December 2009
West Bromwich Building Society appoints new chairman
A top financial services job at West Bromwich Building Society has gone to Mark Nicholls, a former director at investment bank Warburg.
Mr Nicholls has been appointed chairman of the building society after a five-year association with the firm that began when he joined the company's board in 2004.
He has held a range of top financial services jobs in the past, including a period as managing director of Royal Bank of Scotland's private equity business.
Robert Sharpe, chief executive of West Bromwich Building Society, told the Birmingham Post that Mr Nicholls was the right man for the job.
"I can think of no one who fits the requirements of chairman better," Mr Sharpe said.
"Mark will provide a significant contribution to the future direction of the society."
He is to replace current incumbent Brian Woods-Scawen in the top financial services job.
In October, the company appointed Robert Sommers, a former chief financial officer with Barclaycard US, as a non-executive director.
Updated: 30 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
FSB calls for changes to the banking sector
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.
Unemployment 'will peak next summer'
Those in HR jobs have been told to expect unemployment to peak in summer 2010 by industry body the Chartered Institute of Personnel and Development (CIPD).
Its latest report predicted that a further 250,000 people in the UK will lose their job by the second quarter of 2010, leaving the country with record levels of unemployment.
If the forecast is correct, around 2.8 million will be out of work, a lower amount than originally predicted by the government and financial experts at the start of 2009, reports Personnel Today.
John Philpott, chief economic adviser at the CIPD, stated that staff in HR jobs will be expected to introduce pay freezes at many organisations next year.
"Private sector employers will seek to contain wage costs and public sector employers will have to cope with the consequences of fast-shrinking budgets and mass job downsizing," he said.
Earlier this month, a study by Income Data Services reported in the Financial Times revealed that HR departments had escaped the brunt of the recession, with 42 per cent keeping staff levels stable and 23 per cent hiring more employees.
Updated: 30 December 2009.
Categories: human-resources, market-and-industry-news.
Investment bankers at Barclays 'given 150% pay rises'
Up to 23,000 staff in investment banking jobs at Barclays have received large pay rises, it has been reported.
The pay increases have been calculated on the basis of each banker's grade within the company with sources in the City telling the Guardian that some will receive rises as high as 150 per cent.
It is reported that the rises have also been backdated to June this year, although Barclays has played down these claims.
Barclays president Bob Diamond, who wrote to staff in the company's investment banking arm to inform of the rise, has long been a defender of "incentive compensation" in the financial services sector.
Earlier this month, he also told the Wall Street Journal that proposals suggesting large banks be broken up to prevent a repeat of the financial crisis should be ignored.
"The question isn't whether we have smaller banks," he said. "The question is the right regulatory framework around the larger, more complex banks and I think the regulators are getting there."
Updated: 30 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.
Accountants 'could become self-employed to find work'
Professionals working in accounting jobs could be tempted to become self-employed consultants due to the current state of the recruitment market.
According to data recently published by the Conservative Party, many people in white collar occupations have begun to claim jobseekers allowance.
For instance, the number of people in accounting jobs who have claimed for unemployment benefits has grown by 250 per cent.
Responding to the findings, chief executive of Work Wise UK Phil Flaxton commented that a significant number of white collar professionals have opted not to jump back into the job market at the first opportunity having lost their jobs.
He forecast that many people in this situation will "drift into self-employment".
Mr Flaxton said that a number of people in this position will become self-employed consultants "because of their background, experience or knowledge of a particular sector".
Others will take advantage of a generous redundancy package to fulfill their ambitions to be their own boss, he added, saying: "It is a fascinating development."
Updated: 24 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
Banking jobs 'will be key area for work in 2010'
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.
Alternative rewards can help keep employees happy
People in human resources jobs can help to keep workers happy by coming up with alternative ways of rewarding good performance when pay rises are not available, a new study has found.
Salary freezes have been one of the features of the recession and the Confederation of British Industry recently warned workers to expect another year without a pay rise in 2010.
Research conducted by accountancy firm PricewaterhouseCoopers (PwC) found that there are plenty of alternative incentives to cash that employees would appreciate.
However, it seems added responsibility is not among them.
A survey of employees found that only 37 per cent would appreciate being given a promotion that is not accompanied by a salary increase.
The numbers who would vale being fast tracked for promotion or given additional training were higher, at 67 per cent and 62 per cent respectively, but in the absence of a pay rise gifts are apparently more welcome than work-related incentives.
A £100 cash bonus was the most popular option, with 90 per cent of people saying they would appreciate it, ahead of £100 worth of gift vouchers (89 per cent), extra holiday entitlement (89 per cent) and electronic gifts such as a digital camera or iPod (80 per cent).
Jon Terry, head of reward at PwC, said the results showed how important it is for human resources functions to think of effective ways to thank staff for their hard work in the current climate.
"With bonus pools shrinking and many workers' wages frozen, employers need to find lower-cost, tailored ways of showing their staff that good performance is always appreciated," he added.
Updated: 23 December 2009.
Categories: human-resources, market-and-industry-news.
CBI warns of further salary freezes
Professionals working in permanent placements should not expect pay rises in 2010, the Confederation of British Industry (CBI) has warned.
The CBI said it has witnessed signs the UK's economy is beginning to recover and predicted that it would experience slow but steady growth during 2010.
While this may be good news in the long term, John Cridland, the CBI's deputy director general, does not expect workers to experience the benefits of the recovery in the immediate future.
"In the spring many staff will face another cycle of wage freezes, and job losses will continue rising until the autumn," he said.
The CBI predicted that after severely constrained wage growth in 2010, earnings would grow by an average of 3.9 per cent in 2011.
News that pay rises are unlikely to be available may persuade some professionals to try to take advantage of the improving economic conditions by looking for a permanent position with a better salary package.
Updated: 23 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
Goldman's London banking jobs 'could move to Spain'
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.
Conditions in the banking sector 'improving'
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.
Bonus tax will not apply to all financial services workers
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.
PwC partner takes new financial services job
A PricewaterhouseCoopers (PwC) partner is to take on a new financial services job at the Financial Reporting Council (FRC).
Marek Grabowski is retiring from his post at PwC at the end of the month and will start his new role as the executive director of FRC's auditing practices board (APB) from March 2010.
He is to replace Jon Grant in the top financial services job, who has held the position since 1996.
Mr Grant will continue to work for the FRC on a part-time basis.
Speaking after his appointment, Mr Grabowski said that he was excited about taking on a new challenge.
"I am looking forward to working with the APB to help shape its future strategic priorities so that it remains at the forefront of international thinking," he said.
Last month, the FRC appointed Anthony Snow as its new chief operating officer.
Mr Snow previously held the same position at the Wales Audit Office.
Updated: 21 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
Bankers 'offer £2bn in exchange for dropping bonus tax'
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.
Banks 'need to strengthen their balance sheets'
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.
Bonus tax 'will not just apply to bankers'
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.
Ian Sayers confirmed in top financial services job
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.
'Future of Banking Commission' is formed
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.
Payments Council: Cheques will be scrapped by 2018
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 will be massively inconvenienced," he said.
Mr Hunter added: "Bankers are dealing a massive blow to businesses up and down the country."
Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Treasury plans new way of handling bank failures
People in top banking jobs would be kept on to administer their firm should it fail, the Treasury has proposed.
People in key banking jobs at a firm which has just failed will be kept on via an "operational reserve" that will pay them to stay at the company and handle the returning of money to clients, it has been proposed.
The measure was announced in a speech by financial services minister Lord Myners, which set out the Treasury's plans for handling potential future failures by investment banks.
Other proposals outlined in a Treasury consultation paper include making it easier for investors to access their assets should a company fail, as well as the formation of a new administrative body to watch over investment firms.
Lord Myners said the moves were necessary to prevent a repeat of meltdown of the financial sector that occurred when Lehman brothers went bankrupt last year.
"Investing in London should not be an all or nothing gamble, and these measures will allow investors to make calculated determinations in a secure environment," he stated.
Earlier this week, Barclays president Bob Diamond told the Wall Street Journal that big banks would not need to be broken up if the correct legislation to police the sector was put in place by regulators.
Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
FSCS fills top financial services job
Kate Bartlett has been appointed as director of operations at the Financial Services Compensation Scheme.
A top financial services job as director of operations at the Financial Services Compensation Scheme (FSCS) has gone to a former UBS manager.
Kate Bartlett will be taking on her new role from the start of February next year.
As well as working in a series of senior positions at UBS for the past 15 years, she has previously held financial services jobs with Cazenove and Anderson Consulting, specialising in IT projects.
David Hall, FSCS chairman, welcomed Ms Bartlett to her new post.
"Kate will build on the organisation's many achievements and play a central part in delivering an even better compensation service for consumers," he said.
Since it was set up in 2001, the FSCS has paid out more than £21 billion in compensation to customers affected by bank failures.
She will arrive at the agency at the same time that its current chief executive, Loretta Minghella, steps down.
Ms Minghella announced her intention to resign from the financial services job in October this year.
Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
FSA planning to raise standards in investment adviser jobs
Financial services jobs involving investment advice are set to be subject to reforms.
Investment advisers working in financial services jobs are set to be subject to new regulations regarding their professional standards.
The Financial Services Authority (FSA) has proposed the legislation in its Retail Distribution Review (RDR), which is now open to public consultation for a three-month period.
Under its plans, financial advisers, both independent and restricted, will have to adhere to common ethical standards, meet enhanced professional benchmarks and sit exams for new, higher-level qualifications.
Sheila Nicholl, the FSA's director of conduct policy, said: "We will closely supervise the necessary improvement in standards that we are seeking to bring about which, along with the other aspects of the RDR, will come into force from the beginning of 2013."
The Association of Independent Financial Advisers has welcomed the announcement and said it is looking forward to working alongside the FSA on the finer details of the proposed reforms.
It added that it was pleased the FSA had withdrawn an additional proposal to set up an Independent Professional Standards Board, due the potential costs of paying for the new body.
Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
Bob Diamond: Don't break up big banks
Big banks should be subject to the correct regulation rather than being broken up, the president of Barclays has suggested.
Bob Diamond, who holds one of the world's top banking jobs as president of Barclays, has said that big banks should not be broken up.
Mervyn King, governor of the Bank of England has led growing calls for banks to be split into smaller operations to head off a repeat of the financial crisis but Mr Diamond has said such a move is not necessary.
"The question isn't whether we have smaller banks," he told the Wall Street Journal. "The question is the right regulatory framework around the larger, more complex banks and I think the regulators are getting there."
He went on to predict that the future for those in banking jobs will be essentially the same, although financial institutions will be operating with more capital and less leverage than in the past.
Earlier this 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 financial crisis after it was revealed that 15 of them now have more assets than the country they are based in.
Updated: 15 December 2009.
Categories: finance-and-accounting, market-and-industry-newsbanking-and-financial-services.
ING fills top financial services job
A top financial services job at ING has gone to Jan Meulenbelt.
ING has filled one of its top financial services jobs in its real estate investment management division.
Jan Meulenbelt has been appointed as global head of ING Real Estate Select, a position he will take up from January 1st 2010, subject to approval from the Financial Services Authority.
He is to replace Nick Cooper in the financial services job, after Mr Cooper decided to resign when ING announced its intention to relocate its head global Select business to the Netherlands.
Mr Meulenbelt is an internal appointment, having worked for ING Real Estate Select since 2006.
Pieter Hendrikse, chief executive officer of ING Real Estate Investment Management Europe, said: "With Jan Meulenbelt's experience and team leadership I am convinced that we can continue to offer clients investment performance with central advice and allocation to the different global regions."
Mr Cooper is not the only high-profile departure set to affect ING.
Last month, Menno Maus, the chief executive officer of ING Real Estate Development, announced his intention to resign from the company at the end of January next year.
Updated: 15 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
HR jobs 'generally unharmed by the recession'
Updated: 15 December 2009.
Categories: .
Bankers 'must turn public anger into something constructive'
People in banking jobs must work hard to improve public opinion about them, Lord Myners has said.
People in banking jobs have been told they must work with the government to turn around public opinion and help to create a safe and responsible industry.
Lord Myners, financial services minister, made the call in a speech at a New Statesmen event in Westminster today (December 14th 2009).
He said that, along with the public and the government, many people in banking jobs were also angry at the resistance to reform that was being encountered in some quarters of the City.
"Bankers, the vast majority of whom were not to blame for the recklessness of a few of their peers, have been saddened as the reputation of their profession has been tarnished seemingly beyond repair," he stated.
Lord Myners added that it is vital for banks to improve the quantity and quality of their capital, in order to safeguard investors, taxpayers and the banking system itself.
Last month, Lord Myners lambasted bankers for not agreeing to remuneration restrictions, reserving particular criticism for Goldman Sachs' boss Lloyd Blankfein.
Updated: 15 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
European Commission approves RBS restructuring
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.
Treasury urged to clarify bonus tax
The government has been told it needs to let City firms know if they are affected by the new tax on bonuses.
The Treasury has been urged to publicise more precise details on its bonus tax for those in banking jobs in order to head off potential legal problems.
Richard Saunders, chief executive of the Investment Management Association, told the Times that clarification on the new rules was needed as soon as possible.
He suggested that firms needed to make decisions immediately if they were affected by the legislation.
His words were backed up by David Berman, a partner at City law firm Macfarlanes, who said that the rules appear to affect many more companies than just deposit-taking banks.
"Private equity firms, corporate finance houses and brokerages will all be combing through the rules to try and work out whether their actual business activities are caught," he suggested.
Chancellor Alistair Darling announced the plans to tax institutions whose bankers earn bonuses of more than £25,000 this year.
He stated that the move against those in banking jobs would have the potential to raise £550 million, money which will be put towards employment schemes throughout the UK.
Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
FSA aims to toughen up stress test regulations
The FSA has proposed changes to how stress tests are carried out at financial institutions.
The Financial Services Authority (FSA) has strengthened regulations on how firms conduct stress tests.
As part of the new plans, executives in top financial services and banking jobs will have to ensure their institution develops their own tough stress tests which examine the company's ability to meet capital and liquidity requirements.
The FSA will also carry out their own stress tests on a number of firms on a periodic basis as part of the changes.
Paul Sharma, FSA director of prudential policy, said: "These changes send a clear signal to firms' senior management that they need to engage in building a robust stress testing infrastructure as an important part of effective risk management."
A consultation period will now be opened on the proposals, with people able to raise concerns or queries with the FSA up until the end of March 2010.
The FSA has also announced the appointment of a new senior advisor today.
Graham Halliday, a former regional managing director at Natwest, will be involved in overseeing the retail banking sector for the FSA in his new financial services job.
Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Bonus tax attacked by IMF chief
John Lipsky has attacked Alistair Darling's latest measure against staff in banking jobs.
Alistair Darling's planned tax on the bonuses of staff in banking jobs has come under fire from John Lipsky, the managing director of the International Monetary Fund (IMF).
"That's just a 'look back and see if we can recoup' tax," he remarked during a speech in New York.
Mr Lipsky added that the IMF was considering other options that will help pay for the costs of the current crisis, while also helping to "limit the risks and costs from any future crisis," reports Bloomberg.
He added that it perhaps should not be just the financial sector that bears the full burden of taxation, as the programme of bailouts around the world also served to help the general public avoid larger losses.
Other countries have so far failed to follow the chancellor's lead in imposing such a levy, with only France reported to be considering a similar tax.
Earlier this week, a meeting of the top banks in Germany led to a decision that financial institutions would uphold the G20's proposals on remuneration for those in banking jobs, but the firms themselves will "self-regulate" these measures.
Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, international, market-and-industry-news.
Legal & General fills top financial services job
An important financial services job at Legal & General has gone to Paul Murray.
A top financial services job at Legal & General has gone to Paul Murray, the former head of risk management at F&C Asset Management.
Mr Murray is to take on the job of head of investment risk in the company's investment management division.
He has previously held several other important financial services jobs at a range of different companies, including ANZ Bank, Rothschild Australia and Synapse Investment Management.
Peter Chambers, chief executive officer for Legal & General investment Management (LGIM), welcomed Mr Murray to his new job.
"I have no doubt he will be an asset to LGIM and will continue to develop strong risk management solutions," he said.
Mr Murray stated that he was looking forward to helping the company grow and was "delighted to join LGIM at such an exciting point".
Last month, LGIM revealed that its assets had reached record highs, thanks to substantial investment into their bond funds and rising global markets, reported the Wall Street
Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
FSA: Banks must increase their trade capital
Banks will have to increase their trade capital if new regulations are approved.
The Financial Services Authority (FSA) has told executives in top banking jobs that their firms need to increase their collective trade capital by around £29 billion by 2011.
It put out the proposal in a consultation paper today, which also included several other planned changes that will affect how staff in banking jobs operate in the future.
Among the other proposals were making disclosure standards more transparent and limit the amount UK banks and building societies can lend to any single borrower, reports Bloomberg.
But it is the capital proposal that is set to have the most effect on banks.
The FSA has said it will cost financial trading institutions with "significant" trading books around £1.4 billion a year.
"Affected firms may seek to reduce or change the composition of their trading-book assets, thus giving rise to a smaller increase in capital requirements, which would reduce the costs," the regulator stated.
Earlier this week, the FSA named Iain Cornish, the chief executive of Yorkshire Building Society, as the new chairman of its Practitioner Panel.
He will be responsible for providing an industry voice inside the FSA.
Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Bonuses tax 'a headache for those in HR jobs'
People in HR jobs are likely to have to deal with the fallout for the banking bonus tax, it has been said.
People working in HR jobs at banking firms could be in for a busy December after chancellor Alistair Darling proposed a 50 per cent one-off tax on banking bonuses, it has been suggested.
Guy Lamb, an employment partner at law firm DLA Piper, told Personnel Today that it was likely bankers would be looking for a way around the tax and would want those in HR jobs with their organisation to help.
"It is very likely - in fact I would say definite - that bankers will change their contracts," he predicted.
"In the financial services community, bonuses are an ingrained part of the culture and anything to change that will be resisted."
He added that people holding HR jobs in the banking sector would be well advised not to give out any specific assurances until the full legislation has been published by the government.
Mr Darling has said the planned tax could potentially raise £550 million for the Treasury to put towards schemes aimed at getting the UK's unemployed population back to work.
Updated: 14 December 2009.
Categories: banking-and-financial-services, human-resources, market-and-industry-news.
Brendan Barber attacks those in banking jobs
Brendan Barber has said those in banking jobs need to accept the new levy on bonuses.
People in banking jobs have come under fire from Brendan Barber, the general secretary of the Trades Union Congress (TUC).
Mr Barber launched the attack after bankers expressed disappointment with the one-off levy of 50 per cent on end-of-year bonuses, which was announced by chancellor Alistair Darling in this week's Pre-Budget Report.
Angela Knight, chief executive of the British Bankers' Association (BBA), had expressed concern that the move will hit foreign banks operating in the country and make London a less attractive place to do business.
But Mr Barber stated that people in banking jobs had no right to be angry.
"Bankers still don't get it," he said.
"They have no divine right to giant bonuses every year. The chancellor's proposal is at the modest end of what he could have done."
According to Liberal Democrat Treasury spokesman Vince Cable, the regulation is flawed and banks will be able to avoid paying the levy.
He told the BBC that there were several different loopholes that would allow banks to avoid paying the levy.
Updated: 10 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, london.
'Super tax' announced for bankers' bonuses
Bonuses for those in banking jobs are set to be subject to a one-off super tax this year.
Bonuses of more than £25,000 for those in banking jobs are set to be subject to a one-off tax of 50 per cent this year.
The announcement was made by chancellor Alistair Darling in today's Pre-Budget Report (December 9th 2009), with the clarification that it will be the banks themselves rather than the affected employees who hand over the money.
Mr Darling stated the move would put an extra £550 million into the Treasury's coffers, money he said will be put towards employment programmes around the UK.
He added that the government would put anti-avoidance measures in place to stop financial institutions getting round the tax by simply paying its staff in banking jobs a higher salary.
Angela Knight, chief executive of the British Bankers' Association, expressed concern at the plans, stating that UK banks had already agreed to a series of pay restraint measures that were not in place in other G20 countries.
"Foreign banks which reward their UK staff with contractually-agreed bonuses are likely to be the hardest hit," she said.
"London may well look to them now like a significantly less attractive place to build a business."
Updated: 10 December 2009.
Categories: banking-and-financial-services, london, market-and-industry-news.
1,000th candidate passes financial services ethics qualification
1,000 people have now passed a qualification that aims to increase ethical standards in financial services jobs.
The 1,000th person has passed a qualification designed to improve ethical standards for those in financial services jobs.
The online test was launched by the Chartered Institute for Securities and Investment (CISI) in September 2008 but the number of candidates taking the test has dramatically increased in the past three months.
CISI has attributed this to the test receiving chartered status, making the qualification more valuable to those in financial services jobs and their employers.
Robert Golledge, assistant vice president at AllianceBernstein, was the 1,000th person to pass the IntergrityMatters test, after he took the online course last month.
Simon Culhane, chief executive of CISI, said: "The rapid increase in take up of IntegrityMatters . demonstrates commitment within the industry to demonstrate staff conform to high standards of ethical behaviour."
Last month, Margaret Cole, director of enforcement and financial crime for the Financial Services Authority (FSA), warned that anyone wanting to fill a senior banking job in the City must comply with the FSA's definition of a fit and proper person.
She stated that competence and integrity were the two vital qualities candidates needed.
Updated: 10 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
HR staff 'vital to London businesses'
Effective HR policies have helped businesses in London survive the recession.
People in HR jobs have played an important role in businesses operating in London during the economic downturn, a new survey has revealed.
Data collected by the Confederation of British Industry and KPMG showed that effective HR policies had been vital to the survival of many firms.
Staff in HR jobs have been employed to carry out a range of different strategies, ranging from cutting expenses (37 per cent) to focusing on only essential recruiting (63 per cent).
HR staff have had to walk the fine line between retaining a company's best staff and ensuring its financial survival, the study reported.
The survey also found that 86 per cent of senior executives believe London is a good place to do business, while 47 per cent of companies are optimistic about their future business prospects, the highest figure since April 2008.
According to recent findings from the TaxPayers' Alliance, the importance of those in HR jobs is also being reflected in their salaries.
It revealed that four senior public sector HR executives are currently being paid more than prime minister Gordon Brown.
Updated: 09 December 2009.
Categories: human-resources, jobs, london, market-and-industry-news.
Kim Rebecchi appointed to Leeds Building Society's board of directors
Kim Rebecchi has taken a top financial services job with Leeds Building Society.
A position at Leeds Building Society has been awarded to Kim Rebecchi, who will take on the role of executive director of the firm.
The new board member joined the society 21 years ago and held a number of financial services jobs at the company before she became general manager in 1997 and director of sales in 2007.
Robin Smith, chairman of Leeds Building Society, described her as a "qualified banker with a wealth of experience in financial services". He added that she also has a "wide-ranging" knowledge of the building society.
Ms Rebecchi's new role will see her take on executive management responsibility for Leeds Building Society's sales channels.
"This appointment is very special to me and I am appreciative of all the support I have received from so many of our excellent staff over many years," she commented.
Last month, it was revealed that Scottish Life executive Steve Bee was set to leave his financial services job to set up a pensions business at Paradigm
Updated: 10 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Vodafone announces new graduate jobs
50 graduates will join Vodafone under its 2010 training scheme.
People looking for HR jobs may be interested to learn that new graduate jobs are to be created at mobile phone giant Vodafone, with HR training forming an important part of the apprenticeship.
The company will be hiring 50 graduates next year as part of its 2010 recruitment programme, with trainees spending time in its HR, finance and technology divisions, as well as on shop floors around the country.
Matthew Brearley, HR director for Vodafone UK, said: "We want to attract smart, internet-savvy people, who want to make a real difference by being part of our business."
The scheme will start in September 2010 with successful graduates being offered a £25,000 salary.
At the end of the one-year training programme, Vodafone will decide which of the graduates it will take on it full-time roles.
Earlier this month, IBM UK & Ireland HR director Jonathan Ferrar told Personnel Today that his company was planning to increase its graduate scheme from 94 places in 2009 to 150 next year.
Updated: 09 December 2009.
Categories: human-resources, jobs, market-and-industry-news.
FSA's new remuneration rules will not be extended
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.
Caution urged over City headhunting
City firms have been warned about the potential legal dangers involved in headhunting staff from rival organisations.
People in HR jobs in the City have been urged to be cautious about poaching staff from rival firms by a legal expert.
Fiona Bolton, an employment partner at law firm Eversheds, told Personnel Today that while the practice was not illegal, those in HR jobs must acknowledge the conditions affecting the departure of their new employee from their previous firm.
"Businesses should be wary of embarking on team raids and should always consider any express or implied restrictions to which a departing employee may be subject," she said.
Ms Bolton added that the frequency of these headhunting manoeuvres appeared to be on the increase in the city.
Earlier this month, it was revealed that more than 1,000 former Royal Bank of Scotland (RBS) investment bankers had joined other City companies, while last week broker Tullett Prebon took rival BGC Partners to court after the latter company poached 50 of its top-earning brokers.
Last week, the RBS board of directors threatened to resign if the government did not allow them to pay their investment bankers around £1.5 billion in bonuses as it fears further departures will occur soon.
Updated: 08 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, jobs.
More than 1,000 'quit RBS banking jobs'
A mass exodus of staff is taking place at RBS, according to a media report.
More than 1,000 members of staff have left Royal Bank of Scotland (RBS) banking jobs this year, according to unnamed sources.
They told the Times that many of RBS's top investment bankers had been lured to other firms by the promise of guaranteed bonuses and larger salaries.
It is believed that those who have left made around £650 million for the bank last year, about eight per cent of its total annual income.
Last week, the RBS board of directors threatened to resign if the government did not allow them to pay their investment bankers around £1.5 billion in bonuses.
It believes the increase in remuneration is the only way to prevent its talent pool being drained further.
But the threats from the state-owned bank's executives were met with derision by the public and politicians alike.
Vince Cable, Treasury spokesman for the Liberal Democrats, said: "I would welcome their resignations, as the bank cannot hold the taxpayer to ransom."
Updated: 08 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Tax on bonuses for those in banking jobs 'under consideration'
Bankers may face a tax on their bonuses under potential new government plans.
The government has people in banking jobs in its sights once again, according to media reports that suggest chancellor Alistair Darling is considering the introduction of a windfall tax on bonuses.
Along with raising hundreds of millions for the Treasury, such a move may also have the potential to bolster Labour's position in the polls, with a general election due next year and public anger at those in banking jobs growing.
With the Pre-Budget Report looming, Mr Darling is due to make his decision on whether to go through with the levy within the next 24 hours, reports the Observer.
It is feared by the Treasury that such a move against those in top banking jobs may hit the capital position of banks at a time when the government wants to help them rebuild their financial stability.
Last month, the Financial Services Bill was introduced by Mr Darling.
It is set to end guaranteed annual bonuses, as well as giving regulators the ability to veto employment contracts if they are deemed to reward "excessive risk taking".
Updated: 08 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Four in top HR jobs 'earning more than Gordon Brown'
Working in a public sector HR job can be more lucrative then running the country, a new report has shown.
Four executives in top HR jobs are earning more money than prime minister Gordon Brown, it has been revealed.
According to a list compiled by the TaxPayers' Alliance, the most lucrative public sector HR job in the country is held by Clare Chapman, the director general of the NHS workforce.
The report said her pay has increased by ten per cent in 2009 to leave her with an annual salary of £267,500.
In comparison, Gordon Brown is paid slightly more than £194,000 a year.
Two men in HR jobs with the BBC are also paid more than the prime minster, with John Vickerman, director of shared services, and Mike Goodie, director of employee relations, both taking home £205,000 each.
John O'Connell, policy analyst at the Taxpayers' Alliance, attacked the figures.
"Taxpayers want genuine transparency, accountability and restraint in setting top public sector pay," he said.
Last month, Lucy Adams, the fourth HR figure on the list paid more than Brown, told BBC in-house magazine Ariel that she understood people may be angry when they heard of her £320,000 a year salary as HR director of people.
Updated: 07 December 2009.
Categories: career, human-resources, jobs, market-and-industry-news.
BSA calls for 'level-playing field' in financial services sector
The BSA has asked the government to make the financial services sector fairer.
The Building Societies Association (BSA), which represent members in financial services jobs, has called on the government to rethink its plans to position the Post Office as the 'people's bank'.
Adrian Coles, director general of the BSA, pointed out that building societies were one of the few financial services providers that had not received government handouts, unlike banks and credit unions.
"The playing field is seriously distorted and we call on the government to take action so as not to undermine the building society sector," he said.
Mr Coles called on the government to review the regulation it has introduced since the beginning of the banking crisis to ensure that the "prudent" business models practiced by those in building society jobs were not being undermined.
Earlier this week, the Organisation for Economic Co-operation and Development said that regulators should be given the power to force financial services firms to reveal important data about how their organisation is performing.
Updated: 07 December 2009.
Categories: career, finance-and-accounting, market-and-industry-news.
Audit Office: Banking bailouts were justified
The £850 million that has been spent shoring up the UK's banking industry was justified, according to the National Audit Office.
People in banking jobs with Royal Bank of Scotland (RBS) and Lloyds have been told that how their institutions eventually sell off their government stakes will be vital to the UK's economic future.
The warning came in a report from the National Audit Office (NAO), which also found that the bailout of Britain's banks was justified by necessity.
Government support for the banking sector now totals £850 billion, but the NAO said the use of the public money had been needed to safeguard savings.
It added that both RBS and Lloyds are meeting their government-set targets on retail mortgage lending, although both were still not directing enough finance towards UK businesses.
Amyas Morse, NAO head, said that it was still unclear how much the bank bailouts would end up costing the taxpayer in total.
"What we do know is that how the eventual sale of RBS and Lloyds is managed will be crucial to protecting the public interest," he stated.
Earlier this week, the RBS board of directors faced attacks from MPs across the political divide for threatening to quit if they cannot pay their staff the bonus levels they believe they deserve.
Updated: 07 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
OECD proposes reform of financial services jobs
A new way of regulating the global financial sector has been put forward by the Organisation for Economic Co-operation and Development.
An overhaul of how financial services jobs are regulated has been proposed by the Organisation for Economic Co-operation and Development (OECD).
The central tenet of its recommendations is an increase in the transparency of the financial services sector.
It wants to see regulators given the legal power to compel financial services firms to reveal data about their domestic and international operations.
The international organisation also called for improvements to how risk management and corporate governance are regulated.
Angel Gurria, secretary general of OECD, said: "We must get the whole system right so that the financial sector can effectively resume its vital role in the functioning of the global economy."
His group also recommended that governments and regulators across the world publish annual reports on their financial sectors, identifying new developments and potential future problems.
Earlier this week, OECD announced the appointment of Pier Carlo Padoan as its new chief economist.
The Italian has worked at the IMF in the past, as well as advising his country's government on its international economic policies.
Updated: 04 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, international, market-and-industry-news.
Bankers' bonuses 'should be linked to cost of capital'
People in banking jobs should have bonus remuneration linked to the cost of raising capital, a leading MEP has suggested.
Staff in banking jobs should only receive bonuses that are linked to the cost of capital, according to the chair of the European Parliament's Economic and Monetary Affairs Committee.
MEP Sharon Bowles, who represents the South East of England region in Brussels for the Liberal Democrats, was reacting to reported threats by the Royal Bank of Scotland's board of directors to resign if the government intervenes in bonus payouts to staff.
"We have to end the current situation in which bankers are making massive bonuses on the basis of low interest rates rather than high skill," she said.
Ms Bowles stated her belief that those in banking jobs should not receive bonuses worth more than 50 per cent of the cost of raising a loan.
The RBS board have also come under fire from Harriet Harman, the leader of the House of Commons.
She labelled them as "reckless and irresponsible" and said they were undeserving of bonuses after helping to create the financial crisis, reports the Times.
Updated: 04 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
RBS board threatens to quit in bonus row
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.
Post Office 'to become leading financial services player'
Lord Mandelson has announced plans to make the Post Office a serious competitor in the financial services market.
People in financial services jobs may soon have to contend with a serious new competitor in their sector - the Post Office.
Lord Mandelson has today (December 2nd 2009) opened a public consultation period on plans to offer banking products through the organisation.
Among the proposals being put forward is the introduction of a variety of banking accounts, along with linking the Post Office more closely with local credit unions.
The government also hopes to see the Post Office become a "significant player" in the British mortgage market.
Lord Mandelson, minister for business, innovation and skills, said: "The Post Office has rapidly grown sales of its award-winning mortgages.
"Our consultation outlines exciting proposals, but I want people to have their say."
Due to its 11,500 branches across the UK, the Post Office already has the largest network of any retail and financial services chain in the country.
Lindsay Mackie, a consultant for the New Economics Foundation, told the Guardian that the proposals did not go far enough and the Post Office should be established as a public alternative to the UK's current banking system.
Updated: 02 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Expanding banks 'may lead to new financial crisis
Bankers have been warned about the possibility of a second financial crisis.
Executives in banking jobs have been warned that the current expansion of many European banks will potentially lead to another financial crisis.
Since 2007, more than 350 banks in Europe have increased in size, with 15 of them now controlling more assets than the country they are based in.
David Laschelles, a senior fellow at the Centre for the Study of Financial Innovation, told Bloomberg that people in top banking jobs had not learnt the lessons of last year's economic downturn.
"We are sowing the seeds for the next crisis," he warned.
"What we have been doing in the last two years is making banks much bigger."
European bank assets have increased by 25 per cent in the past two years, while those in the US have also climbed by 20 per cent.
Last month, Mervyn King, the governor of the Bank of England, called for banks that are currently "too big to fail" to be broken up by regulators.
Updated: 02 December 2009.
Categories: banking-and-financial-services, international, market-and-industry-news.
Yorkshire Building Society to merge with Chelsea Building Society
Stuart Bernau is to leave his financial services job as Chelsea Building Society chairman if its planned merger with Yorkshire Building Society goes through.
Yorkshire Building Society and Chelsea Building Society have announced plans to merge, subject to approval from their members.
The institutions admitted that some financial services jobs will be lost as a result of the move, but pledged that redundancies will only be considered after staff have been fully consulted.
If the move goes through, the enlarged society will have almost 180 branches around the country, with total assets of about £35 billion.
Under the plans, which need to gain the approval of the Financial Services Authority to go ahead, Chelsea Building Society will retain its name but operate as a branch of the Yorkshire Building Society's operations.
Once the merger becomes effective, Stuart Bernau, executive chairman of Chelsea Building Society, will leave his financial services job with the organisation.
If approved, the deal is expected to go through in April 2010.
News of the plans will be a blow to the government, which wants to increase competition in the UK banking sector.
Updated: 02 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Chi-X Europe makes top financial services job appointment
Chi-X Europe has filled one of its top financial services jobs.
The company, which operates the largest equity multilateral trading facility (MTF) across Europe, has named Alasdair Haynes as its new chief executive officer.
Mr Haynes has held a series of top financial services jobs across the world in the past, working for companies including HSBC, UBS and ITG International.
He expressed his delight at his appointment.
"I look forward to leading Chi-X Europe's dedicated and talented team as we seek to grow the business and continue to provide trading and cost performance improvements for its participants," he said.
He is to replace Mark Howarth, who is to return to his job with Chi-X Global after working as interim chief executive officer for the company's European operations since February.
According to the Federation of European Securities Exchanges, Chi-X Europe is repeatedly listed in the top five European venues by order book trading values.
Updated: 02 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
New body formed to represent equity release advisers
People working in financial services jobs that involve equity release advice are to be represented by a new trade body.
The Society of Equity Release Advisers (Sera) is being established with the intent of supporting the work and interests of independent equity release practitioners.
It has been founded by four equity release specialists who hold top financial services jobs in the industry.
The body will provide best practice master classes, as well as developing innovative solutions for clients in partnership with product providers.
Co-founder Simon Chalk, a director and equity release planner at Mortgage Portfolio Ltd, is to serve as Sera's chairman.
Claire Barker, chairman of the Equity Release Solicitors' Alliance, welcomed the formation of the body.
"It is paramount in difficult times to uphold standards of excellence and to offer homeowners a portal where they can gain access to specialist financial advice in equity release and retirement options generally," she said.
Last month, Nigel Waterson, the shadow minister for pensions, said the Conservatives would work with the industry to further people's understanding of equity release if they are elected.
Updated: 02 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
FRC proposes new code for top financial services jobs
Plans to reform the way top financial services jobs are governed have been unveiled by the Financial Reporting Council (FRC).
Under its proposals to change the UK Corporate Governance Code, the FRC has suggested that chairmen and their boards should face re-election on an annual basis to ensure accountability to shareholders.
It also suggests that those in financial services jobs should have any performance-related pay linked to the long-term performance of their organisation.
Sir Christopher Hogg, chairman of the FRC, said: "The FRC has not found evidence of serious failings in the governance of British business outside the banking sector."
But he added that the proposals were "sensible improvements that would benefit governance in all major businesses".
A consultation period regarding the proposal will take place between now and March next year.
The FRC's recommendations follow last week's Walker Review of Corporate Governance, which proposed that banks reveal how many of their staff are paid more than £1 million per year.
Updated: 02 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
George Kinder to speak at financial services conference
Independent financial advisors are set to receive a speech from George Kinder, the so-called father of life planning.
Mr Kinder will be the keynote speaker at IFA Life's Social Media in Financial Services conference due to be held in January 2010.
According to the Kinder Institute of Life Planning, the service is focused on the human side of financial planning.
By discovering a customer's long-term goals, staff in financial services jobs can come up with a concrete financial plan to help their client achieve their aspirations.
Mr Kinder's speech at the event will focus on the opportunities offered by the internet to the growth area of life planning.
"More than ever before, consumers need financial planners to help them to achieve their deepest and most profound life goals," he said.
He added that his speech would be useful for "any IFA who is serious about growing and developing their business".
Updated: 02 December 2009.
Categories: .
RBS HR chief: There are too few women in banking jobs
Neil Roden, the HR boss for the Royal Bank of Scotland (RBS), had admitted there are too few female candidates for top banking jobs.
Last week's Walker Review told banks that more women needed to be promoted to positions on their boards.
The report contended that there were not enough suitable female candidates for non-executive director jobs in other areas of the financial services sector, reports Personnel Today.
Mr Roden said he generally agreed with the findings.
"It is the case that when you try in any large company to recruit a female finance director, it will be difficult to do," he admitted.
But Mr Roden added that he thought the problem was not due to staff in HR jobs with financial services companies but with society in general.
He pointed out that two decades ago there were very few women in senior management positions.
Last week, Mr Roden told People Management that he offered to quit RBS following the departure of Sir Fred Goodwin.
But new chief executive Stephen Hester persuaded him to stay in his HR job with the company.
Updated: 02 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, market-and-industry-news.
Council HR staff 'lack skills to deal with union unrest'
Staff working in local government HR jobs do not have the necessary experience and skills to deal with the union unrest that is likely to be caused by cuts in public spending, it has been said.
The warning came from Richard Crouch, who himself holds a HR job with a local council.
Mr Crouch, head of HR and organisational development at Somerset County Council, told Personnel Today that government departments lack the negotiation skills to deal with large-scale redundancies.
"If [union activity] really kicks off, we will have to buy in some expertise," he said.
"We could be looking to the private sector and then training them in terms of the local government."
Chancellor Alistair Darling has already committed to £15 billion worth of efficiency cuts by 2014, which are to be outlined in his Pre-Budget Report (PBR).
Mr Darling is due to deliver his PBR to MPs a week on Wednesday (December 9th) but recent media reports have suggested he has still not discussed the UK's economic growth forecasts with prime minister Gordon Brown.
Updated: 02 December 2009.
Categories: human-resources, market-and-industry-news.
