February 2010
Barclays increases bankers' pay and bonuses by 93% - banking jobs
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.
HSBC to pay top investment banker £10 million bonus
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.
London banking bosses to give bonuses to charity
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.
Lampl appointed to senior Latin America banking job
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.
Lloyds banker predicts better 2010 following £6.3m losses
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.
Staff in banking jobs 'need to understand public anger'
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.
HR staff 'need not panic about new maternity leave legislation'
People in HR jobs have been told not to concern themselves too much with a recent proposal made by a European Parliament committee regarding maternity leave.
The committee has put forward a potential directive on the matter to a full vote of the European Parliament which recommends that maternity leave should be extended to 20 weeks on full pay.
In the UK at the moment, new mothers receive 90 per cent of their salary for the first six weeks they are off work, with a further £123 a week after that period expires.
Concerns about the new legislation have been raised, with a spokesman for the Institute of Directors telling the Daily Mail that the UK will face an annual bill of between £1.5 billion to £2 billion a year if the law is passed.
But Liz Gardiner, policy officer at charity Working Families, told Personnel Today that people in HR jobs should not be overly concerned about the law for the moment.
"It has to go through a number of processes in Europe," she said. "It's not going to happen here tomorrow, HR doesn't need to worry now."
Updated: 26 February 2010.
Categories: human-resources, market-and-industry-news.
New HR job created by charity
A new senior HR job is being created by a charity, it has been announced.
Breakthrough Breast Cancer is seeking to fill the role as director of people and organisational development within the next month as the body seeks to improve its levels of public recognition.
Jeremy Hughes, chief executive of Breakthrough Breast Cancer, told Personnel Today that the board-level HR job will be a challenging role.
"The remit of the new director will be more than simply line managing the HR department, it will be one of playing a leadership role within the management team," he said.
Mr Hughes added that whoever gets the HR job will have to ensure that the "people side" of the charity is central to everything it does.
Recent research contained in the Celre HR Salary Survey 2009-10 revealed that the average salary for HR directors is £140,000 a year, with bonuses pushing take home pay up to just over £185,000.
Updated: 26 February 2010.
Categories: human-resources, market-and-industry-news.
RBS bankers get 44% pay and bonus increase - banking jobs
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.
HR jobs news: Workplace changes 'planned in post-recession era'
People in HR jobs are likely to have to lead their company through significant changes as the UK emerges from recession, a new survey has suggested.
According to PricewaterhouseCoopers' (PwC) 13th Annual CEO Survey, 85 per cent of chief executives in Britain are planning to make people management changes at their organisations.
Around 65 per cent want to increase investment in training and development, while 42 per cent want to hire more staff.
Michael Rendell, partner and leader of HR services at PwC, said that the survey shows a range of opportunities and challenges ahead of people in HR Jobs.
"Preparing for the upturn is a clear platform of opportunity for HR and . this will mean refocusing on managing through change and engagement programmes as talent gaps need to be closed and roles redefined," he said.
A recent poll of industry experts carried out by Friends Provident saw 83 per cent of respondents agree with the assertion that staff in HR jobs must adopt their working practices to make sure talented employees remain motivated and happy in the workplace.
Updated: 25 February 2010.
Categories: human-resources, market-and-industry-news.
Top HSBC banker 'will not receive planned pay rise'
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.
London 2012 team 'struggling to fill accounting jobs'
Well-qualified people are needed to fill accounting jobs for the London 2012 Olympic Games, it has been revealed.
Speaking to Recruiter, Jean Tomlin, the director of HR for London 2012, stated that the organisation is having difficulty in its quest to find suitable candidates for its accounting jobs.
"It is more difficult to source qualified accountants with strong commercial experience that are able to quickly add value in our environment," she said.
Ms Tomlin added that the London 2012 organisation needs to attract more candidates from a "smaller pool of qualified management accountants in the commercial sector."
The problem of finding highly-skilled people to fill accounting jobs is not just limited to the Olympics or the UK as a whole, recent research has suggested.
According to a report by accountancy firm Grant Thornton, organisations across the world operating in both the private and public sectors are reporting similar issues with finding suitable staff for finance and accounting jobs.
Updated: 24 February 2010.
Categories: finance-and-accounting, london, market-and-industry-news.
Equity fund manager wins financial services job award
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.
Lloyds chief rejects banking job bonus
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.
HR professor: Workplace bullying is common
People in HR jobs have been advised that workplace bullying is a common problem throughout the UK.
Writing for the Telegraph, Charlotte Rayner, a professor of HR management at the Portsmouth Business School, stated that recent studies have suggested that around 13 per cent of employees feel they are the victims of "rude and disrespectful" behaviour on a weekly basis.
She advised professionals in HR jobs that incidents of bullying can often appear quite minor but can take their toll.
"If you look at each incident on its own, quite often one might be sceptical but when you take all the incidents together, what you're looking at is a pattern of behaviour," Ms Rayner stated.
She added that employers and people in HR jobs would be well-advised to treat workers in the best manner possible as this will encourage the most talented members of staff to remain with the company.
The issue of bullying in the workplace has hit the headlines in recent days following a series of allegations made against prime minister Gordon Brown.
Updated: 23 February 2010.
Categories: human-resources, market-and-industry-news.
Top RBS banker 'ready to turn down bonus'
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.
Lord Mandelson 'planning state investment bank'
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.
Kate Barker leaves Bank of England job
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.
Bob Diamond: Bring in banking bailout insurance scheme
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 staff 'set to command more power in the workplace'
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.
KPMG offering more graduate financial services jobs
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.
