January 2010
Bankers 'should have their own Hippocratic oath'
People in banking and financial services jobs should be forced to agree to an ethical pledge similar to the Hippocratic oath performed by doctors, it has been suggested.
Speaking to the Scottish parliament, Angus Tulloch, joint managing partner at First State Investments, said such a move would be an easier and more effective way of improving the sector than enforcing further regulation upon it, reports the Scotsman.
Mr Tulloch said that those in banking and financial services jobs, along with investor and companies, had become sucked into an "extreme short-term outlook" to the detriment of the sector.
He suggested the banking oath should read: "I will strive to achieve, through hard work, sober analysis and sound judgment, the best risk-adjusted return for my clients possible."
Earlier this week, City minister Lord Myners said that people in senior banking jobs should be striving to improve the state of their balance sheets ahead of worrying about how large their bonuses should be.
Updated: 08 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.
HR chiefs told to prepare for banking bonus tax
People in senior HR jobs with banking firms have been warned they must prepare properly for the implementation of the forthcoming Finance Act, which is set to be introduced in April.
Included in its legislation is the banking bonus tax and despite the furore surrounding the levy among people in the City a recent survey has suggested many in HR jobs are not up-to-speed with the planned changes.
Research carried out by business consultancy Mercer interviewed 200 HR directors about the Finance Act and found that 39 per cent had failed to investigate how the new legislation will affect their staff, reports Personnel Today.
Hannah Perera, principal in Mercer's human capital division, said: "The impact that the Finance Act will have on executive pay, benefits and motivation hasn't been fully appreciated."
"Organisations should already be anticipating and responding to the changes."
Last month, Credit Suisse announced it was cutting its bonuses to UK-based managing directors by around 30 per cent in response to the one-off levy.
Updated: 08 February 2010.
Categories: human-resources, market-and-industry-news.
Deutsche Bank sets aside 197m in banking bonus taxation
Bonuses awarded to people in London banking jobs with Deutsche Bank will result in the company paying the British government €225 million (£197 million) in additional taxation, it has been announced.
The figure was revealed in the company's fourth quarter results for 2009, which saw the company turn in a net income of €1.3 billion for its worldwide operations in the final three months of last year.
When the one-off levy was announced in the Pre-Budget Report last year, chancellor Alistair Darling said he expected it would raise an additional £550 million in taxation.
But the estimate appears to be far below what will actually be added to the Treasury's coffers through the legislation aimed against those in banking jobs.
Dr Josef Ackerman, chairman of Deutsche Bank's management board, said he expected further changes to how banking jobs are regulated in 2010, despite also predicting that the financial sector will stabilise.
"The effects of the recent crisis will take time to work through," he stated. "The regulatory framework of our industry will also [be] likely [to] see changes."
Updated: 08 February 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
HR staff 'should implement talent management initiatives'
People in HR jobs should consider implementing talent management initiatives to ensure that their company's most talented members of staff stay happy in their roles, it has been suggested.
Earlier this week, a survey of people carried out by Speechly Bircham and King's College found that 29 per cent of respondents in HR jobs had noted an increased amount of employee complaints in 2009 - many of which were attributed to a breakdown in relationships between managers and their subordinates.
Reacting to the figures, Ruth Spellman, chief executive of the Chartered Management Institute, said that people in HR jobs face a difficult challenge when it comes to keeping staff happy.
"Retaining and developing talented individuals is key to business success, so managers need to focus on creating a talent culture to ensure that employees are nurtured and developed to the advantage of the business," she suggested.
Ms Spellman added that it was vital for British companies to attract the right type of person for each job at their company in the first place.
Click the following link to find out more about our candidate services.
Updated: 04 February 2010.
Categories: human-resources, market-and-industry-news.
FSA 'will revoke banking licenses if bonus conditions are not met'
People in top banking jobs have been warned that their companies will have their banking licenses revoked if their bonus payouts do not adhere to Financial Services Authority (FSA) regulations.
Bank bosses have been told by the FSA that 60 per cent of payouts must be deferred - even for staff whose contracts conflict with this ruling, reports the Telegraph.
Many companies are believed to have lured staff to top banking jobs with their firms on the basis of guaranteed annual payouts, but the FSA edict has meant that banks will now have to renegotiate such deals.
One headhunter said: "These are tricky things to unpick."
"But cleverly, the FSA has put the onus on the banks to unwind the contracts, rather than itself getting embroiled in a complex legal row."
Last month, Adair Turner, chairman of the FSA, told Bloomberg that it was his organisation's role to regulate the sector, rather than making it "as large as possible", which he claimed some bankers want.
Click on the following links to read more about bonus payments and banking articles.
Updated: 04 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Top bankers to give evidence at financial crisis inquiry
People in some of the most senior banking jobs in the country will give evidence at an inquiry into how the financial crisis was allowed to occur, it has been announced.
Among those scheduled to appear at the Future of Banking Commission investigation are Mervyn King, governor of the Bank of England, Lord Turner, chairman of the Financial Services Authority and City minister Lord Myners.
Three separate sessions of the inquiry are planned to be held across February and March in London and members of the public have been invited to give evidence alongside those in banking jobs.
The stated aim of the commission is to come up with a series of constructive proposal designed to improve standards in the industry and prevent a repeat of the financial crisis.
Peter Vicary-Smith, chief executive of Which?, the organisation behind the event, said: "We're delighted that some of the key players in the banking world recognise the importance of this commission."
The Future of Banking Commission will be chaired by Conservative MP David Davis, with the Liberal Democrat's Vince Cable and Labour's John McFall also on the panel.
Updated: 04 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.
People in banking jobs 'should concentrate on improving balance sheets'
Financial rewards to people in banking jobs for bringing in short-term profits should not be placed ahead of the interests of shareholders, Lord Myners has said.
In a letter to the 50 top fund managers in the UK, the City minister stated that those in senior banking jobs should be focusing on improving the balance sheets of their firms rather than increasing staff pay and bonuses.
"Asymmetrical remuneration policies, tilted in favour of risk, might be good for traders," he stated.
"But they are not good for customers, employees, creditors and owners of banks - or the taxpayer."
He added that the way profit sharing was worked out had been unfairly balanced in favour of those in banking jobs for too long.
Last month, Andrew Haldane, executive director for financial stability at the Bank of England, gave a speech on a similar topic in which he urged banks to tackle their long-term debts ahead of rewarding staff with additional bonuses.
Updated: 04 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.
RBS bankers 'able to convert bonuses to cash within weeks'
People in Royal Bank of Scotland (RBS) banking jobs will be able to convert their bonuses into cash 12 weeks after receiving them, it has been announced.
Stephen Hester, chief executive of RBS, wrote to shareholders earlier this week to confirm the plan - which will see its staff in banking jobs initially receiving all of their bonuses in the form of shares.
In the letter, RBS admitted that its decision was "unlikely to please everyone" but argued that the move was a necessary step, describing it as a "well-intentioned attempt to reach an acceptable position for most parties".
Mr Hester has repeatedly argued that RBS must be able to pay high salaries to people in its top banking jobs to avoid a talent drain that would harm the chances of the bank recovering.
Last month, he told a Treasury committee that economic circumstances had changed since the height of the financial crisis - meaning that it was right for RBS to reward well-performing bankers.
Updated: 03 February 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Royal London 360 employee gets promoted to company board
A man in a senior financial services job with Royal London 360 has been promoted to the company's board.
Terry Kelly, who has worked for the company since 1999 in a variety of roles, is moving from head of customer services into a new position as director of customer operations.
In his new financial services job, Mr Kelly will be responsible for designing a strategic service model for the firm's operations in the Middle East, as well as managing a new Customer Thinking Initiative.
David Kneeshaw, chief executive of Royal London 360, said Mr Kelly was deserving of his promotion.
"It is a fitting reward for his hard work and dedication since joining us. His experience, coupled with the high regard in which he is held by members of his team, makes him an asset to the company," he stated.
Last month, the company gave its international sales manager Mike Lane a new financial services job as Royal London's first-ever wrap relationship manager.
Updated: 03 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
National Sickie Day may cost economy £30m
Businesses around the country may lose a combined total of £30 million today (February 1st 2010) as hundreds of thousands of members of staff call in sick.
The date has been dubbed 'National Sickie Day' by Employment Law Advisory Services, which estimates that up to 350,000 employees will take the day off work today - the highest amount in the entire year.
Peter Mooney, a spokesman for the company, said that many employers trust their workers enough to claim a day off through illness without having to speak to them directly - making it easier for staff to take advantage.
"The cost to the economy could soar," he warned.
"That is the last thing we need as we are slowly crawling out of the deepest recession for generations."
Under government legislation, staff who work four-day weeks or more and are paid more than £90 a week are entitled to statutory sick pay from their employer.
Updated: 01 February 2010.
Categories: human-resources, london, market-and-industry-news.
Ignis fills top financial services job
Ignis Asset Management has filled one of its top financial services jobs - appointing a new director of liquidity sales.
Billie Croan will leave his current financial services job as investment director at Irish Life & Permanent to take up his new role.
Mr Croan, who has previously worked at Standard Life, will report directly to Bruce Campbell, head of liquidity sales at the firm, who welcomed him to his new post.
"Billie has a wealth of experience and a wide array of long standing relationships having worked in the money markets for many years," said Mr Campbell.
"He will be a great asset to us as we continue to develop our investment proposition and market share."
Last month, Ignis filled another of its financial services jobs by appointing Chris Fellingham as its new chief investment officer for fixed income.
Mr Fellingham previously worked for the London-based asset management business Sorus Fund Management.
Updated: 01 February 2010.
Categories: banking-and-financial-services, career, london, market-and-industry-news.
Mark Neale takes top financial services job
A top financial services job has gone to Mark Neale, an experienced civil servant who has worked at the Treasury and the Home Office.
He is to join the Financial Services Compensation Scheme (FSCS) as its new chief executive, replacing currently incumbent Loretta Minghella in May 2010.
Mr Neale will leave his current financial services job as director general of budget, tax and welfare at the Treasury in order to take up the new position.
David Hall, chairman of the FSCS, said he was sure Mr Neale would be a success in his new role.
"He brings a great breadth and depth of leadership experience in large scale contingency planning, operational delivery and financial policymaking," Mr Hall stated.
Last month, FSCS filled another of its financial services jobs - appointing Kate Bartlett as its new director of operations.
Ms Bartlett, who is also set to become an executive director at the organisation, is to take on the role from February 1st 2010.
Updated: 29 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
HR staff 'have rejected candidates due to online profiles'
Many people in senior HR jobs have admitted to rejecting candidates applying for a position at their company after viewing an unfavourable social media profile of them.
According to research carried out by Microsoft, 41 per cent of HR managers have rejected an applicant because of this reason, while 64 per cent of people in HR jobs believe it is acceptable to consider what is on someone's Facebook or MySpace site when choosing potential employees.
Cliff Evans, head of privacy and security at Microsoft UK, said: "Reputation and information sharing as a privacy issue should be a major concern for individuals, particularly in a challenging economic environment where jobs are scarce."
The figures for those in the UK are far above our European neighbours.
In Germany, only 16 per cent of people in HR jobs believe such behaviour is allowable, while only 14 per cent of those questioned about the topic in France would reject a job applicant due to their online activities.
Last November, Labour MP Ashok Kumar tabled a motion in parliament calling for people in HR jobs to be legally required to provide a response to job applicants, whether they are selected for interview or not.
Updated: 29 January 2010.
Categories: human-resources, jobs, market-and-industry-news.
London banking jobs set to be created by new JPMorgan Chase unit
London banking jobs are set to be created by the establishment of a new global corporate banking unit by JPMorgan Chase.
The new division will offer credit and financial services to multinational corporations and is set to create hundreds of banking jobs as part of a $100 million (£62 million) investment by the company.
Greg Guyett, the current head of Japan for JPMorgan, will be moving to London to help set up the new unit.
He told the Financial Times that the intention behind the formation of the new division was "to balance our growth and increase the portion of our revenues that comes from outside the US and from emerging markets in particular and because, after the crisis, a number of our competitors are challenged".
The initial focus of the division is set to be on economies such as China, India and Brazil.
Last week, Savvas Savouri, chief economist at Tosca, predicted to the Financial Times that tens of thousands of new banking jobs will be created in London over the next decade - fuelled by demand from emerging economies for a Western base for their operations.
Updated: 29 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
HR jobs news: Fathers given rights to six-month paternity leave
People in HR jobs have been advised that fathers will now have the right to take six months off work under new paternity leave regulations.
The employment legislation change is set to be introduced from April 3rd 2011 and will allow fathers the option of taking over childcare for three months if the mother wishes to return to work six months after the child has been born and is willing to give up her maternity leave.
Those in HR jobs were told that parents will have to 'self-certify' themselves by providing details of why they are eligible to their employer.
Under the changes, new parents now have the legal right to 12 months off work between them.
Harriet Harman, minister for women and equality, said: "We've doubled maternity leave, doubled maternity pay, introduced paternity leave, more than doubled good quality affordable childcare places and introduced [the] right to request flexible working."
Earlier this week, Dr Adam Marshall, director of policy at the British Chamber of Commerce, wrote to Lord Mandelson to call on the government to stop "the constant threat of tinkering to employment law".
Updated: 29 January 2010.
Categories: human-resources, market-and-industry-news.
Banks must put balance sheets before staff bonuses
Rewarding staff in banking jobs with bonuses should be a secondary priority behind bolstering balance sheets, a leading figure at the Bank of England has stated.
Andrew Haldane, executive director for financial stability at the Bank of England, said that firms should concentrate on reducing their long-terms debts by holding on to profits rather than paying out more to shareholders and those in banking jobs.
"This would allow banks' balance sheets to be repaired while supporting lending to the real economy," he stated.
But he added that there had been little evidence of such behaviour so far among companies operating in the banking sector.
Last month, Mr Haldane revealed his fears that the financial sector was caught in a "doom loop".
He told BBC News that those in banking jobs felt confident making risky investments in the knowledge that the government will bail them out should the deal go wrong.
Each time a new bailout is made, firms are encouraged to make larger and riskier investments, he explained.
Updated: 28 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Potential pay cut warning for European banking jobs
Banking jobs in Europe may be subject to pay cuts and withheld bonuses, a new report has suggested.
According to Morgan Stanley analysts, the potential introduction of proposals made by the Basel Committee on Banking Regulations could have a dramatic impact on the sector, reports the Financial Times.
In December, the global body suggested that banks should not be allowed to pay out dividends or bonuses until they have improved the state of their capital reserves.
The Morgan Stanley report suggested that if such legislation is introduced, it would have a dramatic impact on people in banking jobs with Credit Suisse, BNP Paribas and Credit Agricole - three firms it highlighted as likely to cut payouts.
It added that European banks may also have to reduce their asset books by around 11 per cent should the recommendations be adopted.
Last month, David Lascelles, a senior fellow at the Centre for the Study of Financial Innovation, told Bloomberg that European banks were "sowing the seeds for the next crisis" after it was revealed that 15 of them now have more assets than the economy of the country they are based in.
Updated: 28 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
Bob Diamond: Banking jobs will be harmed by Obama's reforms
Banking jobs will suffer if Barack's Obama's plans to break up the banking sector are passed, Bob Diamond has warned.
Speaking at the World Economic Forum in Davos, Mr Diamond, the president of Barclays, said restricting the activities of commercial banks was a bad idea.
He stated that it would not only be banking jobs that were affected by such legislation.
"The impact on jobs, global trade and the global economy would be very negative," said Mr Diamond.
If Obama's proposals go through, retail banks in the US will not be allowed to engage in proprietary trading or have any stake in private equity firms or hedge funds.
Mr Diamond added: "I have seen no evidence that suggests shrinking banks and making them smaller and more narrow is the issue."
Last month, he told the Wall Street Journal that banking jobs should be better regulated rather than making financial institutions subject to restrictions on what sectors they are allowed to operate in.
Updated: 28 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, market-and-industry-news.
HR staff should think about running mentoring schemes
People in HR jobs should think about running mentoring programmes within their organisations to boost employee engagement, it has been suggested.
Stevan Rolls, head of HR at professional services Deloitte, told Personnel Today that his company had already launched such an initiative to help motivate staff through the recognition of their achievements.
He said that new economic realities were forcing people in HR jobs to be more creative in terms of employee engagement now there is less money available for pay rises.
"Kudos doesn't pay the bills but at the moment you can't really be putting loads of money into massive bonus schemes, because that wouldn't be a sensible thing to do," he said.
Mr Rolls added that mentoring can make learning and development budgets more cost-effective as staff pass on their own knowledge to each other.
Earlier this week, research carried out by the Henley Business School suggested that people in HR jobs are growing more confident about the UK's economic future and are beginning to refocus their attention on hiring new employees.
Updated: 28 January 2010.
Categories: human-resources, market-and-industry-news.
Gartmore fills financial services job
A financial services job at asset management company Gartmore has been filled.
Richard Turner joins the firm from Williams de Broe to take up the role of account director to the company's British retail distribution team.
In his latest financial services job, which is a new position at the firm, Mr Turner will be responsible for fund distribution to wealth managers and independent financial advisers (IFAs).
He will be reporting directly to Warren Shiels, head of intermediary sales at Gartmore.
Mr Shiels said Mr Turner was an excellent fit for his new financial services job.
"Richard's twelve years of financial industry experience with national IFA firms and third party clients in the UK will prove invaluable," stated Mr Shiels.
Gartmore has been carrying out something of a recruitment drive in recent months, appointing a new senior credit analyst and head of credit last September.
In October last year, it filled other financial services jobs at the company via the appointments of Brian Mitchell as head of dealing and Jan de Bruijn as head of Asian equities.
Updated: 28 January 2010.
Categories: career, finance-and-accounting, london, market-and-industry-news, permanent-placement.
Lawrence Churchill appointed to senior financial services job
Lawrence Churchill, the current chairman of the Pension Protection Fund, has landed another senior financial services job.
He has been appointed as chairman of the National Employment Savings Trust (NEST) by the Department for Work and Pensions.
Mr Churchill will take on his new financial services job from the start of February and his first responsibility will be putting together a team for the NEST Corporation, a body which will have the responsibility of ensuring that all British workers have pension arrangements in line with the Pensions Act 2008.
That agency is scheduled to come into being on July 5th 2010.
Mr Churchill said that he is looking forward to the "major undertaking" of setting up a trust-based occupational pension scheme for millions of people.
His appointment has been welcomed by Joanne Segers, chief executive of the National Association of Pension Funds, who said he was the right man for the financial services job.
"Lawrence Churchill is an excellent choice as the new chairman of NEST," she said. "His lifelong experience of the pensions sector will serve him well in this challenging role."
Updated: 27 January 2010.
Categories: career, human-resources, market-and-industry-news, permanent-placement.
HR staff starting to focus on recruitment again
People in HR jobs believe the worst of the recession has passed and are now starting to refocus on attracting new employees, a survey has suggested.
The Corporate Learning Priorities Survey 2010 said that HR professionals are feeling more secure about the future of their companies.
"HR professionals . anticipate turning their attention to succession planning and attracting new talent into the business," it said.
Henley Business School, which carried out the research, questioned 119 people in HR jobs and found that 67 per cent of them believe that the development of managers was one of their top two priorities this year, reports Personnel Today.
It was added that so-called "softer skills", including training in leadership styles, would also be a priority for people in HR jobs this year.
But last week, Martin Tiplady, HR chief for the Metropolitan Police, warned people working in the sector that HR needs to shed its "cuddly image" and adapt to the changing economic realities facing the UK.
Updated: 27 January 2010.
Categories: human-resources, jobs, market-and-industry-news, recruitment.
Banking jobs can no longer rely on bonus culture
Staff in London banking jobs are set to see changes to the way they are remunerated, according to the HSBC chairman.
Stephen Green told the Financial Times that one of the consequences of the financial crisis would be a fairer salary system not so reliant on paying out large and numerous bonuses for short-term gains.
"You've had bonuses paid off gross income, you've had bonuses paid off first-day [profits], you've had bonuses paid without any capital charge and so you can see how that gives rise to the wrong and frankly inflated numbers," he said.
Mr Green went on to predict that people in banking jobs would soon be working in a system that there is no need to feel uncomfortable about.
But his message is slightly different to the one given by Michael Geohegan, the chief executive of HSBC, earlier this month.
He told Sky News that further taxation on those in banking jobs would result in an exodus of talented staff from the UK.
Updated: 26 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
Goldman Sachs executives facing £1m pay cap
The top 100 executives in London banking jobs with Goldman Sachs are set to have their pay limited to a maximum of £1 million, it has been reported.
Meanwhile, more junior staff who receive more than £1 million for their work in 2009 will have 60 per cent of any amount above £1 million given to them in the form of deferred stock, reports the Times.
The move is a further measure to head off public anger about the remuneration levels being enjoyed by those in Goldman Sachs banking jobs.
It has already been announced that the company's management committee will receive their 2009 bonuses solely in stock, while last week the firm said its total worldwide bonus pot has been set at £10 billion, lower than many analysts expected.
Last week, Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs, said that a record year for the company had to be offset by recognition of the wider economic and political climate.
Updated: 26 January 2010.
Categories: banking-and-financial-services, international, london, market-and-industry-news.
Banking jobs tax 'could raise £3bn'
The banking jobs bonus tax may raise up to £3 billion in revenue for the Treasury, it has been forecast.
Government sources have suggested that financial institutions in the City of London have ploughed ahead with planned bonus payouts for staff in banking jobs - meaning that the new levy is set to rake in a far higher amount than initially anticipated.
When introducing the tax in his Pre-Budget Report last year, chancellor Alistair Darling said that he expected the one-off levy, which applies to bonuses of more than £25,000, to raise in the region of £550 million.
A revised official estimate will be published in the upcoming Pre-Election Budget once more banks have revealed their remuneration levels.
HSBC, Barclays and Royal Bank of Scotland have yet to publish their plans.
Last week, Credit Suisse said it would be cutting the bonus levels of staff in banking jobs across the world by five per cent in order to spread the cost of the levy.
Updated: 25 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
City employees 'leaving their banking jobs'
People employed in the City of London are leaving their banking jobs to move overseas or into positions at private equity firms or hedge funds, an industry executive has claimed.
Speaking to Sky News, Michael Geoghegan, the chief executive of HSBC, said that the higher levies currently being imposed on those in banking jobs were beginning to take effect.
"I know a large number of bankers are moving out of the UK," he said.
He added that the exodus may continue to grow if investment bankers are penalised with further tax increases.
"All will move to what I call shadow banking or twilight banking, they will move to small offices where they will not be regulated," Mr Geoghegan stated.
His words come as a contradiction to a prediction made last week by Savvas Savouri, chief economist at Tosca.
He predicted to the Financial Times that around 100,000 new banking jobs will be created in London over the next decade as nations with emerging economies, such as China and India, seek a western base for their financial operations.
Updated: 25 January 2010.
Categories: banking-and-financial-services, jobs, london, market-and-industry-news.
Drop in pay ratios for Goldman Sachs banking jobs
Salary and bonus payouts for people in banking jobs with Goldman Sachs have fallen in percentage terms - despite the company making record annual profits last year.
Its staff around the world are to share an overall total of $16.2 billion (£10 million) in compensation for their work in 2009 - a year which saw Goldman Sachs rake in annual profits of $13.4 billion and total revenue of $45.2 billion.
This means compensation this year is significantly higher in monetary terms for those in banking jobs with the company compared to 2008 levels.
But pay for 2009 stands at 36 per cent of the total revenue - the lowest ratio since the company went public in 1999.
Lloyd Blankfein, chairman and chief executive officer at Goldman Sachs, said that he foresaw another successful year for the company in 2010.
"Despite significant economic headwinds, we are seeing signs of growth and remain focused on supporting that growth by helping companies raise capital and manage risks," he stated.
Earlier this month, Mr Blankfein said that there would not be a repeat of the failures that led up the financial crisis during his lifetime.
Updated: 22 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
City HR chief - New taxes will make it harder to attract top bankers
It may become harder to attract high-quality staff to senior banking jobs due to the UK's tough tax regime, a London-based HR chief has warned.
Robert Potter, chairman of the City HR Association, told People Management that the introduction of the 50 per cent tax rate for higher earners this April, combined with the 50 per cent levy on banking bonuses, may make banking jobs in London less attractive.
"These changes may well give a negative perception of the City as a place to work," he said.
"Coupled with a potential talent drain, this could lead the City to lose its competitive edge in global markets."
He added that HR jobs and other positions within financial institutions will also be affected if firms feel they are being forced out of London by over-the-top taxation.
Earlier this week, Dan McNicholas, head of Asia financing sales at Bank of America Merrill Lynch, told Bloomberg that those in banking jobs in London and New York may consider a move to Asia as western governments tighten up their regulation of the industry.
He said that his company is currently in the process of helping to establish a dozen new hedge funds in the region.
Updated: 26 January 2010.
Categories: banking-and-financial-services, career, human-resources, market-and-industry-news, recruitment.
HR jobs 'must shake off their cuddly image'
People in HR jobs must change the way they operate if the profession is to survive in today's economic climate, it has been warned.
Speaking at the European HR Directors' Business Summit in Birmingham, Martin Tiplady, HR chief for the Metropolitan Police, said that those in HR jobs could see their role within businesses reduced or removed if the sector did not evolve.
"We need to change what we do - reposition ourselves as a cheaper, but more effective strategic offering," he stated. "We need to start using our muscle to drive serious organisational reform."
He added that it was vital that HR jobs managed to shake off their "cuddly image" to play a more leading role within businesses and organisations, reports Personnel Today.
Last month, research by Income Data Services revealed that HR jobs have not been too badly affected by the recession.
While 42 per cent of HR departments have kept employee numbers stable during the downturn, 23 per cent have actually managed to increase staff levels, reported the Financial Times.
Updated: 22 January 2010.
Categories: human-resources, jobs, market-and-industry-news.
London banking jobs 'returning to business as normal'
People in London banking jobs are gaining confidence as their firms start to show signs of recovering from the financial crisis, it has been suggested.
Edwin Van der Ouderaa, a senior financial services executive at management consultancy Accenture, told the New York Times that people in the City of London were starting to show a renewed sense of confidence.
"There's a buzzing feeling again," he stated.
"The City's still a bit calmer than it used to be, but it is definitely picking up and there is a lot of activity."
His comments were backed up by Chris Jones, a financial services specialist at PricewaterhouseCoopers, who said those in London banking jobs were now convinced the government would not allow any significant financial institution in the UK to collapse.
Earlier this week, Savvas Savouri, chief economist at Tosca, told the Financial Times that 100,000 new London banking jobs may be created in the next decade thanks to countries with emerging economies, such as China, India and Brazil, seeking a western hub for their financial operations.
Updated: 22 January 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
FSA: Those in financial services jobs must protect clients' money
People in financial services jobs in investment firms and insurance brokers have been warned that they must ensure that the money and assets of clients are properly protected.
The Financial Services Authority (FSA) has written to the chief executive officers of such companies to warn them of the potential consequences of failing to manage this.
According to the regulator, it has already seen widespread examples of incomplete or inaccurate records, unclear arrangements for the segregation of clients' money and poor management oversight and control practices.
The FSA said it has already frozen the assets of one firm.
Sally Dewar, FSA managing director of risk, told those in financial services jobs that client asset rules must be adhered to.
"It is simply unacceptable that firms are not ensuring that consumers get the appropriate protection," she stated.
"We . will be following up these concerns with further visits this year."
Last month, the FSA proposed changes to how financial institutions conduct stress tests.
The regulator wants to carry out its own periodic stress tests on businesses operating as part of a more robust examination process.
Updated: 22 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
FSA: Those in financial services jobs must protect clients' money
People in financial services jobs in investment firms and insurance brokers have been warned that they must ensure that the money and assets of clients are properly protected.
The Financial Services Authority (FSA) has written to the chief executive officers of such companies to warn them of the potential consequences of failing to manage this.
According to the regulator, it has already seen widespread examples of incomplete or inaccurate records, unclear arrangements for the segregation of clients' money and poor management oversight and control practices.
The FSA said it has already frozen the assets of one firm.
Sally Dewar, FSA managing director of risk, told those in financial services jobs that client asset rules must be adhered to.
"It is simply unacceptable that firms are not ensuring that consumers get the appropriate protection," she stated.
"We . will be following up these concerns with further visits this year."
Last month, the FSA proposed changes to how financial institutions conduct stress tests.
The regulator wants to carry out its own periodic stress tests on businesses operating as part of a more robust examination process.
Updated: 21 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
People in HR jobs 'should take inspiration from company employees'
Those in HR jobs can pick up innovative ideas from staff within their company, an executive at one of Britain's most successful companies has said.
Therese Procter, HR director at Tesco, told the European HR Directors' Business Summit that it was not always necessary to look at other organisations for inspiration.
"In the same way we talk to our customers about what they want to see from Tesco, we never stop talking to our staff," she said.
Ms Procter added that people in senior HR jobs could not afford to stop innovating and should "keep pushing boundaries" within their company, reports HR Magazine.
She went on to say that that those in HR jobs should be able to demonstrate a return on investment from staff training programmes to ensure that their budgets are not cut.
Earlier this week, a poll carried out by law firm Salans and HR consultancy The Scala Group revealed that 59 per cent of British companies feel that their HR department had helped them cope with the effects of the recession on their business.
Updated: 21 January 2010.
Categories: human-resources, market-and-industry-news.
Banking jobs bonanza predicted for London
Up to 100,000 new financial services and banking jobs could be created in London over the next decade, an expert has predicted.
In comments reported by the Daily Telegraph, Savvas Savouri, chief economist at Tosca, said that the economic growth of countries such as Brazil, Russia, India and China will fuel job creation in the capital.
He stated that these countries do not have the infrastructure in place to support the amount of financial services and banking jobs necessary to serve their emerging economies.
"We have an affinity with India, with the Gulf, even with China - via Hong Kong," Mr Savori told the Financial Times.
"These markets will want a western hub."
Earlier this month, a study carried out by independent market research consultancy High Fliers forecast that there will be a 30 per cent rise in the number of investment banking job vacancies open to graduates in 2010.
It also predicted an upturn in the number of graduate jobs in high street banks and financial
Updated: 21 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, london.
HR professionals predict 2% pay rises in the private sector
People in HR jobs have predicted that employees working in the private sector can expect an average pay rise of about two per cent this year.
According to the results of research carried out by management consultancy Hay Group, 75 per cent of those in HR jobs with firms that froze salaries last year expect such caps to be lifted over the course of 2010.
Despite the optimism about remuneration, 90 per cent of those questioned said they believed the recession would get worse before the economy improved.
Claudia Canavesio, reward expert at Hay Group, said: "We are starting to see a cautious but growing optimism among UK organisations, reflected in a predicted recovery in salaries and bonuses."
"However, there remain significant challenges ahead."
Last month, the Chartered Institute of Personnel and Development (CIPD) predicted that unemployment will peak this summer - leaving around 2.8 million out of work at that point, reported Personnel Today.
Updated: 21 January 2010.
Categories: human-resources, jobs, market-and-industry-news.
CBI chief: Financial services sector is vital to the UK
People in financial services jobs are vital to the health of the British economy, according to Richard Lambert, director general of the Confederation of British Industry (CBI).
Speaking at the launch of the PricewaterhouseCoopers and CBI report entitled The Future of the Financial Services, Mr Lambert said the sector was needed to provide support for businesses and consumers in the country.
He added that those in financial services jobs had to strike a balance between being both "responsible and innovative" when carrying out their work on a day-to-day basis.
"We must learn the right lessons from the catastrophe that hit parts of the wholesale banking sector . and build a regulatory and tax structure that encourages healthy competition and sustainable growth," he stated.
In November, Mr Lambert predicted that the way in which financial services jobs operate is set to change - with a greater focus being placed upon long-term success rather than short-term gains.
Updated: 21 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Lord Myners fills NS&I financial services jobs
Two senior financial services jobs at NS&I have been filled.
Financial services secretary Lord Myners has appointed John de Trafford and David Hulf as non-executive directors at the organisation.
The pair are to replace Paul Spencer and Michael Medlicott, whose six-year tenure, which is the maximum time allowed in the posts, came to an end last month.
Mr de Trafford previously held a variety of different financial services jobs at American Express, working as its head of consumer marketing in the UK, as well as regional president for northern Europe.
Meanwhile, Mr Hulf has worked until recently at BP as its deputy global chief financial officer.
Jane Platt, chief executive of NS&I, said she was delighted to welcome the pair to their new financial services jobs.
"These two outstanding appointments will strengthen the team as we take the next steps in delivering NS&I's modernisation programme," she stated.
Earlier this month, an NS&I survey revealed that 30 per cent of people in the UK are planning to save more money this year than they did in 2009.
Updated: 21 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Credit Suisse cuts London execs bonuses by 30 per cent
Credit Suisse has told 400 of its employees in senior London banking jobs that their bonus payouts will be cut by almost a third.
The move is a reaction to the government's new 50 per cent levy on bonus payouts of more than £25,000 and Credit Suisse's decision will affect its UK-based managing directors.
Meanwhile, its global pool for those in banking jobs with the company is also being reduced by five per cent to help spread the cost of the UK tax.
However, Credit Suisse has not revealed the precise size of its bonus pot and payouts may still be higher than 12 months ago following profit increases last year.
Earlier in the month, research carried out by the Chartered Institute of Securities & Investment revealed that almost two-thirds of people in financial services jobs do not support the banking tax.
Around 61 per cent of respondents supported those in banking jobs and said the levy was unjustified.
Updated: 21 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Three join Financial Reporting Council
Three financial services jobs on the board for actuarial standards (BAS) at the Financial Reporting Council have been filled.
Among those joining the board are Oonagh McDonald, a former director at the Financial Services Authority.
She held a senior financial services job as a director at Skandia Insurance Group.
Ms McDonald is joined on the board by Mukesh Muttal, the former chief actuary of Old Mutual and deputy chief actuary Allianz SE.
They will be joined at the FRC by another new colleague - David Hare, actuary to Standard Life UK.
Sir Christopher Hogg, chairman of the FRC, expressed his delight with the quality of appointments made by the body.
"Each has very valuable experience and background for BAS in this crucial year when key Technical Actuarial Standards are scheduled to be produced," he stated.
Sir Christopher added that he expects to make one further appointment to the board in the near future.
Earlier this month, the FRC called for clarity in how intangible assets are valued in annual reports and accounts by those in merger and acquisition accounting jobs.
Updated: 21 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
HR 'highly valued in the UK'
The work of those in HR jobs is more highly valued in the UK than in most other countries, a new survey has suggested.
According to the International Human Resources Barometer study, 59 per cent of respondents in British companies feel that their HR department has helped them cope with the effects of the recession.
In comparison, only 38 per cent of those polled outside of the country felt the same way.
The report was carried out by HR consultancy The Scala Group and law firm Salans.
Barry Mordsley, global co-head of the employment group at Salans, told Personnel Today that people in HR jobs were becoming more important to their organisations.
"Especially in larger corporations, the HR function is very sophisticated and at the centre of business strategy decisions, rather than being the afterthought as it once was, say 15 years ago," he said.
Last week, Fiona Czerniawska, joint managing director of Sourceforconsulting.com, suggested that HR jobs were undergoing a generational shift, with more focus being given to areas such as performance management.
Updated: 19 January 2010.
Categories: human-resources, market-and-industry-news.
BIBA appoints two new board members
Two men in senior financial services jobs have been appointed to the board of directors at the British Insurance Brokers' Association (Biba).
Ken Davidson, chairman of Crispin Speers, has prior experience of the organisation having previously held the post of chairman of Biba's London Market Regional Committee (LMRC).
Another new board member is Brendan McManus, who currently holds a senior financial services job as chief executive of Willis UK & Ireland.
Before joining Willis, Mr McManus worked at Royal & SunAlliance as managing director of its brokerage business.
Eric Galbraith, chief executive of Biba, said both had excelled in their previous and current financial services jobs and would do so again on the organisation's board of directors.
"I look forward to welcoming Brendan and Ken to the board as I know that they will both bring invaluable understanding and experience of the broker market," he stated.
Last week, Biba also added Guy Holland-Bosworth, chief executive of Hayward Aviation and Kevin Hancock, Bluefin managing director of underwriting, to its LMRC board.
Updated: 19 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Staff in London banking jobs 'may be tempted to Asia'
Staff in London banking and financial services jobs may be tempted to transfer to Asia, it has been suggested.
Dan McNicholas, head of Asia financing sales at Bank of America Merrill Lynch, told Bloomberg that his company was currently helping to establish more than a dozen new hedge funds in the region.
He attributed the growing trend to harsher industry regulation in Europe and the US, going on to suggest that those in banking jobs in London and New York could be ready to make such a move.
"When you compare to New York or London, the business environment has been very friendly for managers," he said of Hong Kong and Singapore.
"[In London and New York] you are seeing tax proposed and other restrictions on business."
Last week, a poll carried out by the Chartered Institute of Securities & Investment (CISI) revealed that 61 per cent of people in financial services jobs believe that the 50 per cent levy on bankers' bonuses is unjustified.
Updated: 19 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, london.
UBS 'appoints Dermot Murphy to financial services job'
UBS has appointed Dermot Murphy to one of its senior financial services jobs, it has been reported.
The former head of Credit Suisse's European distressed debt trading has accepted the role of co-head of UBS's non-investment debt trading, according to the Financial Times.
He is one of a number of professionals taking up new financial services jobs with the Zurich-based international wealth management firm.
The distressed debt research division will now be headed up jointly by Andrey Panna and Clemens Zehndorfer.
Last month, UBS announced it will not be engaging in legal action against former senior staff over its sub-prime losses.
A board review found there was no evidence that those who had previously held senior financial services jobs at the company had acted with criminal intentions.
For this reason, no civil action will be entered into by the organisation.
Officials stated they had "drawn a line" under the past and put measures in place to ensure there is no chance of a repeat situation.
Updated: 19 January 2010.
Categories: finance-and-accounting, london, market-and-industry-news.
Ernst & Young 'thrilled to be most gay-friendly accountancy jobs provider'
Ernst & Young is "thrilled" to be recognised as the most gay-friendly accountancy jobs provider in the UK.
The firm was the highest-scoring accountancy organisation in Stonewall's Workplace Equality Index (WEI), finishing third overall.
It was given the Employee Network Group of the Year gong by the charity in recognition of the work of its Gay, Lesbian and Transgender group (EYGLES).
This support service offers mentoring, workshops and networking events to its members.
Co-chair of EYGLES Cameron Carnell remarked: "I have been particularly impressed with the way EYGLES has influenced the broader diversity and inclusiveness agenda at Ernst & Young."
IBM came out on top of the WEI, with Hampshire Constabulary, Brighton and Hove City Council, Goldman Sachs, the Home Office and Manchester City Council also appearing in the top ten.
Last year, Ernst & Young was honoured at the Arts and Business Awards for its educational work with young people in the community.
Updated: 19 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Financial services firms 'may face record number of complaints'
Those in financial services jobs are set to be the subject of a record number of complaints this year, it has been predicted.
Regulatory body the Financial Ombudsman Service (FOS) said that it expects there will be a 27 per cent increase in the amount of complaints it receives about financial firms in 2010/11.
If the forecast is correct, that will mean 210,000 consumers contacting the FOS, up from 165,000 doing so in 2009/10.
That figure itself is a 44 per cent rise on the amount recorded in 2008/09.
Those working in consumer credit and banking jobs were warned that the two sectors are likely to face the largest increases in the number of complaints made against their companies.
Earlier this week, the FOS announced it was filling one of its own top financial services jobs.
It has appointed Natalie Ceeney, who has previously worked as a strategic consultant at McKinsey & Company, as its new chief ombudsman and chief executive.
Updated: 18 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Graduate banking job vacancies 'up by more than a third'
Graduates seeking investment banking jobs in the City of London have been told that vacancies for such positions will increase by more than 30 per cent in 2010.
According to independent market research consultancy High Fliers, there are also an increasing number of graduate positions at financial services firms and high street banks.
Among the companies offering the most financial services jobs this year are PricewaterhouseCoopers (which has more than 1,000 vacancies), Deloitte (1,000 positions) and KPMG (600 jobs).
Martin Birchall, managing director of High Fliers, said: "After two years of swingeing cuts in graduate recruitment, it's very encouraging that Britain's best-known and most sought-after employers are stepping up their entry-level vacancies for 2010."
But, he warned that the job market will remain tough for university leavers as many of the positions had already been filled by graduates who had job offers postponed in 2009.
Earlier this week, a Confederation of British Industry report stated that this quarter was likely to be a stable one for those in financial services jobs, with redundancies forecast to be "minimal".
Updated: 18 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
HR manuals 'should be digitised'
People in HR jobs have been told they should consider digitising their company manuals.
According to eServices provider Transversal, printing HR manuals costs British businesses around £300 million a year.
The company's report also suggested that employees in HR jobs could improve productivity by digitising content as staff will be able to access key information with greater ease.
Davin Yap, chief executive officer of Transversal, said that printed manuals were behind the times in our fast-moving age.
"A manual is out of date from the minute it is printed - as such the HR department need to embrace more innovative, web-based ways to communicate with employees," he stated.
He added that HR jobs were increasingly focused on providing cost-effective solutions rather than just personnel management.
Earlier this week, Fiona Czerniawska, joint managing director of Sourceforconsulting.com claimed that HR consultancy jobs are undergoing a generational shift as the industry adapts to changing economic circumstances.
Updated: 18 January 2010.
Categories: human-resources, market-and-industry-news.
RBS chief defends banking jobs pay structure
The remuneration packages of staff in banking jobs at Royal Bank of Scotland (RBS) have been defended by its chief executive, Stephen Hester.
Facing questions from a Treasury committee about the pay levels at RBS, which is 84 per cent owned by the government, Mr Hester said that it was vital that those in top banking jobs received salaries that matched their levels of expertise.
He added that economic circumstances had changed since the height of the financial crisis, reports the BBC.
"The world looks a bit less gloomy today than it did in February when the asset protection scheme was conceived and also RBS's far-reaching restructuring has begun to pay off as well," he said.
Last month, company insiders told the Times that more than 1,000 members of staff had left RBS banking jobs in 2009.
It was reported they were lured to other companies by promises of higher salaries and guaranteed bonus payouts.
Updated: 18 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
HR jobs 'undergoing a generational shift'
HR jobs are undergoing a shift in what they involve, it has been suggested.
The claim came after new research carried out by Sourceforconsulting.com was published, showing that the HR consulting industry shrunk by 20 per cent in the past 12 months.
Fiona Czerniawska, joint managing director of Sourceforconsulting.com and author of the report, said those in HR jobs should prepare for changes.
"Our research points to a generational shift in HR consulting, away from traditional areas to focusing more on performance management," she stated.
She added that the difficult year the HR consultancy industry had been through may lead to wider changes in how the sector operates.
Ms Czerniawska predicted that there will be an increased number of mergers - with more niche specialist companies having to collaborate with their larger, more traditional rivals.
Earlier this month, two people management consultancies, Towers Perrin and Watson Wyatt, completed a merger.
The new company is to be known as Tower Watson and John Haley, chief executive of Wyatt Watson, is to become chairman and chief executive of the firm.
Updated: 18 January 2010.
Categories: human-resources, market-and-industry-news.
Ignis fills financial services job
A financial services job at Ignis Asset Management has gone to Chris Fellingham, who has previously worked for Royal Insurance and Blackrock/ Merrill Lynch/ Mercury Asset Management.
Mr Fellingham has been appointed as chief investment officer for fixed income at Ignis, with Peter Reid to remain responsible for all other asset classes in his role as chief investment officer at the firm.
Before taking on his new financial services job at Ignis, Mr Fellingham worked for George Soros's London-based asset management business.
Chris Samuel, chief executive at Ignis, said that the appointment would help the company achieve its ambitious goals in the coming year.
Mr Samuel stated: "Chris's appointment is obviously a major coup. His experience and input will be invaluable to the business."
"This is another major step towards ensuring that we have the investment and management talent to deliver on our aspirations."
Earlier this week, Stuart Thomson, chief economist at Ignis Asset Management, told the Times that the company does not believe the UK will lose its AAA debt rating, even if the upcoming general election results in a hung parliament.
Updated: 12 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Stability forecast for financial services jobs
Financial services jobs are expected to remain relatively secure this quarter, the Confederation of British Industry (CBI) has forecast.
Although the latest CBI report does expect the next three months to be a tough period for the sector, as business volumes fall and profitability stagnates, it added that there were some positives from the last quarter for those in financial services jobs.
Ian McCafferty, chief economic adviser for the CBI, said: "Confidence in the general business situation has continued to increase, profitability improved and a much slower reduction in numbers employed was seen in this survey."
He added that job losses in the financial services industry are expected to be "minimal".
The report also noted that 31 per cent of firms are now positive about their future economic outlook than they were in September 2009.
Earlier this month, Mr McCafferty said that the UK could expect sub-par growth throughout 2010 and into 2011 as the economy struggles to get back to its feet.
Updated: 12 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Natalie Ceeney appointed as chief ombudsman
A top financial services job has gone to Natalie Ceeney, a former strategic consultant at McKinsey & Company.
Ms Ceeney has been appointed as chief ombudsman and chief executive at the Financial Ombudsman Service (FOS).
Her responsibilities will include overseeing the 200,000 complaints a year handled by the regulatory agency.
She is replacing Walter Merricks in the financial services job after he stepped down from the post last October.
Sir Christopher Kelly, chairman of the agency, said that he was sure Ms Ceeney would be a success in her new financial services job.
"Natalie will be ideally positioned to meet [the challenges ahead] - with her extensive experience in strategic change management and engagement with a range of government departments and stakeholders," he stated.
Last month, a spokesman for the FoS told ThisIsMoney that the agency may still consider consumer complaints against overdraft charges, despite a legal ruling made by the Supreme Court saying that such levies were justified.
Updated: 11 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
JPMorgan Chase bankers 'set for record bonuses'
People in JPMorgan Chase banking jobs are set to share a bonus pot of around £18 billion, it has been reported.
The figure, reported by the Daily Telegraph, would make the company one of the leading banks in terms of remuneration payouts.
JPMorgan Chase has taken on an additional 50,000 members of staff since 2008 via its acquisitions of Bear Stearns and Washington Mutual.
Even taking into account the extra members of staff, bonuses are in line to increase to an average of £81,000 per person, up from £62,000 a year ago.
Andrew DeSouza, of US-based investment banking body Sifma, said that those in banking jobs with JPMorgan Chase and other global firms were being rewarded under new pay regulations introduced by many companies.
"The story behind those numbers reflects changes many companies have made," he explained.
"These include a kind of 'pay for performance' that more closely links compensation practices to the long term success of the company."
Two months ago, JP Morgan was ranked first among students in the UK and US in a poll to find out who their ideal employer was.
Updated: 11 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Witan Investment Trust fills financial services job
The top financial services job at Witan Investments Trust has been handed to Andrew Bell, the current head of research and strategy at Rensberg Sheppards Investment Management.
Mr Bell will take on the role of chief executive officer (CEO) at Witan once a handover period has been agreed between the two companies.
He said of his new financial services job: "The CEO role at Witan is a great opportunity in a sector that in my view has a great deal to offer investors and in which I have had a special interest for many years."
His position at Rensberg Sheppards is to be filled with immediate effect by John Haynes, who has previously worked there as a North American strategist and as chairman of the firm's asset allocation committee.
In its recent Market Monitor report for winter 2009, Rensberg Sheppards said that equity markets had consolidated their summer 2009 growth levels during the final quarter of last year.
Updated: 08 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Adair Turner: Not the FSA's role to create financial services jobs
Adair Turner, the chairman of the Financial Services Authority (FSA), has said that it is not the task of the regulator to help create more financial services jobs.
He told Bloomberg that the FSA exists to challenge any wrongful practices being carried out by those in the sector rather than to merely make it "as large as possible".
"There is a confusion that blew up over the years that the FSA ought to be the cheerleader for London's financial services industry," he stated.
But Mr Turner's days of regulating financial services jobs may be numbered as the Conservatives have pledged to abolish the FSA if they are elected this year.
David Cameron has said the FSA had failed to effectively regulate the banking industry in the years leading up to the financial crisis.
In November, the government gave the FSA the power to void the contracts of those in banking jobs if it was found they contravene specific rules governing the sector.
Updated: 08 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
London's investment banks 'are doubling salaries'
Brokers are being tempted back into banking jobs by investment firms offering to double their salaries to compensate for lower bonus payouts, an industry expert has said.
Daryl Bowden, co-chief executive of the equities unit of brokerage ICAP, told Bloomberg that traders and analysts who left their banking jobs for brokerage companies during the financial crisis are being targeted by their former employers.
"They're doubling salaries and offering above-average compensation," he stated.
"Banks today have limited risk so people can work there without fear."
At the height of the financial crisis, investment banks in London cut around 49,000 jobs with boutique firms taking on many of those made redundant.
Robert Iati, global head of consulting at research firm TABB Group, said a "boomerang effect" was starting to take place with many of these people returning to banking jobs.
Last week, the Guardian reported that investment bankers at Barclays may be in line for pay rises of 150 per cent, with their salary increase being backdated to last June.
Updated: 08 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Improvements needed in M&A accounting jobs
Staff in merger and acquisition (M&A) accounting jobs need to work harder to ensure that clearer information is given about how intangible assets, such as brand loyalty, are valued in annual reports and accounts, according to the Financial Reporting Council (FRC).
It stated that investors tend not to find the information provided to them by those in M&A accounting jobs that useful, adding this may be due to a poor application of the International Financial Reporting Standard on business combinations.
Ian Wright, director of corporate reporting at the FRC, said: "A step change is needed in the quality of information about M&A transactions.
"Improvements should result from new fair value guidance and more practical experience of estimating fair values for intangible assets."
Last month, the FRC put forward its proposals for a new code to govern financial services job.
In wants to see annual re-election votes for boards of directors, as well as remuneration linked to a company's long-term performance.
Updated: 07 January 2010.
Categories: .
Scottish Widows fills financial services job
Scottish Widows Investment Partnership (SWIP) filled one of its top financial services jobs by appointing Mark Connolly as its new director of fixed economy.
Mr Connolly has more than 30 years of experience in the sector and joins the SWIP from Standard Life Investments, where he was employed as executive director of distribution and client services.
Dean Buckley, managing director of SWIP, welcomed Mr Connolly to his new financial services job and said that he was delighted to have made the appointment.
"Mark brings with him a huge amount of experience and success not just in fixed income but also across other disciplines including sales and marketing," Mr Buckley stated, adding that he believed the arrival will help SWIP develop its fixed income offering.
Two months ago, SWIP filled another of its financial services jobs when it appointed James Taylor, the former head of fixed income portfolios at Gulf investment Bank, as an investment director in the field of government bonds.
Updated: 07 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
Caroline Waters: My OBE will help recognition of HR jobs
HR jobs will benefit from the award of an OBE to a HR director at BT, according Caroline Waters, the woman who was honoured in the New Year list.
Speaking to Personnel Today, Ms Waters said she was delighted to receive the decoration and hoped it would highlight the good work done by many in HR jobs.
"Any recognition of the role HR has to play in industry is a good thing," she stated.
Ms Waters, who is director of people and policy at the telecommunications firm, said her goal for this year was to help BT maintain and improve its widely-praised and award-winning diversity and equal opportunities policies.
In 2009, BT was named as one of the most family-friendly companies by Working Families, the most race-friendly business by Race for Opportunity and as "the most gay-friendly organisation in the world" by the International Gay and Lesbian Chamber of Commerce.
Updated: 07 January 2010.
Categories: human-resources, market-and-industry-news.
Support shown for those in banking jobs over bonus tax
People in banking jobs who have complained of being victimised by the government's new 50 per cent tax on bonuses have received support in a new poll.
Research was carried out by the Chartered Institute of Securities & Investment (CISI) and found that 61 per cent of people in financial services jobs believe that the levy is unjustified.
One opponent of the measure told the CISI survey that he believed the legislation would backfire badly against the government.
"This is blatant electoral opportunism and will see wealth generators leave this country in their droves," the unnamed respondent said.
"London will be less competitive and we will no longer be at the forefront of the financial industry."
Last month, the Independent reported that Goldman Sachs is considering moving 1,000 of its 5,000 London banking jobs to Spain in reaction to the bonus tax.
The one-off levy applies to bonuses of more than £25,000 and is paid by financial institutions rather than the bankers themselves.
Updated: 07 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Banking job exodus 'will hurt the UK'
A potential exodus of staff in top banking jobs and their firms could damage the UK's economy, it has been warned.
There have been widespread reports recently that bankers are considering leaving the country due to a combination of tough new taxes against the sector and repeated public condemnation of those who work in banking jobs.
Michael Baxter, an economics analyst at Investment and Business news, said there was a real danger that companies such as Goldman Sachs will leave the country, meaning a loss of the tax contributions made by its workers.
"The tax income this would bring would go a long way to rectifying the fiscal deficit for the UK," he stated.
"We don't want to kill the goose which lays the golden eggs."
But Mr Baxter added that he could sympathise with public anger against those in banking jobs following the global financial crisis, adding that it would take a brave government to go against the current popular mood.
Updated: 07 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Top financial services job filled in London
A top financial services job in London has gone to Therese Reinheimer-Jones.
Ms Reinheimer-Jones has been appointed as regional director for London by the National Skills Academy for Financial Services (NSAFS).
She has previously worked as the head of the Financial Services Skills Academy at Tower Hamlets College in the capital.
In her new financial services job Ms Reinheimer-Jones will be responsible for helping employers understand and respond to new regulation of the sector, as well as providing support with the development of staff skills.
Geoff Kinsella, chairman of the London board of NSAFS, welcomed her appointment and added: "NSAFS is well placed to assist employers to face these challenges and to ensure that the quality of the employees in the sector allows London to retain a competitive edge."
Last year, NSAFS filled another of its top financial services jobs by appointing Karl Hopper-Young, a director at Sussex Independent Financial Advisers, as chairman of its south-east regional board.
Updated: 06 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
FSA fills financial services job
A Financial Services Authority (FSA) job has gone to Julian Edwards.
Mr Edwards, who has previously worked at Which? and Consumer International, will take up a newly-created financial services job at the regulator - that of consumer senior adviser.
In the role, he will oversee the FSA's commitment to deliver "better outcomes" to consumers via tough supervision and risk assessments of financial institutions.
Hector Sants, chief executive officer of the FSA, said that he was sure Mr Edwards would be a success in his new financial services job.
"Through intensive and intrusive regulation we are focusing our skills and insight into not just taking action when we find failures - but proactively identifying and addressing issues that have the potential to harm consumers," he added of the FSA's overall plans.
Last month, the FSA also appointed former Natwest regional managing director Graham Halliday as a new senior adviser specialising in the retail banking sector.
Updated: 06 January 2010.
Categories: finance-and-accounting, market-and-industry-news.
HR director warns of potential employee exodus
People in top banking and financial services jobs could leave the UK once tough new taxes are introduced from April next year, a HR director has warned.
That is the date when income tax will rise to 50 per cent on earnings of more than £150,000 a year and staff in HR jobs have been warned they may have a fight on their hands to keep their company's top employees.
Daniel Kasmir, group HR director at Xchanging, told Human Resources magazine: "The implications could be significant. These senior, high-earning staff are the real brain-boxes of business."
"People who are earning salaries of £5 million or £6 million will attempt to go elsewhere."
The new rate will put the UK's taxes for higher earners above countries like the US, Germany and Australia.
Last month, Guy Lamb, an employment partner at law firm DLA Piper, told Personnel Today that those in HR jobs with banking firms would have to deal with staff wanting to change their contracts in the wake of the new 50 per cent levy on bonuses.
Updated: 06 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, london, market-and-industry-news.
HR firms complete merger
Some top HR jobs have been affected after two people management consultancies, Towers Perrin and Watson Wyatt, completed a merger.
The new global professional services company is to be known as Tower Watson and the chief executives of the two companies have been given new job titles.
John Haley, chief executive of Wyatt Watson, is to become chairman and chief executive of Towers Watson.
Meanwhile, Mark Mactas, who held the equivalent HR job at Towers Perrin, is to become deputy chairman, president and chief operating officer at the new firm.
Mr Mactas said that the deal had helped to create a strong new organisation.
"With our combined experience and breadth and depth of skills, we will be able to provide greater insight as we work with our clients and greater opportunities for our people and our shareholders," he said.
Plans for the merger were originally announced in June 2009, with the implied equity value of the deal put at around $3.5 billion (£2.2 billion).
Updated: 05 January 2010.
Categories: human-resources, market-and-industry-news.
HR director at BT awarded OBE
A woman in a top HR job with BT has been awarded an OBE in the New Year's honours list for her services to diversity and equal opportunities.
Caroline Waters, director of people and policy at the firm, received the award after BT was named the most race-friendly company to work for in 2009 by equality campaign organisation Race for Opportunity.
Those in HR jobs with BT also helped to ensure that the telecommunications giant also received an award from Working Families for being one of the most family-friendly employers operating in the UK, reports Personnel Today.
Flexible working policies at the company have meant that 97 per cent of new mothers returned to the firm following their maternity leave, a figure that is around twice the national average.
The company said that the high retention levels of new mothers was saving BT around £6 million a year in recruitment costs.
Updated: 05 January 2010.
Categories: human-resources, market-and-industry-news.
Banking jobs 'may be hit be further aftershocks'
People working in banking jobs have been warned that their sector may be hit by further repercussions from the financial crisis over the course of the next 12 months.
The warning came from Richard Lambert, director general of the Confederation of British Industry (CBI), in his New Year message.
He told those in banking jobs that the international crisis affecting the industry is "far from resolved", despite significant improvement in the situations at UK banks in the past six months.
Mr Lambert added: "There could be more aftershocks to come from the global credit crunch, the process of regulatory reform has hardly begun and the transition to more robust funding structures is likely to be both slow and expensive."
Last month, the Bank of England said that it believed conditions in the banking sector were improving.
In its biannual Financial Stability report, the Bank stated that low-risk interest rates had played their part in improving a range of asset prices.
Updated: 05 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Pay curbs 'could hit thousands of banking jobs'
Government pay curbs could hit "tens, if not hundreds of thousands" of British workers whose employment is directly and indirectly linked to banking jobs, it has been warned.
Angela Knight, chief executive of the British Banking Association, stated that while those working in the sector understood the public anger directed at the sector, there was a real danger that billions of pounds of tax income could be lost if firms choose to leave the UK.
"The impact would be very quickly felt on the UK economy and people's lives should Britain cease to be the location of choice for international banking," she said, stating that it was "deeply irresponsible" of decision makers to ignore the consequences of pay curbs aimed at bankers.
Earlier this month, chancellor Alistair Darling used his Pre-Budget Report to announce that banks will pay a one-off levy of 50 per cent on bonus payouts to staff of more than £25,000.
Updated: 04 January 2010.
Categories: banking-and-financial-services, market-and-industry-news.
