should call on the detractors to consult on how the plan could be made watertight so no institution sidesteps the levy or the tax on profits and pay," the publication noted.

Updated: 30 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are learning of a new equality strategy from a global institution.

People Management reports that Nomura has launched its "multi-stranded" initiative breaking with current attitudes in the sector.

The company operates in 18 countries Europe, the Middle East and Africa, employing 4,300 staff, including people in banking jobs at its London office.

Charlotte Sweeney, Nomura's head of inclusion and diversity, told the publication that the programme will involve looking at HR processes such as recruitment and performance management, as well as promotions.

It is hoped the strategy will identify barriers for the company to address and increase diversity across the organisation.

She said that as businesses become more globally focused, diversity policies need to be flexible enough to work in any country in which they operate, but added that, in her view, the banking sector was focused too much on single strand issues with regards to equality.

Updated: 30 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in accounting jobs are learning that the Liberal Democrats' tax reforms would do the most for redistribution of wealth to middle income households than the two other main political parties.

Analysis from the Institute of Fiscal Studies (IFS) revealed that their plans would give more back than Labour and that Conservative tax ideas would take away money.

Overall, the worst hit by taxation included in election manifestos would be the richest one per cent of the population, according to the IFS.

For example, the continuation of the 50 per cent tax rate for those earning over £150,000 from Labour, or even the Liberal Democrats' "mansion tax", could hurt those working in some accounting jobs in London.

During last month's Budget, Alistair Darling announced that a bonus tax, which affected many people in banking jobs, had recouped £2 billion in government incomes.

Both Royal Bank of Scotland and Barclays have announced their intention to review their pay and bonus structures.

Updated: 29 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are learning that the Liberal Democrats are looking to make the UK's leading institutions "safe" in the wake of the recent economic downturn.

In a speech to the Institute of Directors, the party's Treasury spokesman Vince Cable said that it was the party's intention to follow advice from the governor of the Bank of England Mervyn King to break up the banks and promote more "traditional" and "personal" lending over "casino activities".

Mr Cable also wanted to channel resources into education, specifically aimed at getting students "trainable" for business, which may please senior figures in finance and accounting.

He added that the Working Time Directive added unnecessary red tape and might hinder the growth of UK companies.

With the general election just over a week away, the Liberal Democrats' popularity has slipped slightly, with some polls putting them back in third place behind Labour after an initial surge had them leading.

Updated: 29 April 2010.
Categories: banking-and-financial-services, finance-and-accounting.

People in banking jobs are learning that Royal Bank of Scotland (RBS) is to review its pay structure and bonuses after pressure from shareholders.

The Telegraph is reporting that its chairman Sir Philip Hampton will tell investors that certain elements of a scheme, which would have led to financial reward for chief executive Stephen Hester, was "mistakenly set too low".

Mr Hester, like many other executives of leading banks, waived his bonus earlier this year.

RBS is currently part-owned by the taxpayer and senior Labour politicians have been asked in pre-election press conferences when the government intended to sell the state's stake in the bank, as well as its share of Lloyds Banking Group.

Last week, Barclays confirmed that it was undertaking a review of it salary and remuneration after the man in its top banking job, chief executive Bob Diamond, was to be paid a package worth £63 million.

Contact Poolia to receive a copy of the Poolia Salary Guide 2010/2011

Updated: 28 April 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in HR jobs are learning that KPMG has appointed a new head of people strategy.

David Dickinson will be involved in the Retail Distribution Review (RDR) practice at the big four accountancy firm, which will aim to help market participants prepare for success in a world after RDR.

He joins the company from the Financial Services Authority (FSA), where held the role of project manager for organisational development in its Human Resources department.

In his senior HR job with the FSA, he helped design a Technical Competency Framework, including a new induction course.

Mr Dickinson has also worked for Deutsche Bank and Axa on its people strategy.

Fiona Fry, partner and head of KPMG's RDR practice believes the appointment brings "invaluable" experience to the organisation and will be a great benefit to its banking clients.

KPMG employs 11,000 people across its 22 offices in the UK, including a number of HR staff.

Updated: 26 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, market-and-industry-news.

People in banking jobs may be interested by news that Barclays is looking to change its pay and bonus policy.

The pledge forms part of the company's 2009 Responsible Banking Review, which group chief executive John Varley suggested "are talismans of responsible banking".

Barclays chairman Marcus Agius confirmed that the organisation was reviewing its payment structure for those occupying its banking jobs. He was looking for future measures to "implemented in an appropriate way", People Management reports.

He also warned that rewarding failure was not an option.

Earlier this month, the man in firm's senior banking job Bob Diamond was awarded a salary and remuneration package worth £63 million.

In its most recent Sustainable Banking Review, Mr Varley recognised the damage to the reputation of banking system since the credit crunch and vowed that a firm's success in the sector should not be "at the expense of society".

Updated: 26 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in accounting jobs may be interested to know about how executive remuneration will be a key issue for Alternative Investment Market (AIM) companies, according to one industry giant.

Big four firm PricewaterhouseCoopers' paper, AIM - The State of Play, highlighted new rules which came into affect at the beginning of this month mean bonus and pay for individual director needs to be more transparent.

PwC's AIM leader David Snell stressed that the market was at a "significant point" in its history.

He said finding appropriate executive incentives while managing investor confidence will be critical to future success.

"Transparency in this area provided by the recent changes to the AIM rules should encourage investors to provide much needed growth capital," he added.

This follows Barclays announcement that it will review its own pay and bonus structure after the person in its senior banking job Bob Diamond was awarded a package worth £63 million.

Updated: 26 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in financial services jobs may be interested by news that Peter Montagnon is to join the Financial Reporting Council (FRC).

Mr Montagnon will become a senior investment advisor with the FRC and will take up the post in early June.

Prior to joining the UK's independent regulator responsible for a corporate governance and reporting, he was director of investment affairs at the Association of British Insurers (ABI).

He has also reported for the Financial Times and was handed the role of head of Lex.

Sir Christopher Hogg, chairman of the FRC, believes the new appointment enhances the body's "capabilities across all areas of its work important to investors".

He added that he will contribute to the development of a new UK Corporate Governance Code

Mr Montangon will join former colleague Stephen Haddrill who is currently in the senior financial services job with the FRC as chief executive.

Updated: 26 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Finance and accounting organisations in the City of London are being urged to recruit whistleblowers by an industry expert.

Andrew Bath, general manager of banking and financial services at City recruitment specialist Poolia, suggested that companies should look at employees who break ranks to share vital information as heroes rather than disloyal workers.

Writing for eFinancial Careers, Mr Bath implied that far from being a snitch, those employees could be an effective way of managing risk, in an operational and human capital sense.

He compared the current attitude to school yard peer pressure where "grassing up" is frowned upon.

"There is a psychological bystander effect - we're all waiting for someone else to call out the stuff that's wrong, no one wants to stand out from the crowd and say it for themselves," he added.

Mr Bath highlighted the example of whistle-blowing at Lehman Brothers after an accounting executive became concerned with the company's financial situation. The employee in question lost his job around a month after breaking ranks.

Updated: 23 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are learning that the Hundred Group of finance directors is firmly opposing the introduction of annual elections for company chairmen.

The group cited the possibility of too much power in the hands of speculative shareholders, Accountancy Age has reported.

In his latest response to the Walker Report, which calls annual elections for company chairman, Peter Williams, Daily Mail and General Trust finance director labelled the recommendations "unnecessary" as the risk to the long-term health of a company may be compromised.

Mr Williams, who also sits on the group's investor relations committee, said in a letter to the Financial Reporting Council (FRC) how shareholders have not always acted in the best interest of a company, sometimes opting for short-term profit.

In a previous letter to the FRC, he argued that Sir David Walker's recommendations were more of guide to "better articulate and codify" good corporate governance rather than making substantial alterations to boardroom level.

The group consists largely of FTSE 100 bosses, including those in senior banking jobs in the city of London.

Updated: 16 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in financial services jobs are learning Prudential's UK senior management is being reshuffled as a result of its takeover of AIA earlier this year.

Last month, the company, which has more than 25 million customers worldwide and manages assets valued at around £290 billion, agreed to purchase Asia-focused organisation AIA from troubled US insurance giant AIG for $35.5 billion (£23 billion).

Rob Devey, the chief executive of its UK and European operations, has been appointed to oversee the integration of Prudential and AIA insurance services in Asia.

Mr Devey formerly occupied a senior banking job with Lloyds Banking Group and integrated HBOS's retail banking operations.

He will continue to have responsibility for UK and European services but will now be ably assisted by two experienced finance and accounting figures in Andrew Crossley and Barry O'Dwyer, both divisional managing directors, who become deputy chief executives.

The task of integration is one that excites Mr Devey, who believes it will be critical to providing "tremendous growth opportunities" going forward.

Updated: 16 April 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in banking jobs are said to be benefiting from an exploding recruitment market in the City of London, according a number of figures within the Square Mile.

According to the Evening Standard, those in the sector are "making tens of thousands of pounds extra" as major companies increase their staff numbers dramatically on the back of a turbulent 18 months.

However, Andrew Bath, general manager of banking and financial service at Poolia Recruitment Specialists, suggests that while the number of vacancies is on the up, some companies may be left with a quandary.

Mr Bath stressed that clients are "very certain about the core skill sets" required by their organisations, an issue that candidates are aware of.

"As such the supply of candidates that mirror roles is not high and this lack of supply drives salaries up," he said.

Furthermore, Mr Bath believes that the dilemma of firms looking to retain their best people means that staff will use it as a bargaining tool to push for pay increases.

Updated: 16 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking and financial services jobs may be interested by prime minister Gordon Brown's admission that he did not do enough during the height of the financial crisis.

In an interview to be aired tonight (April 14th), Brown said that he should have been tougher with City bankers. However, this has only induced criticism from opposition parties, the Times reports.

He said his biggest mistake was not regulating the banks but David Cameron has called it an extordinary move that should warn the electorate against giving the Labour government another five years in office.

Launching their manifesto this morning, the Liberal Democrats were also quick to criticise the prime minister for recognising his faults with finding ways of avoiding history repeating itself.

With just over three weeks until people go to the election, Labour is now trailing by just three points, according to a Populus poll for the Times which was released last night.

However, Mr Brown must deal with a shrinking supply chain of support from leading business figures.

Updated: 16 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in London banking jobs are learning that expats may find life tougher thanks to the falling value of the pound, according to one expert.

Some city headhunters had suggested that the increase in the top rate of income tax to 50 per cent may induce an exodus of banking and financial services workers to other international business destinations such as Geneva.

However, according to the co-founder of an expat lifestyle magazine, the deterioration of sterling against both the euro and the dollar may lead to expats suffering as a result of poor exchange rates if they are paid in pounds.

Rhiannon Davies of Shelter Offshore said any further fall in the currency's value in the coming months could mean those living away from the UK find it more difficult to afford to live.

Figures from the Consumer Credit Counselling Service recently suggested that some expats are considering returning to the UK due to financial difficulties.

Indeed, Independent columnist David Prosser recently dismissed rumours of a potential exodus of people in banking jobs saying it would better resemble a "trickle".

Updated: 16 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in financial services jobs are learning that Ben Waterhouse is to join Fidelity International (FIL) as a Head of UK Wholesale Sales.

His role will include building on FIL's existing relationships with insurers, wealth managers and the discretionary market.

Mr Waterhouse spent 11 years in a senior financial services job with Legal and General as head of sales. In the past five years his responsibilities have included overseeing the company's mutual fund interests in the UK.

Gary Shaughnessy, FIL's UK managing director, is delighted with the appointment and believes the experience Mr Waterhouse brings in mutual fund markets and strong business relationships will help the firm grow in years to come.

He added: "This is an important and growing part of the market for us and with Ben's expertise we will be able to focus in greater depth on the services that we offer and on tailoring our investment expertise to the needs of these clients."

FIL's worldwide assets in its investment management operations are estimated to be around $179 billion (£116 billion).

Updated: 13 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in UK finance jobs could find that they are able to capitalise on the benefits made available to them by expansion into overseas markets.

The British Bankers' Association (BBA) has published its latest issue of Balance, a quarterly periodical covering developing trends in the banking sector worldwide.

In it, the organisation notes a number of overseas jurisdictions in which there is potential for expansion of British financial services providers' operations, boosting the prospects of UK finance jobs in the wake of the international recession.

Within Europe, Russia is one area earmarked for growth, as an increasingly financially aware middle class looks for more variety in its retail banking options.

However, with the domestic banking sector said to be undercapitalised, the BBA suggests that UK financial firms could seek to offer the necessary products and services instead.

In South America, Brazil is also mentioned as a potential gateway, where firms that manage to find a secure foothold can expect to see greater success in other countries on the continent.

The BBA has also been looking to the international stage as part of its Next Steps series, which calls for debate between countries to help maintain global competitiveness when setting macro-prudential policies in the banking sector.

Updated: 13 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in London banking jobs are learning that a leading expert of female representation in business is calling for greater gender diversity in the City of London.

The vice-president of the World Association of Women Entrepreneurs Tatjana Hine agreed with the Women in the City report which claimed that the financial crisis might have been averted had more female been working in senior finance and accounting jobs.

Professor Charles Goodhart suggested greater representation on the boards of London's leading banking operations would be a good start as only nine per cent of FTSE banks have female boardroom presence.

Ms Hine said: "The City is definitely still the last bastion of problems as far as women are concerned. It is still very much male dominated and I think it will be for quite a while."

However, she also suggested that one of the reasons for a lack of women in the Square Mile may have owed much to the notion that they "didn't want to play that game", as opposed to a glass ceiling preventing anyone from reaching senior positions.

Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, london, market-and-industry-news.

The body for investment management operations has revealed record fund sales

The leading voice for investment management operations in the UK has revealed fund sales enjoyed their strongest start to a year over January and February.

According to figures from the Investment Management Association (IMA), fund sales in February were the highest ever for that month at £1.9 billion, which follows on from the strongest January performance by the sector.

Funds under management up to last month stood at £484.7 billion, an all time high.

Jane Lowe, director of markets at the IMA, said that the Sterling Strategic Bond market is accounting for most of the retail sales in the bond sectors, "which otherwise slipped in popularity" in recent months.

She added: "Investors may find the additional flexibility offered by these funds attractive in times of uncertainty or change."

The news comes as a former member of the Bank of England's monetary policy committee Sushil Wadhwani, together with financial services firm GAM, launched a quantitative strategies fund aimed at onshore investors.

Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Stability is a watchword for people in finance jobs at building societies, according to a Treasury discussion paper.

A new government document will seek to secure more stability for those in finance jobs at building societies.

The discussion document from the Treasury aims to deal with employees working in building societies, which are subject to certain restrictions that do not apply to banks, including limitations on raising funds from non-members.

Although those in such finance jobs have fared relatively well because of the strong response from building societies to the financial crisis, the discussion paper should help ensure long-term stability.

The paper will take views from investors, members and societies on various issues from modifications to existing capital instruments to the need to enhance the government's role in supporting societies.

Paul Myners, the financial services secretary to the Treasury, noted the important position that building societies have long held in the industry.

Mr Myners said: "The sector encourages a diverse financial system and offers a strong business model. The government is keen to ensure that this remains the case in the long term."

As the UK's economics and finance ministry, the Treasury is primarily responsible for the formulation and implementation of financial and economic policy with the aim of producing measured growth.

Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

Whitehall consultancy contracts have offered significant rewards to leading finance and accounting firms, according to the Liberal Democrats

People in accounting jobs are learning that central government paid out around £1.7 billion in fees to consultants, according to reports.

The Liberal Democrats have compiled data which they claim shows that government departments have employed consultants over the past six years with £178 million fees for 2010 so far.

According to the Financial Times, leading London finance and accounting firms such as Deloitte, PricewaterhouseCoopers and Accenture have profited substantially since April 2004.

The party's Treasury spokesman Lord Oakeshott said the figures showed a government that is "consultaholic".

Despite pledges from the authorities that they will cut consultancy bills, Accenture told the newspaper that much of its expense covered the design and day-to-day running of large-scale IT systems.

Claims of Whitehall over-expenditure come after the Liberal Democrats kick-off their election campaign. Over the weekend the party also criticised policies over pay for people in London banking jobs.

However, Lloyds chairman Sir Win Bischoff recently said that bankers should be allowed to earn a competitive rate of salary and that recent economic problems should not solely be blamed on London's banking operations.

Updated: 08 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, london.

People in finance jobs could find a task force helps them to ensure they are treating business customers fairly.

A new task force to help people in finance jobs ensure that they deal fairly with businesses seeking credit has been announced.

The task force's remit will be to ensure small companies are fairly treated when attempting to acquire finance from banks.

Enterprise champion Lord Alan Sugar, outgoing Federation of Small Businesses chairman John Wright and Mike Fairey, formerly of Lloyd's TSB, will make-up the task force announced by the Department for Business, Innovation and Skills.

Lord Mandelson drew attention to the impressive level of experience that the task force had in finance jobs and how that manifested itself in a helpful understanding of the pertinent issues.

"There is a perception among small-business owners that banks are unfairly denying them credit. This task force will help us understand the root of these concerns," added Lord Mandelson.

Lord Sugar has gained further fame in recent years on the television programme The Apprentice, having previously been best known for creating the company Amstrad in 1968.

Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in London banking jobs may be interested to know that Alison Carnwath has been appointed as non-executive at Barclays

Barclays has appointed Alison Carnwath to one of its senior banking jobs.

Ms Carnwath will take up a post as non-executive director in August having handed over the chair of financial services firm MF Global to Jon Corzine, himself a boss of Goldman Sachs.

According to the Telegraph, she is viewed within the City as a "serial" experienced figure and is one of just three woman chairman companies in the FTSE 100 list.

She is also a director of finance and accounting company Paccar and continues to sit on the board of MF Global.

As chair of Land Securities, she was given the job of turning the company's fortunes after it announced losses of £4.8 billion last year.

Barclays chairman Marcus Agius expressed his delight in Ms Carnwath's appointment and her value to the banking giant

He said: "Her experience in the financial services industry and broader business knowledge will be of great value to the Barclays board."

Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that insolvency practitioner Deloitte is taking decisive steps to a UK rail business

Finance and accounting firm Deloitte, in its role as administrator to rail infrastructure business Jarvis, has said it will cut jobs to preserve its future.

The big-four accountancy giant had four of its leading insolvency practitioners called in on Monday to help steady the ailing company.

In total, 1,100 jobs will go at Jarvis' offices in Newcastle, Doncaster, Glasgow, Peterborough and Leeds as well as the firm's head office in York.

Deloitte's joint administrators Neville Kahn, Nick Edwards, Phil Bowers and Ian Brown told Accountancy Age that there was a significant amount of interest in Jarvis' facilities management arm, known as Jarvis Accommodation Services.

Mr Edwards said: "Our immediate priority will be to work with stakeholders to stabilise the business while we identify which parts of the business we can continue to trade and seek buyers for as going concerns."

The finance and accounting firm's insolvency expertise forms just part of its operations in the UK and Switzerland and employs more than 11,000 people.

Deloitte recently bought out the accounting arm of Drivers Jonas earlier in the year and last month merged its real estate interests.

Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

People in senior banking jobs may be very interested to hear about a "wave of demands" from international sports stars looking for exemption from the 50 per cent tax rate.

The Financial Times is reporting on a Budget resolution that would mean football players taking part in 2011 UEFA Champions League, at Wembley Stadium, would be exempt from taxes on prize money, which would be in tens of millions of pounds.

Ronnie Ludwig of accountants Saffery Champness appreciated that the UK is looking to protect its right to the event but warned that the provision could provoke an "outcry".

He added: "Why should footballers appearing in the Champions League final be exempted from UK taxes while tennis players at Wimbledon or golfers at the British Open are not?"

A successful challenge may leave the Treasury answering uncomfortable questions on why sports stars may be exempt and not other professionals such as senior bankers.

Last year, in a tone eerily similar to warnings of a banking jobs exodus from London headhunters recently, former Liverpool footballer Xabi Alonso warned the increase in tax on top earners could drive footballers to other countries.

He moved back to Spain to ply his trade last summer.

Updated: 26 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are taking stock of the government's move to launch the Green Investment Bank.

Chancellor Alistair Darling announced the scheme which will provide around £2 billion in equity for low-carbon transport and energy schemes in the UK.

However, the Guardian reported that finance and accounting giant KPMG believes that £2 billion falls a long way short in terms of the estimated £400 billion required for future infrastructure.

However, KPMG's head of global infrastructure Andy Chism remarked that it is a good idea that a single government body was directing affairs, especially with commercial markets uncomfortable with such high risk.

Writing in the Evening Standard, Anthony Hilton said the new bank could encourage private investors into low-energy schemes if it succeeds in expanding the UK market.

Mr Hilton also shared Mr Chism's notion that if the risk is shared, it is easier to development schemes such as road improvements nationwide rather than if it was lumped on to a single private backer.

Updated: 25 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are discovering that European firm Commerzbank is to merge its real estate funds as it looks to expand worldwide growth.

It is the latest in a string of big name investment management operations to make a concerted move into large scale real estate after Morgan Stanley and Invesco altered their structures.

As a result of the Commerz Real's two open-ended real estate fund merging, it has created Europe's largest fund at €12.5 billion (£11.3 billion).

Erich Seeger, a member of the board of Commerz Real and head of fund sales, suggested that the larger fund, with its wider diversification, could the lower the "ramifications of temporary market events" for investors and give them the "best of two worlds".

He said: "We will combine the stability of a comprehensively diversified real estate portfolio marked by a European focus with an expanded opportunity potential that arises from the addition of a global component."

Commerzbank, which built a strong reputation in Germany as a private and corporate bank, also has operations in the City of London.

Updated: 25 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are learning that the Institute of Directors (IoD) gave a lukewarm response to government proposals to tackle the UK's deficit.

In a statement, the IoD was positive about moves to assist small businesses with loans but repeated its call to reverse the increases in the top-rate of income tax and national insurance contributions.

Chancellor Alistair Darling pledged to do more for small business and offered a number of incentives to help generate growth in his final budget for the general election.

Among the announcements was two of the UK's biggest banking operations, Lloyds and RBS, making available £94 billion in new business loans, of which around half will go to small and medium entities.

While Miles Templeman, IoD director general, welcomed those "positive initiatives", he derided the Treasury's inability to cut spending and reduce the deficit sooner.

He added: "This means making significant spending cuts in 2010 rather than delaying commencement until 2011. The argument that early cuts would jeopardise the recovery is mistaken."

With top-rate increases there were warnings of an exodus from London finance jobs. However, David Prosser said recently that it was more akin to a "trickle".

Updated: 25 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in London banking jobs are taking note of John Herbert's move to HSBC.

Mr Herbert has assumed the role as global head of real estate with the bank after leaving Italian-based €600 million (£535 million) opportunity fund Advanced Capital, for which he was a senior adviser.

He has worked in London in 2000 when he joined Citigroup as head of its Europe, Middle East and Africa Property and Hotel Group where he helped expand its European investments. Mr Herbert occupied a similar role at investment bank Merill Lynch.

Before moving to working London banking operations, he sat on the investment committee of Blackrock's property and distressed debt fund between 1994 and 1996.

HSBC hoped its new real estate expert would "help drive the creation of a coherent, international real estate strategy."

It marks the latest in a significant shift amongst leading investment banks, including Invesco and Morgan Stanley, as analysts suggest that valuations of real estate will be attractive to large corporate investors.

Updated: 25 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in banking jobs are learning that RBS and Lloyds will give out £94 billion in new business loans, the Chancellor announced today (March 24th).

In his final budget speech before the general election, Alistair Darling promised that around half of those new business loans would be offered to small and medium-sized entities.

Both RBS and Lloyds Banking Group still have state-owned stakes, although the Financial Services Authority is looking to hire a new figure with the aim of selling those shares.

Mr Darling also revealed that a bonus tax on people in banking jobs had raised £2 billion in revenue for the Treasury during the past year.

The Chancellor also backed calls for a global tax on bank transactions which also has the support of Germany and pledged that more than one million people in the UK who do not have accounts should be given access to basic banking operations.

However, he did downgrade economic forecasts for 2011 to 3-3.5 per cent growth, although predicted growth this year of 1-1.25 per cent is in line with economic forecasts.

Updated: 25 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

The investment management operation of one of the world's biggest banks has raised hundreds of millions of pounds to focus on interests such as real estate.

Morgan Stanley's Investment Management arm Alternative Investment Partner's (AIP) has generated $370 million (£248 million) to invest in "secondary interests" including acquiring real estate.

It is now looking for fund managers as it seeks a swift move into what it believes is a market of great opportunity.

The company, which splits its business between London and New York, sees an opportunity to acquire real estate and an "attractive" price in the current market which will only benefit its investment management operations.

Joseph Stecher, chief investment officer of its AIP Real Estate, said the company is looking for new managers that fit Morgan Stanley's "best-in-class" mantra and help generate profits in real estate.

He said the new venture needed to avoid common early delays such as start up costs in order to "accelerate investment".

Updated: 23 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs are learning that Lloyds Banking Group has made a strong start to 2010 and expects to make a profit this year.

In a statement, the group said it was pleased with its performance and that trading has been "strong".

The group said that, based on the current economic and regulatory assumptions that "remain unchanged" from its 2009 preliminary report, it believes it will be "profitable on a combined businesses basis in 2010".

Shares in the company rose by nearly ten per cent in the hours after the statement was released on Friday (March 19th).

The man in the senior banking job at Lloyds Banking Group, Eric Daniels, said that the banking firm was "well positioned" to perform strongly during the next 12 months, when he responded to the company's £6.3 billion losses of 2009.

Last month, Mr Daniels said: "As a result, the financial performance of the group's continuing businesses is expected to improve significantly in 2010 and beyond."

Updated: 19 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

A prominent director has landed one of the leading financial services jobs in the UK.

According to Citywire, Amanda Davidson will join the board for the Financial Services Authority (FSA).

Ms Davidson, who takes up her post in May, has been a director of Baigrie Davies since 2005. She will be joined on the FSA's board by Dame Sandra Dawson, a professor of management at Cambridge University.

Prior to her directorship at Baigrie Davies Ms Davidson occupied similar roles at AWD Chase de Vere, where she was a founding director, and at Holden Meehan, where she was involved in the sale of Bradford and Bingley.

FSA chairman Adair Turner believes Ms Davidson's appointment to the FSA will be highly valued .

He said: "Amanda's strong background in independent financial advice and regulation will bring vital extra dimensions and balance to the board's work."

Chancellor Alistair Darling said that Dame Sandra and Ms Davidson "will make a valuable contribution to the work of the FSA", thanks to their skills and wealth of experience.

Click here to find out about financial services jobs

Updated: 18 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

One of Britain's top finance and accounting figures has been elected president of the Management Consultancies Association (MCA).

Pat Newberry of PricewaterhouseCoopers (PwC) was elected to the post having previously held one of the three vice-president posts with the MCA.

Mr Newberry is a partner at PwC and head of private sector consulting and has over 20 years of experience in financial services. He is also a member of PwC's supervisory board.

His main areas of speciality focus on banking operations as well as retail insurance and reinsurance.

In addition, Mr Newberry has a wealth of experience with general insurers in the UK, Europe and the United States.

The MCA contains 56 member companies and around 40,000 consultants.

Consultant News estimates that the association's membership covers 70 per cent of the consulting industry and that its members are linked to more than 90 of the FTSE 100 companies. Its reach is also said to cover all parts of the public sector.

Updated: 15 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Brendan Nelson, currently in a senior accounting job with KPMG, is to join the board of Royal Bank of Scotland, it has been revealed.

In a statement released yesterday (March 10th) it was revealed that he will become chairman of the group's audit committee overseeing banking operations as well as becoming a non-executive director.

He will formally assume his duties at the conclusion of the group's annual general meeting, replacing current chairman Archie Hunter, on April 28th.

Mr Nelson has operated as global chairman of KPMG's lower-case the s financial services practice since 2002 and was vice-chairman of the firm's UK operations before Wednesday's announcement (March 10th).

RBS group chairman Sir Phillip Hampton said he is pleased that Mr Nelson has agreed to join the board and assume "an important role".

"Brendan has a wealth of experience in the financial services sector," he said.

Mr Nelson has previously occupied the role of chairman of the audit committee of the Institute of Chartered Accountants in Scotland and was recently appointed to the board of the UK's Financial Services Skills Council.

Updated: 11 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Financial services and corporate restructuring specialist MCR has appointed Thish De Zoysa to its board of directors.

Mr De Zoysa, a qualified chartered accountant, has spent more than eight years involved in auditing and business assurance including corporate restructuring.

As well as years of experience in UK accountancy MCR believes his experience of the Asset Bank Lending and banking operations give him a "unique insight into turnaround finance".

Andy Stoneman, managing partner at MCR, was delighted to welcome a figure with proven track record in the business.

He added: "I am convinced his experience in operating in the turnaround market, from mezzanine to equity and asset based lending, will be a valuable asset to MCR as we continue to grow."

The company was formed eight years ago and prides itself on a strong knowledge base when assigned corporate restructuring cases.

Mr De Zoysa will focus on the company's new Debt Advisory service as well as MCR Finance Brokers.

Updated: 09 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Henderson New Star has appointed Ben Pakenham to one of its senior investment management jobs.

Mr Pakenham will become co-manager of the company's New Star Extra High Yield Bond and New Star High Yield Bond funds.

He will report to Henderson's director of fixed income James Gledhill. Portfolio Adviser estimates the Extra High Yield Fund to be worth £164 million and its High Yield Bond fund is said to be worth £235 million.

Mr Pakenham, along with Mr Gledhill, moved to Henderson Global Investors as part of the company's buy-out of New Star Asset Management. He began his career at New Star involved in the management of those funds as a high yield analyst.

Henderson Global Investors acquired New Star Asset Management in late January 2009 for around £115 million making it the fifth largest retail fund manager in the UK.

The investment management company was said to have assets in excess of £50 billion and employs around 940 people.

According to Citywire, UK-based Henderson New Star's entire bond team manages a total of more than £2.7 billion.

Updated: 09 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Banking and financial services giant BNP Paribas is to move its real estate division from its current base in Chancery Lane to 5 Aldermanbury Square.

The company will take up to 35,000 square feet across two floors at the complex when it relocates this autumn.

The move came as a result of a parent group policy to consolidate its Investment Solutions staff into one building.

Not only will Chancery Lane staff move to the new site but BNP Paribas will also bring staff from its Old Broad Street offices. However, property investment management staff at Charles II Street will remain at their current base.

BNP Paribas Real Estate UK chief executive Mark England believes the move is a great step forward for the London operations.

"Our new office space has excellent client entertainment facilities with views across the City and the large floorplates are essential for our teams to work together," he added.

Although BNP Paribas has its headquarters in Paris, its second global headquarters is based in London. It employs more than 150,000 staff across its banking and financial services in Europe.

Updated: 08 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Financial services firm Canaccord Adams has made four new additions with the creation of a new sales trading team.

The company has appointed Ken Wesson, Daniel Addison, Andy Wilson and Stephen O'Brien to form the new trading team.

Mr Wesson will head up the new team and brings more than 20 years of experience to the role.

He was head of pan-European equity sales trading at Fox-Pitt Kelton and worked in trading for UBS prior to that.

Indeed, all of the new additions joined Canaccord from Fox-Pitt Kelton which has been under the ownership of the Macquarie Group since September of last year.

For Canaccord Adams head of trading Angelo Sofocleous, the new team will be an advantage to the company.

"We are pleased to welcome such experienced and highly rated partners to Canaccord - their relationships and product knowledge will be accretive to our business in all respects," he said.

Canaccord Adams employs around 250 people across its offices in London and North America.

Click here to find financial services jobs

Updated: 05 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Peter Sands, the man in the top banking job at Standard Chartered, has spoken of compelling results as the financial services provider announces record profits.

Yearly results show Standard Chartered recording pre-tax profits of $5.15 billion (£3.43 billion), a 13 per cent increase from 2008. Operating income has also risen by nine per cent to $15.18 billion.

Standard believe its strong results reflect a "diverse and well spread income and profit" with five different individual markets all generating over $1 billion for the company.

Mr Sands reflected upon the strong performance in 2009 and stressed that the bank's "powerful brand" assisted in improving its market share and that Standard could go into this year with "real resilience and momentum".

"We did not let the crisis interrupt our track record of consistently delivering for our shareholders and we have no intention of allowing the aftermath to deflect us either," he said.

As one of Britain's largest banks, with its headquarters in London, Standard's banking operations centre on emerging markets with particular focus on Asia. They employ around 73,000 people worldwide.

On Monday (March 1st) Mr Sands indicated, along with figures in senior banking jobs at HSBC, that he would waive his annual bonus.

Updated: 04 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Frank Jonuschat has been appointed as senior portfolio manager at London-based asset management office Sand Aire.

Mr Jonuschat has previous experience with family-owned international investment asset offices having worked for the Rockerfeller family office for six years.

Many of Sand Aire's clients are said to have more than $40 million (£26.8 million) placed in investable funds and Mr Jonuschat will contribute to what Sand Aire's executive chairman Alexander Scott believes is a crucial moment in the company's history.

"Our focus on significant multi-generational wealth - and committing to independence in investment - strikes a chord with the growing number of families seeking proven strategies for investing over the long term," Mr Scott told Citywire.

Mr Jonuschat has also worked for Kleinwort Benson Securities as a German market analyst heading up their German and Austrian teams. He has also worked for British stockbroker James Capel.

Sand Aire last month hired Marc Hendriks as its new chief investment officer.

Updated: 04 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Senior investment banking figures in London have signalled their intention to buy Manchester United Football Club for around £1 billion, according to fresh reports.

Reports in many national newspapers claim that a group called the "Red Knights" is looking to buy the club from its current owners, the Glazer family.

Keith Harris, the executive chairman of Seymour Pierce, is said to have attended a meeting that also included Goldman Sachs chief economist Sam O'Neill who, like Harris, is a lifelong supporter of the team. Mr O'Neill attended in a personal capacity.

The club's parent company, Red Football Joint Venture, revealed debts had increased to £716.5 million. The increase provoked public criticism from figures including Mr Harris who claimed he had been approached by wealthy investors earlier this year.

Mr Harris, who was chief executive of HSBC between 1994 and 1999, told the BBC in January: "If we can lend our weight for doing something for the good of Manchester United, and football, we will."

According to Deloitte's Football Money League, released today March 2nd, Manchester United generated £278.5 million in revenue last year and has consistently proved to be one of Europe's richest sporting brands for more than a decade.

Updated: 04 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in investment banking jobs with Barclays are to have their salary and bonuses increased by up to 93 per cent.

According to Bloomberg, company filings show employees of Barclays Capital, the company's investment-banking department, were given a 93 per cent rise per employee this year.

The Royal Bank of Scotland Group reported an average increase of 73 per cent in compensation payments per employee across the organisation.

RBS had already revealed its decision to award £1.3 billion in bonuses to staff in its investment banking operations.

HSBC was the only one of the three largest UK banks where pay decreased. However, the company did pay head of investment banking Stuart Gulliver £10 million over the last year for his work in generating significant profits for HSBC.

RBS chief executive Stephen Hester was adamant that the company was right to award bonuses and the amount in remuneration was the "minimum necessary".

"We believe that within the context of the industry in which we operate we have been restrained and responsible," he said.

The pay increase comes as Barclays Capital announced an 89 per cent increase in pre-tax profits to £2.46 billion.

Updated: 04 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Banking giant HSBC is to pay one of its top London investment bankers a bonus of nearly £10 million.

Stuart Gulliver will receive £9.8 million although this will be in shares over three years.

According to Reuters another two unnamed bankers will receive bonuses of more than £9 million.

HSBC defended the bonus payment saying that they represented a "legitimate and proper element of reward" and were "market-based".

The bank is rewarding the three investment bankers for higher than expected results in certain areas.

HSBC performed well in emerging markets such as Asia and Latin America. The Global Banking and Markets portfolio of which Mr Gulliver is in charge was responsible for approximately 100 per cent of profits made last year by the whole company.

The banking group's chairman Stephen Green admitted to a press conference (March 1st) that it was a sensitive time for bonuses to be paid out to those in banking jobs but stressed that those payments were low compared to other investment banks.

"We absolutely believe that the decisions we have taken on this year's remuneration awards are right - for all of our stakeholders," he said.

Updated: 02 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

The bosses of two leading UK banks will give their annual bonuses to charity.

According to the Telegraph HSBC chief executive Michael Geoghegan will donate his £4 million to a charity supporting child education. Standard Chartered chief executive Peter Sands will also donate his £2 million bonus payment to a good cause.

As a result, the bosses of Britain's five biggest banks have all waived their bonuses for this year.

However, Lloyds Banking Group chairman Sir Win Bischoff told the Telegraph that people in senior banking jobs should in future be able to take bonuses without feeling the need to give up "the rewards they have earned".

The news comes as HSBC published its annual results showing a 24 per cent drop in profits (£4.7 billion) although these take into account write-downs on assets.

The bank's underlying pre-tax profit was up 56 per cent to £8.8 billion.

Mr Geoghegan said that the bank's strong position had helped it to assist customers throughout its supply chain.

Standard Chartered posts its annual results on Wednesday which is expected to reveal the bank has beaten last year's record profits, with banking operations said to be unaffected by concerns over Dubai's financial crisis.

Updated: 02 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Barings has appointed Roberto Lampl to one of its senior financial services jobs.

Mr Lampl will become head of Latin America equities as part of the bank's expanding emerging markets investment portfolio. He will be based in London.

Of its £11.6 billion invested in emerging markets Barings has more than a billion invested in Latin America.

Mr Lampl, who starts today (March 1st), has been involved with Latin American banking operations for more than 12 years, most recently with ING as senior investment manager.

Barings head of equities Tim Scholefield is delighted to have Mr Lampl as part of the team but also believes his expertise will be crucial to what he calls a "compelling long-term investment case" in an emerging market.

"He has an outstanding investment record in Latin America equity and we are excited that he will be using that experience to support Barings' growth in this region," he said.

Mr Lampl began his career working for ABN Amro in 1993 where he was also a Latin America analyst and portfolio manager for the company's asset management arm.

Updated: 02 March 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Eric Daniels, the man in the top banking job at Lloyds, has predicted that the bank will have a more positive 2010 following losses of £6.3 billion in 2009.

The chief executive of the financial institution said that Lloyds is already being successful in tackling its "near-term challenges" - but admitted that the company's recovery is likely to be a slow process.

He added: "The group is . well positioned to deliver value for our customers and shareholders.

"As a result, the financial performance of the group's continuing businesses is expected to improve significantly in 2010 and beyond."

Mr Daniels added that Lloyds has identified several areas offering growth opportunities which it will look to build on this year.

Earlier this week, Royal Bank of Scotland (RBS) chief executive Stephen Hester declared that he believes the "worst is behind" for his bank following the firm's results.

The man in the senior banking job was speaking after RBS revealed losses of £3.6 billion for 2009 - an improvement on the 2008 deficit of £24.3 billion.

Updated: 26 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs still do not comprehend public anger about remuneration, the former chief executive officer of Morgan Stanley has said.

John Mack said that the issue for people outside the sector is not about how bankers are paid, but how much they are paid.

"I still don't think the industry gets it", he said. "The issue is not structure, it is amount.

"If we don't do something, the government will do something."

Mr Mack, who retired from his banking job at Morgan Stanley in December, did not take a bonus for the last three years in the role, reports Bloomberg.

But his successor, James Gorman, has taken an $8.6 million (£5.6 million) bonus for 2009 in deferred stock options.

Earlier this week, the New York comptroller Thomas DiNapoli reported that bonuses on Wall Street went up by around 17 per cent last year for those in banking jobs.

Updated: 26 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in investment banking jobs with Royal Bank of Scotland (RBS) have seen their pay and bonuses increases by 44 per cent as a reward for their work in 2009, it has been announced.

The bank is to pay out around £1.3 billion to share among its staff following lower-than-expected losses in its full-year results.

Bloomberg analysts had forecast that RBS would lose more than £6 billion, but the actual figure has been revealed as £3.6 billion.

The figure is a vast improvement on 2008, when the bank lost £24.3 billion.

Stephen Hester, chief executive of RBS, said: "We have a long and tough job ahead of us but we do believe that the worst is behind us.

"Every single one of the external targets that we have published we are ahead of schedule on."

But earlier this month, Sir John Gieve, the former deputy governor of the Bank of England, told the Daily Mail that people in RBS banking jobs are still working for a company that is in "intensive care" in terms of its financial position.

Updated: 25 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

The man in HSBC's top banking job is not going to receive a planned pay rise of more than 30 per cent following shareholder protests.

It has been widely reported that the HSBC board has backed down on its intentions to increase chief executive Michael Geoghegan's salary to £1.4 million - a 36 per cent rise.

Shareholders told HSBC that such a move would be highly unpopular as executives in senior banking jobs at other firms agree to forgo bonus payouts.

Eric Daniels, chief executive of Lloyds, is the latest high-ranking banker to announce such a move, following in the footsteps of Stephen Hester, the man in the top banking job at Royal Bank of Scotland.

Bob Diamond and John Varley of Barclays have also recently announced similar intentions to reject a bonus for their work in 2009.

Last week, a HSBC spokesman told the Financial Times that the company's situation differed to that of some of its rivals.

"It's important to note that HSBC has not taken any taxpayer money and we have been profitable, generated capital, paid dividends and very much remained open for business throughout the crisis," it was said.

Updated: 24 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

An equity fund manager has been recognised for his achievements in his financial services job.

Edouard Carmignac, who works at Carmignac Investissement, has been named as Global Equity Fund Manager of the Year by investment research company Morningstar in the company's inaugural awards ceremony.

Mr Carmignac, who founded his asset management company 20 years ago, was highly praised for his work in the financial services job by the panel of judges.

Thomas Lancereau, Morningstar France's director of fund research, said: "He is one of the most experienced and, in our view, most talented fund managers in Europe."

"The culture of the group is geared toward investors' interests."

Earlier this month, the research firm announced which three people in British financial services jobs were in the running for its UK Equity Fund Manager of the Year award.

Those shortlisted were Richard Buxton from Schroder UK Alpha Plus, Tom Dobell of M&G Recovery and Alastair Mundy from Investec UK Special Situations.

Updated: 24 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Eric Daniels, the man in the top banking job at Lloyds Banking Group, will not be receiving a bonus for his work in 2009, it has been confirmed.

Speculation had been rife about whether the Lloyds chief executive would follow the example of top bankers at Barclays and RBS in turning down an additional award.

The move was confirmed in a statement by the bank's chairman, Sir Win Bischoff, who noted that this is the second year in succession that Mr Daniels has turned down the offer of a bonus payout.

"Mr Daniels has taken this action because he believes that the excellent progress the group is making . is in danger of being obscured by the current debate on executive bonus awards in the banking sector," Sir Win stated.

It is believed the board offered Mr Daniels a bonus of around £2.3 million.

Earlier this month, Lloyds announced it was filling two of its senior banking jobs with the appointment of Glen Moreno and David Roberts as non-executive directors.

Updated: 24 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Stephen Hester, the man in the top banking job at the Royal Bank of Scotland (RBS), is set to turn down any form of bonus payout for his work in 2009, it has been reported.

Sources close to the RBS chief executive told Reuters that it is likely the news will be confirmed when the company publishes its annual figures for 2009 later this week.

But other people in banking jobs with RBS, which is 84 per cent owned by the government, are set to share around £1.3 billion in bonuses, it was suggested.

This figure equates to a pay-to-revenue ratio of around 30 per cent - much lower than remuneration levels recently announced by rivals such as Barclays and Deutsche Bank.

Last week, the men in the top two banking jobs at Barclays stated that they would not be taking bonuses for last year's work.

Bob Diamond, the company's president and John Varley, chief executive officer of Barclays, refused any additional remuneration despite the firm's strong performance in 2009.

Updated: 23 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs have been advised that Lord Mandelson is planning to help set up a new state-run investment bank that will provide funding for construction jobs and small business in the UK.

According to media reports, Lord Mandelson has already met with officials from KfW Bank, which provides a similar service in Germany.

A Treasury team is now believed to be ironing out the details of how such an institution could operate in the UK, with a potential announcement set to be made in the forthcoming Budget.

Recent research from the British Chambers of Commerce has suggested that moving forward 13 key transport projects to the next Parliament could benefit the UK's economy to the tune of £85 billion, reports the Daily Mail.

Earlier this month, prime minister Gordon Brown told the Financial Times that there is growing international support for a new global levy on banks.

He forecast that people in banking jobs may be subject to such regulation during 2010.

Updated: 23 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Economist Kate Barker is to leave her senior banking job at the end of May, it has been announced.

Since 2001, Ms Barker has been on the Monetary Policy Committee (MPC) at the Bank of England and is currently its only female member.

Her vacated banking job is to be advertised publicly following her departure later this year.

Ms Barker was thanked for her work in the role by chancellor Alistair Darling, who praised her achievements during a turbulent decade for the financial sector.

"Her perspective has been extremely valuable, both to the work of the MPC and also to the government through the independent reviews she has completed on housing supply and land use planning," Mr Darling said.

Last month, Andrew Haldane, one of Ms Barker's colleagues at the Bank of England, called on financial institutions to ensure that the long-term strength of balance sheets comes before short-term rewards for staff in banking jobs.

For more information about banking jobs

Updated: 23 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs at companies that did not need state help during the financial crisis are as keen for regulatory reform to take place as the public, president of Barclays Bob Diamond has said.

Speaking to the Observer, Mr Diamond stated that his company supported the idea of bringing in a new tax on banks that would see them contribute to a bailout fund designed to ensure the financial sector no longer needs to rely upon government aid in the event of financial difficulties.

"We don't think for a second that any bank should be a burden on the taxpayer," he said.

"The banks that succeeded during this period are just as angry as the public is. The feeling that banks don't want regulation is absolutely wrong."

Earlier this month, Mr Diamond told the Financial Times that Barclays' position in the ongoing debate about regulation of banking jobs had been strengthened by his decision to forgo a bonus payout this year.

For more information about banking jobs

Updated: 23 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Elite workers in roles such as banking and accounting jobs are set to gain more control in the workplace over the course of the next decade, a new report has suggested.

According to research carried out by Friends Provident and the Future Foundation, by 2020 there will be an even greater divide between skilled, professional workers and those without useful qualifications.

"The elite - workers in technical, professional and managerial roles - will command more power in the workplace than ever before, requiring employers to radically rethink how they attract and retain their specialist skills," it was said.

Those in such roles are positive about their future, with more than two-thirds feeling their job is safe and 59 per cent expecting to receive a salary increase each year.

Last week, a report by the Daily Mail suggested that around 25 per cent of people in investment banking jobs have salaries of £1 million a year or more.

For more information about banking jobs

Updated: 18 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

More financial services jobs are on offer to graduates by professional services firm KPMG.

It is to take on 760 university leavers in financial services jobs this September, a 25 per cent increase on last year's figure of 600.

The new intake will also be higher than in 2008 when KPMG welcomed 750 new starters.

Richard Bennison, chief operating officer at KPMG, said the market for financial services jobs was improving, with a growing demand for professional services from clients.

Speaking about the firm's planned graduate intake, he said: "It is about investing today to build the skills-base for the future - in the medium term, we see a growing demand for professionals equipped with the skills that an accountancy-based training brings."

Earlier this month, a survey jointly carried out by KPMG along with the Recruitment and Employment Confederation revealed that job vacancies across the British labour market increased at their fastest rate since July 2007 during January.

Click here to find financial services jobs

Updated: 18 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

John Varley and Bob Diamond, the pair in the top two banking jobs at Barclays, have announced they will be forgoing their 2009 bonuses.

Mr Diamond, president of the bank and Mr Varley, its chief executive, told the Financial Times they were making the move in order to give Barclays more moral authority in the debate about future reform of the banking sector.

"We want to be part of the debate on the future of global regulation and the economy," Mr Diamond said.

The financial institution has recently cut its pay-to-revenue ratio from 44 per cent to 38 per cent.

Mr Diamond stated that people in banking jobs could expect the new norm across the sector to be around 40 per cent, citing similar cuts recently made by Goldman Sachs and JPMorgan.

Earlier this week, it was announced that the bank made an £11 billion profit in 2009, up from £6 billion in 2008.

Click here for related banking job articles.

Updated: 17 February 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Professionals in some London banking jobs can expect to receive sizable bonuses after Barclays announced a 92 per cent rise in profits.

The bank made a profit of £11.6 billion in 2009, compared to £6 billion in 2008.

Profits were boosted by the £6.33 billion sale of Barclays Global Investors, but the underlying profit of £5.6 billion easily outstripped the write-down affected figure of £1.6 billion in 2008.

As a result of its successful year, the company plans to pay bonuses worth £2.7 billion, mostly to people in investment banking jobs with its Barclays Capital division.

However, chief executive John Varley and president Bob Diamond have rejected the bonuses offered by the bank's remuneration committee.

Marcus Agius, chairman of Barclays, said the pair had taken the decision "out of consideration of the continued impact of the economic downturn on many clients, customers and shareholders, combined with the fact that banks and bankers' pay remain matters of intense public interest and concern".

The issue of bonuses remains a problem for many banks in the UK, as they seek to balance the need to reward staff who perform well with the impact such payouts have on the industry's reputation.

Royal Bank of Scotland is believed to be looking to fill two senior banking jobs after the Telegraph reported that two staff members resigned following a dispute about bonus policy.

Updated: 17 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

LV= Asset Management (LVAM) has filled one of its senior financial services jobs with the appointment of the former managing director of Deutsche Asset Management.

Piers Hillier is to join LVAM as its new chief investment officer, having also previously worked at Deloitte & Touche and as investment head at West LB Asset Management.

He said he was looking forward to the challenge of his new financial services job.

"It is an exciting time to join the business as it continues to expand its capabilities and gain recognition for its funds," Mr Hillier stated.

"There are some very talented fund managers here and I look forward to working with them."

Last year, the company also announced the appointment of Graham Ashby as its new head of UK equities following his departure from Credit Suisse Asset Management.

Three members of his former Credit Suisse team made the switch to LVAM with him.

Updated: 15 February 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

One of the top financial services jobs in the country is likely to be filled via an internal appointment, it has been suggested.

The forthcoming departure of Hector Sants as chief executive of the Financial Services Authority (FSA), which was announced earlier this week, has left a vacuum at the top of the banking regulator.

But the Treasury has requested that the FSA do not search for a replacement until after the general election, with the future of the agency looking uncertain as the Conservative Party has already said it wants to scrap the regulator, reports the Telegraph.

FSA insider sources told the newspaper that if and when a new person is appointed to the financial services job, it is likely to be one of two people already working for the FSA.

"Sally Dewar, managing director for risk, and Jon Pain, managing director for supervision, are the strong frontrunners. Both are widely respected within the regulator and beyond," it was reported.

Earlier this week, Mr Sants was praised for the work he had done in the financial services job by Lord Turner, chairman of the FSA.

Updated: 11 February 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Around 25 per cent of people in investment banking jobs are in line to receive salaries of £1 million a year or more, it has been suggested.

According to an article in the Daily Mail, as many as 10,000 employees in London banking jobs could be set to receive such levels of remuneration.

It came to the figure after examining the detailed salary forecasts made by major banks operating in the City.

Banks feel they have to increase their pay levels to ensure their staff are not poached by other firms, it was reported.

"It has been a really good year for fixed income, equity issues and bonds, and most people in the market know that their staff will expect to be paid the going rate," a senior bank executive told the newspaper.

Earlier this week, UBS announced a 34 per cent hike in its bonus payouts, with chief executive officer Oswald Gruebel explaining that the increase was necessary to keep hold of the company's top performers.

Updated: 11 February 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in banking jobs may have to deal with a global banking tax sooner rather than later, Gordon Brown has stated.

Speaking to the Financial Times, the prime minister said there is a growing number of people in favour of such a levy.

"I'm interested in the way support is building up for international action," he said.

"People are now prepared to consider the best mechanism by which a levy could be raised."

He said there had been a noticeable shift in political thinking on the idea since President Obama outlined his plans to split up retail and investment operations in the US last month.

Mr Brown added that the International Monetary Fund may implement such a tax against people in banking jobs before its next meeting in April.

Earlier this week, around 50 charities teamed up to campaign for a 0.05 per cent levy on all financial transactions - a move it was claimed will raise billions of pounds for good causes each year.

Updated: 11 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Around 100 people in banking jobs with top firms are hoping to raise around £100,000 for charity by taking in part of a sponsored sleep-out.

The workers, who are employed by the likes of Royal Bank of Scotland and Deutsche Bank, will be taking part in the annual event on the grounds of Little Havens Children's Hospice in Thundersley, Essex.

Across the course of the weekend of February 27th and 28th, the bankers will work at hospice - providing help with decorating, DIY and gardening, reports the Essex echo.

On the Sunday evening, a dinner, quiz and disco will be held before prizes are awarded in categories such as worst dancer and hardest worker.

Earlier this week, around 50 leading charities called for a so-called Robin Hood tax to be introduced around the world that would see a levy of 0.05 per cent on all financial transactions being given to good causes.

For more information about banking jobs

Updated: 11 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Executive pay in financial services jobs and other industries is rising too quickly, City minister Lord Myners has said.

Speaking at a corporate governance seminar in London, Lord Myners described the rapid increase in pay for top financial services jobs as "one of the iconic failures of [shareholder] governance".

He pointed to the latest statistics from the Income Data Services, which show that chief executive officers in FTSE 100 companies are paid 81 times more than an average member of their staff, up from less than 50 times more a decade ago.

"Demand for leadership and talent seems to me to be no greater now than when I first came to work in the City 35 years ago - even then we had large and complex companies that needed good management," he said.

He added that it was important institutional investors exercised greater control over pay for those in senior financial services jobs.

Earlier this month, Lord Myners wrote in the Times that there should be a debate about remuneration levels for banking jobs.

Updated: 11 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking and financial services jobs have been told that all transactions carried out by their organisations should be subject to a so-called Robin Hood Tax.

Almost 50 charities in the UK have teamed up for the campaign, which suggests a 0.05 per cent levy on all retail and investment bank transactions with all of the money being given to good causes.

Organisers say that if such a tax was introduced across the world, around £250 billion a year could be raised for non-profit organisations to use at their discretion.

Alastair Constance, a London-based trader and founder of Ethical Currency, said: "A tiny tax on each transaction is absolutely practical and will hardly be noticed by those paying it."

"But it could still raise billions to help make the world a better place."

However, the plan has been dismissed by David Buik, who is in a financial services job with BGC Partners in London.

He told Bloomberg that it would be "impossible" to monitor and enforce such a levy.

Click here to find financial services jobs

Updated: 10 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Some of the people who left their top banking jobs as a result of the financial crisis have gone on to take successful positions in other industries, it has been revealed.

Tomorrow (February 10th 2010) marks the first anniversary of the Treasury Select Committee's grilling of Britain's top bankers over what role they played in the near-meltdown of the UK's banking sector, reports the Independent.

Three of those who have gone on to pastures new include Sir Fred Goodwin and Sir Tom McKillop, who left their banking jobs with Royal Bank of Scotland to take new executive roles outside of the financial services sector.

Meanwhile, Andy Hornby, the former chief executive of Halifax Bank of Scotland, has also taken on an important new role - as chief executive of Alliance Boots.

"America is not alone in successfully rehabilitating those who have been painted as the villains of the credit crunch - if anything, Britain has been quicker to give once-vilified bankers a second chance," said the report.

Last month, Michael Geoghegan, the chief executive of HSBC, told Sky News that more people may leave London banking jobs if the government continues to target tax rises against them.

Updated: 10 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs with UBS are set to receive higher bonuses this year in response to the firm's positive results for the fourth quarter of 2009.

UBS recorded profits of about £704 million for the final three months of last year.

As a result, the bonus pool has been upped to £1.7 billion, a 34 per cent increase on last year's figures.

Oswald Gruebel, chief executive of UBS, said the hike was necessary to keep hold of the company's best staff, reports Bloomberg.

"Our top performers are paid to stay, as we'd hate to lose them," he said.

"When you have just enough money, you have to be careful that you deploy it correctly."

Last year, UBS shed 16 per cent of its employees across the world as part of cost-cutting measures designed to battle back against the effects of the financial crisis.

According to the London Evening Standard, UBS currently employs around 6,200 people in UK banking jobs.

Updated: 10 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Hector Sants is to leave his job as chief executive officer of the Financial Services Authority (FSA), it has been announced.

He will remain in the financial services job until summer, having held the post during three of the most turbulent years in economic history.

Mr Sants said his period at the FSA had seen the regulator address its failings and learn the lessons of the financial crisis.

His time in the role was praised by Lord Turner, chairman of the FSA.

"Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation," said Lord Turner.

Plans to replace Mr Sants in the senior financial services job will be revealed in due course, the FSA said.

Mr Sants is set to appear in front of the newly-formed The Future of Banking Commission in March to answer questions on March 18th 2010, along with Lord Turner and City minister Lord Myners.

Updated: 09 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs would be operating in a more competitive sector if banks are broken up, a new survey has suggested.

Around 74 per cent of people think that splitting up the banks will create more competition, according to a poll carried out at the Which? Big Banking Debate.

Just under half of those questioned (47 per cent) thought that separating the retail and wholesale operations performed by financial institutions was the best way of improving the banking sector.

Peter Vicary-Smith, chief executive of Which?, said that it was important those in banking jobs listened to public opinion on how to improve the industry.

"It's wrong that, until now, the voice of the customer has been missing from the debate on how to bring much-needed reform to our banking system," he stated.

Earlier this month, Angus Tulloch, joint managing partner at First State Investments, suggested that people in banking jobs should have their own version of the Hippocratic oath in order to improve the way people in the sector behave, reported the Scotsman.

Updated: 08 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Liontrust Asset Management has created a new financial services job within its company in a bid to expand its sales within the retail market.

John Ions, the current chief executive of Tactica Fund Management, has been appointed as Liontrust's new head of sales in the latest of a series of new executive appointments made by the company.

Since the start of 2010, the company has filled various senior financial services jobs, appointing a new head of its global equity team, as well as a non-executive chairman and marketing and communications director.

The business has been trying to rebuild following the departure of two of its most important fund managers, Jeremy Lang and William Pattisson, who left the firm in January 2009, reports Reuters.

Mr Ions said he was looking forward to working alongside his new colleagues.

"I believe there is a tremendous opportunity to grow the business. I have been impressed by the fund management teams and their investment processes and the quality of the people at the company," he stated.

Updated: 08 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking jobs need to engage in a proper debate about remuneration levels rather than complaining about government pressure to cut bonuses, City minister Lord Myners has said.

Writing in the Times, he stated that it was time to accept that market forces had not worked in controlling pay levels for staff in high-ranking banking jobs.

"The market has failed on bankers' pay," he said.

"Some of us think it should be fixed. Those who do not should explain why."

He stated that fund managers needed to take a more active role in controlling remuneration or the government would do the job for them.

Earlier this week, Lord Myners wrote an open letter to fund managers calling upon them to work on improving the balance sheets of banks.

He stated that rewarding short-term profits was only good for traders and not the customers, shareholder, creditors or even the owners of banks.

Updated: 08 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in banking and financial services jobs should be forced to agree to an ethical pledge similar to the Hippocratic oath performed by doctors, it has been suggested.

Speaking to the Scottish parliament, Angus Tulloch, joint managing partner at First State Investments, said such a move would be an easier and more effective way of improving the sector than enforcing further regulation upon it, reports the Scotsman.

Mr Tulloch said that those in banking and financial services jobs, along with investor and companies, had become sucked into an "extreme short-term outlook" to the detriment of the sector.

He suggested the banking oath should read: "I will strive to achieve, through hard work, sober analysis and sound judgment, the best risk-adjusted return for my clients possible."

Earlier this week, City minister Lord Myners said that people in senior banking jobs should be striving to improve the state of their balance sheets ahead of worrying about how large their bonuses should be.

Updated: 08 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Bonuses awarded to people in London banking jobs with Deutsche Bank will result in the company paying the British government €225 million (£197 million) in additional taxation, it has been announced.

The figure was revealed in the company's fourth quarter results for 2009, which saw the company turn in a net income of €1.3 billion for its worldwide operations in the final three months of last year.

When the one-off levy was announced in the Pre-Budget Report last year, chancellor Alistair Darling said he expected it would raise an additional £550 million in taxation.

But the estimate appears to be far below what will actually be added to the Treasury's coffers through the legislation aimed against those in banking jobs.

Dr Josef Ackerman, chairman of Deutsche Bank's management board, said he expected further changes to how banking jobs are regulated in 2010, despite also predicting that the financial sector will stabilise.

"The effects of the recent crisis will take time to work through," he stated. "The regulatory framework of our industry will also [be] likely [to] see changes."

Updated: 08 February 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in top banking jobs have been warned that their companies will have their banking licenses revoked if their bonus payouts do not adhere to Financial Services Authority (FSA) regulations.

Bank bosses have been told by the FSA that 60 per cent of payouts must be deferred - even for staff whose contracts conflict with this ruling, reports the Telegraph.

Many companies are believed to have lured staff to top banking jobs with their firms on the basis of guaranteed annual payouts, but the FSA edict has meant that banks will now have to renegotiate such deals.

One headhunter said: "These are tricky things to unpick."

"But cleverly, the FSA has put the onus on the banks to unwind the contracts, rather than itself getting embroiled in a complex legal row."

Last month, Adair Turner, chairman of the FSA, told Bloomberg that it was his organisation's role to regulate the sector, rather than making it "as large as possible", which he claimed some bankers want.

Click on the following links to read more about bonus payments and banking articles.

Updated: 04 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Financial rewards to people in banking jobs for bringing in short-term profits should not be placed ahead of the interests of shareholders, Lord Myners has said.

In a letter to the 50 top fund managers in the UK, the City minister stated that those in senior banking jobs should be focusing on improving the balance sheets of their firms rather than increasing staff pay and bonuses.

"Asymmetrical remuneration policies, tilted in favour of risk, might be good for traders," he stated.

"But they are not good for customers, employees, creditors and owners of banks - or the taxpayer."

He added that the way profit sharing was worked out had been unfairly balanced in favour of those in banking jobs for too long.

Last month, Andrew Haldane, executive director for financial stability at the Bank of England, gave a speech on a similar topic in which he urged banks to tackle their long-term debts ahead of rewarding staff with additional bonuses.

Updated: 04 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in some of the most senior banking jobs in the country will give evidence at an inquiry into how the financial crisis was allowed to occur, it has been announced.

Among those scheduled to appear at the Future of Banking Commission investigation are Mervyn King, governor of the Bank of England, Lord Turner, chairman of the Financial Services Authority and City minister Lord Myners.

Three separate sessions of the inquiry are planned to be held across February and March in London and members of the public have been invited to give evidence alongside those in banking jobs.

The stated aim of the commission is to come up with a series of constructive proposal designed to improve standards in the industry and prevent a repeat of the financial crisis.

Peter Vicary-Smith, chief executive of Which?, the organisation behind the event, said: "We're delighted that some of the key players in the banking world recognise the importance of this commission."

The Future of Banking Commission will be chaired by Conservative MP David Davis, with the Liberal Democrat's Vince Cable and Labour's John McFall also on the panel.

Updated: 04 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in Royal Bank of Scotland (RBS) banking jobs will be able to convert their bonuses into cash 12 weeks after receiving them, it has been announced.

Stephen Hester, chief executive of RBS, wrote to shareholders earlier this week to confirm the plan - which will see its staff in banking jobs initially receiving all of their bonuses in the form of shares.

In the letter, RBS admitted that its decision was "unlikely to please everyone" but argued that the move was a necessary step, describing it as a "well-intentioned attempt to reach an acceptable position for most parties".

Mr Hester has repeatedly argued that RBS must be able to pay high salaries to people in its top banking jobs to avoid a talent drain that would harm the chances of the bank recovering.

Last month, he told a Treasury committee that economic circumstances had changed since the height of the financial crisis - meaning that it was right for RBS to reward well-performing bankers.

Updated: 03 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.

A man in a senior financial services job with Royal London 360 has been promoted to the company's board.

Terry Kelly, who has worked for the company since 1999 in a variety of roles, is moving from head of customer services into a new position as director of customer operations.

In his new financial services job, Mr Kelly will be responsible for designing a strategic service model for the firm's operations in the Middle East, as well as managing a new Customer Thinking Initiative.

David Kneeshaw, chief executive of Royal London 360, said Mr Kelly was deserving of his promotion.

"It is a fitting reward for his hard work and dedication since joining us. His experience, coupled with the high regard in which he is held by members of his team, makes him an asset to the company," he stated.

Last month, the company gave its international sales manager Mike Lane a new financial services job as Royal London's first-ever wrap relationship manager.

Updated: 03 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

Ignis Asset Management has filled one of its top financial services jobs - appointing a new director of liquidity sales.

Billie Croan will leave his current financial services job as investment director at Irish Life & Permanent to take up his new role.

Mr Croan, who has previously worked at Standard Life, will report directly to Bruce Campbell, head of liquidity sales at the firm, who welcomed him to his new post.

"Billie has a wealth of experience and a wide array of long standing relationships having worked in the money markets for many years," said Mr Campbell.

"He will be a great asset to us as we continue to develop our investment proposition and market share."

Last month, Ignis filled another of its financial services jobs by appointing Chris Fellingham as its new chief investment officer for fixed income.

Mr Fellingham previously worked for the London-based asset management business Sorus Fund Management.

Updated: 01 February 2010.
Categories: banking-and-financial-services, career, london, market-and-industry-news.

A top financial services job has gone to Mark Neale, an experienced civil servant who has worked at the Treasury and the Home Office.

He is to join the Financial Services Compensation Scheme (FSCS) as its new chief executive, replacing currently incumbent Loretta Minghella in May 2010.

Mr Neale will leave his current financial services job as director general of budget, tax and welfare at the Treasury in order to take up the new position.

David Hall, chairman of the FSCS, said he was sure Mr Neale would be a success in his new role.

"He brings a great breadth and depth of leadership experience in large scale contingency planning, operational delivery and financial policymaking," Mr Hall stated.

Last month, FSCS filled another of its financial services jobs - appointing Kate Bartlett as its new director of operations.

Ms Bartlett, who is also set to become an executive director at the organisation, is to take on the role from February 1st 2010.

Updated: 29 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

London banking jobs are set to be created by the establishment of a new global corporate banking unit by JPMorgan Chase.

The new division will offer credit and financial services to multinational corporations and is set to create hundreds of banking jobs as part of a $100 million (£62 million) investment by the company.

Greg Guyett, the current head of Japan for JPMorgan, will be moving to London to help set up the new unit.

He told the Financial Times that the intention behind the formation of the new division was "to balance our growth and increase the portion of our revenues that comes from outside the US and from emerging markets in particular and because, after the crisis, a number of our competitors are challenged".

The initial focus of the division is set to be on economies such as China, India and Brazil.

Last week, Savvas Savouri, chief economist at Tosca, predicted to the Financial Times that tens of thousands of new banking jobs will be created in London over the next decade - fuelled by demand from emerging economies for a Western base for their operations.

Updated: 29 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Rewarding staff in banking jobs with bonuses should be a secondary priority behind bolstering balance sheets, a leading figure at the Bank of England has stated.

Andrew Haldane, executive director for financial stability at the Bank of England, said that firms should concentrate on reducing their long-terms debts by holding on to profits rather than paying out more to shareholders and those in banking jobs.

"This would allow banks' balance sheets to be repaired while supporting lending to the real economy," he stated.

But he added that there had been little evidence of such behaviour so far among companies operating in the banking sector.

Last month, Mr Haldane revealed his fears that the financial sector was caught in a "doom loop".

He told BBC News that those in banking jobs felt confident making risky investments in the knowledge that the government will bail them out should the deal go wrong.

Each time a new bailout is made, firms are encouraged to make larger and riskier investments, he explained.

Updated: 28 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Banking jobs in Europe may be subject to pay cuts and withheld bonuses, a new report has suggested.

According to Morgan Stanley analysts, the potential introduction of proposals made by the Basel Committee on Banking Regulations could have a dramatic impact on the sector, reports the Financial Times.

In December, the global body suggested that banks should not be allowed to pay out dividends or bonuses until they have improved the state of their capital reserves.

The Morgan Stanley report suggested that if such legislation is introduced, it would have a dramatic impact on people in banking jobs with Credit Suisse, BNP Paribas and Credit Agricole - three firms it highlighted as likely to cut payouts.

It added that European banks may also have to reduce their asset books by around 11 per cent should the recommendations be adopted.

Last month, David Lascelles, a senior fellow at the Centre for the Study of Financial Innovation, told Bloomberg that European banks were "sowing the seeds for the next crisis" after it was revealed that 15 of them now have more assets than the economy of the country they are based in.

Updated: 28 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Banking jobs will suffer if Barack's Obama's plans to break up the banking sector are passed, Bob Diamond has warned.

Speaking at the World Economic Forum in Davos, Mr Diamond, the president of Barclays, said restricting the activities of commercial banks was a bad idea.

He stated that it would not only be banking jobs that were affected by such legislation.

"The impact on jobs, global trade and the global economy would be very negative," said Mr Diamond.

If Obama's proposals go through, retail banks in the US will not be allowed to engage in proprietary trading or have any stake in private equity firms or hedge funds.

Mr Diamond added: "I have seen no evidence that suggests shrinking banks and making them smaller and more narrow is the issue."

Last month, he told the Wall Street Journal that banking jobs should be better regulated rather than making financial institutions subject to restrictions on what sectors they are allowed to operate in.

Updated: 28 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, market-and-industry-news.

Staff in London banking jobs are set to see changes to the way they are remunerated, according to the HSBC chairman.

Stephen Green told the Financial Times that one of the consequences of the financial crisis would be a fairer salary system not so reliant on paying out large and numerous bonuses for short-term gains.

"You've had bonuses paid off gross income, you've had bonuses paid off first-day [profits], you've had bonuses paid without any capital charge and so you can see how that gives rise to the wrong and frankly inflated numbers," he said.

Mr Green went on to predict that people in banking jobs would soon be working in a system that there is no need to feel uncomfortable about.

But his message is slightly different to the one given by Michael Geohegan, the chief executive of HSBC, earlier this month.

He told Sky News that further taxation on those in banking jobs would result in an exodus of talented staff from the UK.

Updated: 26 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

The top 100 executives in London banking jobs with Goldman Sachs are set to have their pay limited to a maximum of £1 million, it has been reported.

Meanwhile, more junior staff who receive more than £1 million for their work in 2009 will have 60 per cent of any amount above £1 million given to them in the form of deferred stock, reports the Times.

The move is a further measure to head off public anger about the remuneration levels being enjoyed by those in Goldman Sachs banking jobs.

It has already been announced that the company's management committee will receive their 2009 bonuses solely in stock, while last week the firm said its total worldwide bonus pot has been set at £10 billion, lower than many analysts expected.

Last week, Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs, said that a record year for the company had to be offset by recognition of the wider economic and political climate.

Updated: 26 January 2010.
Categories: banking-and-financial-services, international, london, market-and-industry-news.

It may become harder to attract high-quality staff to senior banking jobs due to the UK's tough tax regime, a London-based HR chief has warned.

Robert Potter, chairman of the City HR Association, told People Management that the introduction of the 50 per cent tax rate for higher earners this April, combined with the 50 per cent levy on banking bonuses, may make banking jobs in London less attractive.

"These changes may well give a negative perception of the City as a place to work," he said.

"Coupled with a potential talent drain, this could lead the City to lose its competitive edge in global markets."

He added that HR jobs and other positions within financial institutions will also be affected if firms feel they are being forced out of London by over-the-top taxation.

Earlier this week, Dan McNicholas, head of Asia financing sales at Bank of America Merrill Lynch, told Bloomberg that those in banking jobs in London and New York may consider a move to Asia as western governments tighten up their regulation of the industry.

He said that his company is currently in the process of helping to establish a dozen new hedge funds in the region.

Updated: 26 January 2010.
Categories: banking-and-financial-services, career, human-resources, market-and-industry-news, recruitment.

The banking jobs bonus tax may raise up to £3 billion in revenue for the Treasury, it has been forecast.

Government sources have suggested that financial institutions in the City of London have ploughed ahead with planned bonus payouts for staff in banking jobs - meaning that the new levy is set to rake in a far higher amount than initially anticipated.

When introducing the tax in his Pre-Budget Report last year, chancellor Alistair Darling said that he expected the one-off levy, which applies to bonuses of more than £25,000, to raise in the region of £550 million.

A revised official estimate will be published in the upcoming Pre-Election Budget once more banks have revealed their remuneration levels.

HSBC, Barclays and Royal Bank of Scotland have yet to publish their plans.

Last week, Credit Suisse said it would be cutting the bonus levels of staff in banking jobs across the world by five per cent in order to spread the cost of the levy.

Updated: 25 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People employed in the City of London are leaving their banking jobs to move overseas or into positions at private equity firms or hedge funds, an industry executive has claimed.

Speaking to Sky News, Michael Geoghegan, the chief executive of HSBC, said that the higher levies currently being imposed on those in banking jobs were beginning to take effect.

"I know a large number of bankers are moving out of the UK," he said.

He added that the exodus may continue to grow if investment bankers are penalised with further tax increases.

"All will move to what I call shadow banking or twilight banking, they will move to small offices where they will not be regulated," Mr Geoghegan stated.

His words come as a contradiction to a prediction made last week by Savvas Savouri, chief economist at Tosca.

He predicted to the Financial Times that around 100,000 new banking jobs will be created in London over the next decade as nations with emerging economies, such as China and India, seek a western base for their financial operations.

Updated: 25 January 2010.
Categories: banking-and-financial-services, jobs, london, market-and-industry-news.

Salary and bonus payouts for people in banking jobs with Goldman Sachs have fallen in percentage terms - despite the company making record annual profits last year.

Its staff around the world are to share an overall total of $16.2 billion (£10 million) in compensation for their work in 2009 - a year which saw Goldman Sachs rake in annual profits of $13.4 billion and total revenue of $45.2 billion.

This means compensation this year is significantly higher in monetary terms for those in banking jobs with the company compared to 2008 levels.

But pay for 2009 stands at 36 per cent of the total revenue - the lowest ratio since the company went public in 1999.

Lloyd Blankfein, chairman and chief executive officer at Goldman Sachs, said that he foresaw another successful year for the company in 2010.

"Despite significant economic headwinds, we are seeing signs of growth and remain focused on supporting that growth by helping companies raise capital and manage risks," he stated.

Earlier this month, Mr Blankfein said that there would not be a repeat of the failures that led up the financial crisis during his lifetime.

Updated: 22 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

People in London banking jobs are gaining confidence as their firms start to show signs of recovering from the financial crisis, it has been suggested.

Edwin Van der Ouderaa, a senior financial services executive at management consultancy Accenture, told the New York Times that people in the City of London were starting to show a renewed sense of confidence.

"There's a buzzing feeling again," he stated.

"The City's still a bit calmer than it used to be, but it is definitely picking up and there is a lot of activity."

His comments were backed up by Chris Jones, a financial services specialist at PricewaterhouseCoopers, who said those in London banking jobs were now convinced the government would not allow any significant financial institution in the UK to collapse.

Earlier this week, Savvas Savouri, chief economist at Tosca, told the Financial Times that 100,000 new London banking jobs may be created in the next decade thanks to countries with emerging economies, such as China, India and Brazil, seeking a western hub for their financial operations.

Updated: 22 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.

Up to 100,000 new financial services and banking jobs could be created in London over the next decade, an expert has predicted.

In comments reported by the Daily Telegraph, Savvas Savouri, chief economist at Tosca, said that the economic growth of countries such as Brazil, Russia, India and China will fuel job creation in the capital.

He stated that these countries do not have the infrastructure in place to support the amount of financial services and banking jobs necessary to serve their emerging economies.

"We have an affinity with India, with the Gulf, even with China - via Hong Kong," Mr Savori told the Financial Times.

"These markets will want a western hub."

Earlier this month, a study carried out by independent market research consultancy High Fliers forecast that there will be a 30 per cent rise in the number of investment banking job vacancies open to graduates in 2010.

It also predicted an upturn in the number of graduate jobs in high street banks and financial

Updated: 21 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, london.

People in financial services jobs are vital to the health of the British economy, according to Richard Lambert, director general of the Confederation of British Industry (CBI).

Speaking at the launch of the PricewaterhouseCoopers and CBI report entitled The Future of the Financial Services, Mr Lambert said the sector was needed to provide support for businesses and consumers in the country.

He added that those in financial services jobs had to strike a balance between being both "responsible and innovative" when carrying out their work on a day-to-day basis.

"We must learn the right lessons from the catastrophe that hit parts of the wholesale banking sector . and build a regulatory and tax structure that encourages healthy competition and sustainable growth," he stated.

In November, Mr Lambert predicted that the way in which financial services jobs operate is set to change - with a greater focus being placed upon long-term success rather than short-term gains.

Updated: 21 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Credit Suisse has told 400 of its employees in senior London banking jobs that their bonus payouts will be cut by almost a third.

The move is a reaction to the government's new 50 per cent levy on bonus payouts of more than £25,000 and Credit Suisse's decision will affect its UK-based managing directors.

Meanwhile, its global pool for those in banking jobs with the company is also being reduced by five per cent to help spread the cost of the UK tax.

However, Credit Suisse has not revealed the precise size of its bonus pot and payouts may still be higher than 12 months ago following profit increases last year.

Earlier in the month, research carried out by the Chartered Institute of Securities & Investment revealed that almost two-thirds of people in financial services jobs do not support the banking tax.

Around 61 per cent of respondents supported those in banking jobs and said the levy was unjustified.

Updated: 21 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Staff in London banking and financial services jobs may be tempted to transfer to Asia, it has been suggested.

Dan McNicholas, head of Asia financing sales at Bank of America Merrill Lynch, told Bloomberg that his company was currently helping to establish more than a dozen new hedge funds in the region.

He attributed the growing trend to harsher industry regulation in Europe and the US, going on to suggest that those in banking jobs in London and New York could be ready to make such a move.

"When you compare to New York or London, the business environment has been very friendly for managers," he said of Hong Kong and Singapore.

"[In London and New York] you are seeing tax proposed and other restrictions on business."

Last week, a poll carried out by the Chartered Institute of Securities & Investment (CISI) revealed that 61 per cent of people in financial services jobs believe that the 50 per cent levy on bankers' bonuses is unjustified.

Updated: 19 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, london.

Those in financial services jobs are set to be the subject of a record number of complaints this year, it has been predicted.

Regulatory body the Financial Ombudsman Service (FOS) said that it expects there will be a 27 per cent increase in the amount of complaints it receives about financial firms in 2010/11.

If the forecast is correct, that will mean 210,000 consumers contacting the FOS, up from 165,000 doing so in 2009/10.

That figure itself is a 44 per cent rise on the amount recorded in 2008/09.

Those working in consumer credit and banking jobs were warned that the two sectors are likely to face the largest increases in the number of complaints made against their companies.

Earlier this week, the FOS announced it was filling one of its own top financial services jobs.

It has appointed Natalie Ceeney, who has previously worked as a strategic consultant at McKinsey & Company, as its new chief ombudsman and chief executive.

Updated: 18 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Graduates seeking investment banking jobs in the City of London have been told that vacancies for such positions will increase by more than 30 per cent in 2010.

According to independent market research consultancy High Fliers, there are also an increasing number of graduate positions at financial services firms and high street banks.

Among the companies offering the most financial services jobs this year are PricewaterhouseCoopers (which has more than 1,000 vacancies), Deloitte (1,000 positions) and KPMG (600 jobs).

Martin Birchall, managing director of High Fliers, said: "After two years of swingeing cuts in graduate recruitment, it's very encouraging that Britain's best-known and most sought-after employers are stepping up their entry-level vacancies for 2010."

But, he warned that the job market will remain tough for university leavers as many of the positions had already been filled by graduates who had job offers postponed in 2009.

Earlier this week, a Confederation of British Industry report stated that this quarter was likely to be a stable one for those in financial services jobs, with redundancies forecast to be "minimal".

Updated: 18 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The remuneration packages of staff in banking jobs at Royal Bank of Scotland (RBS) have been defended by its chief executive, Stephen Hester.

Facing questions from a Treasury committee about the pay levels at RBS, which is 84 per cent owned by the government, Mr Hester said that it was vital that those in top banking jobs received salaries that matched their levels of expertise.

He added that economic circumstances had changed since the height of the financial crisis, reports the BBC.

"The world looks a bit less gloomy today than it did in February when the asset protection scheme was conceived and also RBS's far-reaching restructuring has begun to pay off as well," he said.

Last month, company insiders told the Times that more than 1,000 members of staff had left RBS banking jobs in 2009.

It was reported they were lured to other companies by promises of higher salaries and guaranteed bonus payouts.

Updated: 18 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

A top financial services job has gone to Natalie Ceeney, a former strategic consultant at McKinsey & Company.

Ms Ceeney has been appointed as chief ombudsman and chief executive at the Financial Ombudsman Service (FOS).

Her responsibilities will include overseeing the 200,000 complaints a year handled by the regulatory agency.

She is replacing Walter Merricks in the financial services job after he stepped down from the post last October.

Sir Christopher Kelly, chairman of the agency, said that he was sure Ms Ceeney would be a success in her new financial services job.

"Natalie will be ideally positioned to meet [the challenges ahead] - with her extensive experience in strategic change management and engagement with a range of government departments and stakeholders," he stated.

Last month, a spokesman for the FoS told ThisIsMoney that the agency may still consider consumer complaints against overdraft charges, despite a legal ruling made by the Supreme Court saying that such levies were justified.

Updated: 11 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in JPMorgan Chase banking jobs are set to share a bonus pot of around £18 billion, it has been reported.

The figure, reported by the Daily Telegraph, would make the company one of the leading banks in terms of remuneration payouts.

JPMorgan Chase has taken on an additional 50,000 members of staff since 2008 via its acquisitions of Bear Stearns and Washington Mutual.

Even taking into account the extra members of staff, bonuses are in line to increase to an average of £81,000 per person, up from £62,000 a year ago.

Andrew DeSouza, of US-based investment banking body Sifma, said that those in banking jobs with JPMorgan Chase and other global firms were being rewarded under new pay regulations introduced by many companies.

"The story behind those numbers reflects changes many companies have made," he explained.

"These include a kind of 'pay for performance' that more closely links compensation practices to the long term success of the company."

Two months ago, JP Morgan was ranked first among students in the UK and US in a poll to find out who their ideal employer was.

Updated: 11 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Adair Turner, the chairman of the Financial Services Authority (FSA), has said that it is not the task of the regulator to help create more financial services jobs.

He told Bloomberg that the FSA exists to challenge any wrongful practices being carried out by those in the sector rather than to merely make it "as large as possible".

"There is a confusion that blew up over the years that the FSA ought to be the cheerleader for London's financial services industry," he stated.

But Mr Turner's days of regulating financial services jobs may be numbered as the Conservatives have pledged to abolish the FSA if they are elected this year.

David Cameron has said the FSA had failed to effectively regulate the banking industry in the years leading up to the financial crisis.

In November, the government gave the FSA the power to void the contracts of those in banking jobs if it was found they contravene specific rules governing the sector.

Updated: 08 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Brokers are being tempted back into banking jobs by investment firms offering to double their salaries to compensate for lower bonus payouts, an industry expert has said.

Daryl Bowden, co-chief executive of the equities unit of brokerage ICAP, told Bloomberg that traders and analysts who left their banking jobs for brokerage companies during the financial crisis are being targeted by their former employers.

"They're doubling salaries and offering above-average compensation," he stated.

"Banks today have limited risk so people can work there without fear."

At the height of the financial crisis, investment banks in London cut around 49,000 jobs with boutique firms taking on many of those made redundant.

Robert Iati, global head of consulting at research firm TABB Group, said a "boomerang effect" was starting to take place with many of these people returning to banking jobs.

Last week, the Guardian reported that investment bankers at Barclays may be in line for pay rises of 150 per cent, with their salary increase being backdated to last June.

Updated: 08 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs who have complained of being victimised by the government's new 50 per cent tax on bonuses have received support in a new poll.

Research was carried out by the Chartered Institute of Securities & Investment (CISI) and found that 61 per cent of people in financial services jobs believe that the levy is unjustified.

One opponent of the measure told the CISI survey that he believed the legislation would backfire badly against the government.

"This is blatant electoral opportunism and will see wealth generators leave this country in their droves," the unnamed respondent said.

"London will be less competitive and we will no longer be at the forefront of the financial industry."

Last month, the Independent reported that Goldman Sachs is considering moving 1,000 of its 5,000 London banking jobs to Spain in reaction to the bonus tax.

The one-off levy applies to bonuses of more than £25,000 and is paid by financial institutions rather than the bankers themselves.

Updated: 07 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

A potential exodus of staff in top banking jobs and their firms could damage the UK's economy, it has been warned.

There have been widespread reports recently that bankers are considering leaving the country due to a combination of tough new taxes against the sector and repeated public condemnation of those who work in banking jobs.

Michael Baxter, an economics analyst at Investment and Business news, said there was a real danger that companies such as Goldman Sachs will leave the country, meaning a loss of the tax contributions made by its workers.

"The tax income this would bring would go a long way to rectifying the fiscal deficit for the UK," he stated.

"We don't want to kill the goose which lays the golden eggs."

But Mr Baxter added that he could sympathise with public anger against those in banking jobs following the global financial crisis, adding that it would take a brave government to go against the current popular mood.

Updated: 07 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

People in top banking and financial services jobs could leave the UK once tough new taxes are introduced from April next year, a HR director has warned.

That is the date when income tax will rise to 50 per cent on earnings of more than £150,000 a year and staff in HR jobs have been warned they may have a fight on their hands to keep their company's top employees.

Daniel Kasmir, group HR director at Xchanging, told Human Resources magazine: "The implications could be significant. These senior, high-earning staff are the real brain-boxes of business."

"People who are earning salaries of £5 million or £6 million will attempt to go elsewhere."

The new rate will put the UK's taxes for higher earners above countries like the US, Germany and Australia.

Last month, Guy Lamb, an employment partner at law firm DLA Piper, told Personnel Today that those in HR jobs with banking firms would have to deal with staff wanting to change their contracts in the wake of the new 50 per cent levy on bonuses.

Updated: 06 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, london, market-and-industry-news.

People working in banking jobs have been warned that their sector may be hit by further repercussions from the financial crisis over the course of the next 12 months.

The warning came from Richard Lambert, director general of the Confederation of British Industry (CBI), in his New Year message.

He told those in banking jobs that the international crisis affecting the industry is "far from resolved", despite significant improvement in the situations at UK banks in the past six months.

Mr Lambert added: "There could be more aftershocks to come from the global credit crunch, the process of regulatory reform has hardly begun and the transition to more robust funding structures is likely to be both slow and expensive."

Last month, the Bank of England said that it believed conditions in the banking sector were improving.

In its biannual Financial Stability report, the Bank stated that low-risk interest rates had played their part in improving a range of asset prices.

Updated: 05 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

Government pay curbs could hit "tens, if not hundreds of thousands" of British workers whose employment is directly and indirectly linked to banking jobs, it has been warned.

Angela Knight, chief executive of the British Banking Association, stated that while those working in the sector understood the public anger directed at the sector, there was a real danger that billions of pounds of tax income could be lost if firms choose to leave the UK.

"The impact would be very quickly felt on the UK economy and people's lives should Britain cease to be the location of choice for international banking," she said, stating that it was "deeply irresponsible" of decision makers to ignore the consequences of pay curbs aimed at bankers.

Earlier this month, chancellor Alistair Darling used his Pre-Budget Report to announce that banks will pay a one-off levy of 50 per cent on bonus payouts to staff of more than £25,000.

Updated: 04 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.

The Federation of Small Businesses (FSB) has called for a range of changes to the financial services industry next year.

FSB chairman John Wright said it was vital for small businesses that those in banking jobs return to their normal lending criteria in order to help firms get better access to credit.

He also said that his organisation would welcome the arrival of non-UK banks into the financial sector to stimulate more competition in the industry.

On behalf of the FSB he went on to suggest that: "Regional Development Agencies should be turned into regional finance houses, using funding from the European Investment Bank and pushing the Enterprise Finance Guarantee and regional venture funds."

Mr Wright also stated he would support proposals to turn Post Offices into "Post Banks", a move he said would provide valuable funding for small firms while also ensuring the survival of the Post Office network.

Earlier this month, Lord Mandelson opened a public consultation period on plans to offer banking services and products through the organisation.

Updated: 30 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Banking jobs will be a key provider of employment for IT workers in 2010, it has been suggested.

The IT Job Board carried out a poll of professionals seeking IT work, which revealed that almost half (48 per cent) believe banking jobs will be their principal means of employment next year.

Some 42 per cent believed that software and IT services would provide the greatest job opportunities, while 41 per cent backed the telecoms industry.

Responding to the findings, the pollster's sales director Peter Healey forecast that the next 12 months will see the finance sector mount a serious economic recovery.

"Banking was the first to be hit during the recession, but it will also be the first to recover, and it will offer a lot of opportunity in terms of IT recruitment," he added.

This development comes after the Bank of England asserted that professionals in banking jobs should have noticed market conditions improving over the last six months.

Updated: 24 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.

Goldman Sachs is considering relocating 1,000 London banking jobs to Spain, according to a media report.

A number of international banks are known to be unhappy about the government's plans to impose an extra one-off tax on bonuses within the banking industry.

According to the Independent, Goldman is particularly upset about the plan, as it paid more than £2 billion in tax in the UK last year, with its employees thought to have contributed a further £1 billion.

The newspaper suggested that the bank is considering moving 1,000 of its current 5,000 London banking jobs to Spain in order to avoid paying the bonus tax.

Goldman already has operations in Spain, although they are not on the scale of its UK banking operations.

The investment bank has also been in the news this week due to a report by Mergermarket which suggested that Goldman is about to lose its status as the world's leading mergers and acquisitions advisor to Morgan Stanley.

Updated: 23 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.

The RBS board has warned of resignations if it is not allowed to pay bonuses to its investment bankers.

Directors in Royal Bank of Scotland (RBS) banking jobs have threatened to quit in a row with the government over bonus payouts.

Chancellor Alistair Darling had said the government would veto bonus payouts if it decided that doing so was in the interest of the taxpayer.

But the RBS board have turned to their lawyers and warned they may resign if they are not allowed to pay staff working in investment banking jobs at the organisation around £1.5 billion in bonuses.

The basis of their argument is that bonus payouts will keep the bank competitive by ensuring its best staff are not tempted elsewhere.

Liberal Democrat Treasury spokesman Vince Cable urged the government not to back down on the issue.

"I would welcome their resignations, as the bank cannot hold the taxpayer to ransom," he said of the state-owned bank.

"The government must take control and ensure that both its pay and lending practices are in the public interest."

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

FSA regulation affecting those in banking jobs will not be extended beyond its current remit.

The Financial Services Authority (FSA) has announced its new rules on remuneration for those in brokerage, building society and banking jobs will not widened to include other organisations operating under the regulator's authority.

It had put the plans, which are due to come into force from the start of January 2010, out to public debate and has decided against imposing the measures against any other financial services sectors for the time being.

The rules will retrospectively apply to remuneration awards made in 2009 to those in banking jobs, as well as broker and building society workers.

All the affected firms have provided the FSA with their remuneration policy statements for the year and the regulator is currently examining them to ensure they comply with its new code.

The regulation is part of a wider crackdown on the financial services and banking industry currently being undertaken by the FSA in light of the financial crisis.

Earlier this month, it banned two brothers for working as insurance brokers after they concealed a criminal conviction held by one of them.

Waqas and Faraz Siddique also saw their brokerage, Aston Sterling Insurance Services, banned as part of the ruling.

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

A top financial services job has gone to Ian Sayers.

It has been confirmed that Ian Sayers, the acting director general of the Association of Investment Companies (AIC), is to keep the financial services job on a permanent basis.

He will officially take on the permanent role form January 1st 2010 after working as the interim director general since July this year following the departure of Daniel Godfrey from the post.

Mr Sayers described himself as "extremely honoured" to be offered the financial services job and said he was looking forward to meeting the challenges it is going to bring.

"The investment company industry faces a uniquely challenging time, as policymakers try to tackle the problems arising from the recent financial crisis, but I am lucky to inherit an experienced and committed team," he said.

Earlier this week, research carried out by the AIC saw its fund managers predict that low growth will be the biggest threat to markets over the course of next year.

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The European Commission has given the go-ahead to the planned programme of restructuring to RBS.

The European Commission has approved the restructuring plan for the Royal Bank of Scotland (RBS), stating that the move would mean a sustainable future for the firm.

But the move will hit the number of people in financial services jobs with RBS as it will have to sell off a number of assets, including its insurance, commodity trading and transaction management operations.

It will also get rid of 300 branches and 40 commercial centres in order to divest itself of five per cent of its corporate banking services' market share.

Competition commissioner Nellie Kroes warned that more divestments would be required if RBS did not meet the targets by 2013.

Lord Myners, financial services secretary to the Treasury, welcomed the move, which he said would be good news for the public.

"Together with the eventual sale of Northern Rock and divestments from Lloyds, we could have three new banks operating on the High Street within four years," he stated.

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Executives in senior banking jobs have come up with a plan they believe will help them get rid of Alistair Darling's planned bonus tax, according to a media report.

A team of top bankers has proposed that the banking sector will raise £2 billion for the Treasury via voluntary contributions if Mr Darling drops the proposed levy, reports the Guardian.

In his Pre-Budget Report, the chancellor estimated the tax could bring about a windfall of £550 million but experts have said this may be an underestimate.

People in banking jobs have reacted with fury to the plans, stating that the move may damage London's position as one of the world's top financial centres.

Earlier this week, Andy Haldane, the Bank of England's executive director for financial stability, told the BBC that it may not be a bad thing for the UK if some City firms move abroad in protest at the tax.

"If some of that were to migrate overseas that would be unfortunate but given the costs of carrying that financial system around, it may be a price worth paying," he said.

Updated: 21 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.

Professionals working in London banking jobs should have noticed a significant improvement in market conditions over the past six months, according to the Bank of England.

The problems experienced by the banking and financial services industry over the last two years have come to symbolise the UK's economic problems, but the Bank has suggested that things are now getting better.

In its bi-annual Financial Stability Report, the Bank said conditions had been noticeably more stable in the last six months, thanks to the support provided to the banking sector by governments around the world.

Many asset prices have improved, thanks in part to risk-free, low interest rates, and uncertainty in the market has reduced, the report noted.

"The market rally has boosted bank profits, lowered concerns about potential future losses, and has enabled banks to raise further external capital," the Bank said.

Its positive assessment of the market comes as some people in London banking jobs threaten to move overseas in order to avoid the proposed tax on bonuses.

However, Andy Haldane, the Bank of England's executive director for financial stability, recently told BBC World Service that losing some banking jobs and financial services operations to other countries may not be a bad thing in the longer term.

Updated: 21 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.

The Investment Management Association (IMA) has welcomed the news that the new bankers bonus tax will not apply to everyone working in financial services jobs.

Confusion surrounded who would be hit by the tax proposed by Alistair Darling in the Pre-Budget Report, with many fearing it would apply to everyone in the financial services industry.

HM Revenue & Customs (HMRC) has now responded to representations from interested parties by issuing a clarification of the definition of what kind of organisation will be regarded as a bank for the purposes of the tax.

It will not apply to financial services companies outside banking groups, so those working for insurance, stock broking or asset management businesses will not be affected.

Richard Saunders, the IMA's chief executive, said he was pleased with HMRC's announcement, but warned that more discussions were needed to ensure the tax is only applied to those it is intended for.

"We look forward to a continued constructive dialogue as the detailed legislative language is developed," he added.

Updated: 21 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.

Executives in banking jobs have been told their companies must take advantage of the currently favourable market conditions to further reduce their leverage.

The advice came in the Bank of England's latest bi-annual Financial Stability report, which stated that the UK's financial system is considerably more stable now than it was six months ago.

But those in banking jobs were warned that financial institutions need to be ready for the withdrawal of government support for the sector.

"While their profitability is relatively buoyant and market conditions broadly favourable, banks should take opportunities to strengthen their balance sheets, including by not distributing an excessive amount of profit," the report stated.

It added that carrying out these measures now will lower potential disruptions to the flow of credit in the future.

Earlier this week, Professor David Miles, a member of the Bank of England's Monetary Policy Committee, warned those in banking jobs that their market may get smaller as a result of banks being required to hold more capital and reliably liquid assets.

Updated: 21 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.

Other financial services jobs at banks could be affected by the banking bonus tax.

The government's bonus tax will not just apply to those in banking jobs at financial institutions, HM Revenue and Customs (HMRC) officials have said.

Officials began briefing staff in banking jobs about the levy earlier this week and it was revealed that the tax will apply to other senior staff within City firms.

Senior IT workers in banks will definitely be affected, but it remains unclear as to whether people in marketing, legal and accounting jobs will also be subject to the new legislation.

Because the HMRC guidelines are vague as to who is affected, confusion remains in the City as the end of the year approaches and banks attempt to finalise their bonus payouts.

Angela Knight, chief executive of the British Banking Association, said of yesterday's meeting: "In some areas we are clearer now, in others we are awaiting clarification."

Last week, Guy Lamb, an employment partner at law firm DLA Piper, told Personnel Today that bankers were almost certain to want to make changes to their contracts in order to find a way around the levy.

Updated: 18 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

David Davis is to head a new commission focused on the future of banking.

A new body has been formed to investigate how people in banking jobs can carry out reform and listen to the concerns of the public more effectively.

The Future of Banking Commission will be chaired by Conservative MP David Davis, with the Liberal Democrat's Vince Cable, Labour's John McFall and Which? also involved.

A number of people from top financial services and banking jobs will also be on the panel, including David Pitt-Watson, the chairman of Hermes Focus Asset Management.

The aim of the commission, which is due to meet for the first time in early 2010, is to restore public confidence in the banking sector by listening to voices from inside and outside the industry.

Peter Vicary-Smith, chief executive of Which?, said: "It seems ludicrous that past banking inquiries have ignored those who have been hit hardest by the banking crisis - the ordinary people and the wider interests of society.

"This is an opportunity to right that wrong."

Earlier this week, financial services minister Lord Myners said that people in banking jobs could improve the public opinion of them by working closely with the government to create a safe and responsible sector.

Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Banks are to gradually phase out the use of cheques.

The Payments Council, which is partially made up of people in senior banking jobs, has announced cheques will be phased out of use by 2018.

In a statement to explain the decision, the council stated that the cheque was in terminal decline and making the decision now would allow alternative forms of payment to be offered to businesses and consumers.

Paul Smee, the chief executive of the Payments Council, said that the goal of his organisation was to ensure that by 2018 there would be no scenario where it would be necessary to use a cheque.

The move has already been condemned by Liberal Democrat MP Paul Hunter, who is leading a parliamentary campaign to save the cheque.

"Many elderly, housebound and disabled people rely on cheques for payment and w