November 2009
Neil Roden 'offered to quit HR job with RBS'
The man in the top HR job at Royal Bank of Scotland (RBS) tendered his resignation following the replacement of Sir Fred Goodwin at the top of the company last year.
Neil Roden, head of HR, told People Management that he thought new chief executive Stephen Hester would want a clean sweep of senior executive figures from the organisation when he took over.
But, despite several others leaving their banking jobs with the firm, Mr Hester refused to let him leave RBS.
"I don't think he saw HR as being in the firing line - more as part of the solution," Mr Roden explained.
He added that he felt media criticism of banking reward structures had been unfair and maintained that the crash was "primarily a financial rather than a people issue".
Early this week, Personnel Today reported that RBS had hired two industry gurus to speak to its HR staff about how to deal with company restructuring.
RBS refused to reveal how much it was paying David Ulrich, co-founder of the RBL Group, and David McLeod, who recently carried out a report on employee engagement for the government, for their speeches.
Updated: 01 December 2009.
Categories: banking-and-financial-services, human-resources, market-and-industry-news.
Deutsche Bank unveils new chief economist
Deutsche Bank has announced the arrival of a new man into one of its key banking jobs.
Dr Thomas Mayer will be taking on the role of chief economist at the bank from the start of next year when its current occupant, Dr Norbert Walter, retires.
The new banking job represents a promotion from 55-year-old Dr Mayer, who is currently employed at Deutsche Bank as its chief European economist in its global markets division.
Dr Walter is retiring after a 22-year tenure at the financial institution, during which he helped expand the firm's economics division into Deutsche Bank Research.
Speaking after the appointment was announced, Dr Josef Ackermann, chairman of the company's management board, thanked Dr Walter for his work and congratulated Dr Mayer on his promotion.
"We are sure that he will master the challenges with his soundly-based knowledge and capabilities and lead Deutsche Bank Research successfully into the future," he said.
Last month, the financial institution announced net income for the third quarter of 2009 of £1.27 billion, up from £376 million during the same period in 2008.
Updated: 01 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Vince Cable attacks Lord Myners' support for Walker Report
Vince Cable has attacked Lord Myners over his support for the recommendations on banking job remuneration laid out in the Walker Report.
Earlier this week, Sir David Walker recommended that financial institutions reveal how many people in banking jobs in their organisation were "highly paid" - a salary he deemed to mean £1 million per year or more.
City minister Lord Myners, who had called for the names of the 20 best-paid members of his bank to be made public, leant his support to the plans, despite launching a blistering attack on the banking industry just hours before the report was published.
He had hit out at the "tin ears" of bankers who refused to acknowledge the need to restrain remuneration and said Goldman Sachs boss Lloyd Blankfein, who had claimed banks had an important social purpose, was "on a different planet", reported the Guardian.
Mr Cable, the Liberal Democrat Treasury spokesman, accused Lord Myners of completing a U-turn on his plans to name people in highly-paid banking jobs.
"This is a pathetic climb-down in the face of a feeble report by a City insider who has fallen over backwards to do nothing to tackle the most Neanderthal elements in the banking community," he said.
Updated: 01 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.
RBS hires HR experts
Two experts have been hired by the Royal Bank of Scotland (RBS) to speak to its employees in HR jobs as part of a drive by the bank to carry out a large programme of restructuring.
David Ulrich, co-founder of the RBL Group, gave a speech last week which was attended by more than 600 of the bank's HR employees, reports Personnel Today.
His talk is to be followed up by sessions from David McLeod, who recently oversaw a government report into employee engagement, who is to speak to the RBS HR team about how to deal with organisational change.
While RBS refused to reveal how much each man had been paid, Mr Ulrich was paid £30,000 for a two-hour speech at the Public Sector People Managers' Association's annual conference earlier this year.
The bank has announced plans to cut around 14,000 jobs this year following the massive taxpayer bailout it has received.
Earlier this month, RBS announced a third quarter operating loss of £1.5 billion following a £3.5 billion deficit in the second quarter.
Updated: 01 December 2009.
Categories: human-resources, market-and-industry-news.
Aviva rings the changes in its senior financial services jobs
Aviva has announced several changes to the way its senior financial services jobs will operate.
The insurance group has changed its managerial structure to bring its UK life and general insurances operations closer together.
Last month, it announced that Kevin Hodges will be the company's British chief executive officer (CEO) and today's announcement outlines how the financial services jobs immediately below him will now operate.
His new team will include Cathryn Riley, who is currently chief operating and information officer for Aviva's European operations.
She is to become UK commercial director, with the responsibility of bringing its two insurance arms closer together.
Aviva has also hired Craig Thornton, a Swiss Re managing director, to become its new chief risk officer.
Meanwhile, David McMillian, chief operating officer in UK General Insurance, and Toby Strauss, chief operating officer at UK Life, have been made into the CEOs of their respective divisions.
The changes will take effect from the start of next year.
Last month, Aviva announced that its chief financial officer Philip Scott is to step down in February 2010 and will be replaced by Pat Regan, who is currently employed at global insurance broker Willis Group Holdings.
Updated: 01 December 2009.
Categories: finance-and-accounting, market-and-industry-news.
Walker Review: Banks should reveal staff paid more than £1m
Sir David Walker's review of banking jobs has suggested financial institutions should reveal how many of their employees are earning more than £1 million a year.
The results of the Walker Review of Corporate Governance were released today.
Along with pay levels recommendation, Sir David also recommended that two-thirds of cash bonuses should be deferred by those in banking jobs, while at least 50 per cent of variable pay or bonuses should be linked to long-term performance.
He also said that shareholders should take responsibility for monitoring risk and remuneration at the financial institutions they have invested in.
"Early preventive medicine through shareholder engagement can save everyone substantial time and money later on," he stated.
But Sir David stopped short of plans to reveal the names of the 20 highest-paid executives at each bank.
City minister Lord Myners had called for the measure to be taken against those in top banking jobs earlier this year.
Updated: 27 November 2009.
Categories: banking-and-financial-services, market-and-industry-news.
Scottish Life executive to leave financial services job
Scottish Life executive Steve Bee is set to leave his financial services job with the organisation in January.
Mr Bee will be leaving his role as head of pensions strategy in order to set up a new pensions business at Paradigm.
He will work alongside Paradigm chief executive Paul Hogarth in his new financial services job, with the yet-to-be-named company scheduled to get started in the second quarter of 2010.
Mr Hogarth expressed his delight at managing to tempt Mr Bee into joining his organisation.
"To have been able to lure him.into distribution will be of huge benefit to the adviser community and will, I'm sure, prove to be one of the highlights of my career," he said.
John Deane, chief executive of Scottish Life, expressed his disappointment at the departure but wished Mr Bee well for the future.
Mr Bee himself described the decision to leave his financial services job with Scottish Life after 12 years with the firm as "incredibly difficult".
Updated: 27 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
IMLA fills its top financial services jobs
Top financial services jobs on the board of the Intermediary Mortgage Lenders Association (IMLA) have been filled.
IMLA, which is a cross-industry body focused on restoring mortgage market liquidity, announced the arrival of new board members today (Wednesday 25th November).
Joining the organisation are Kevin Purvey, who works as head of intermediary sales at C&G, Tom Gurrie, a divisional director at Chelsea Building Society and Lee Gladwell, a sales and proposition director at Platform.
Current chairman Godfrey Blight is to step down, along with fellow directors John Heron and Bob Young.
Mr Blight's job is to be taken on by Peter Williams, who was previously employed as an executive director at IMLA.
Speaking after the announcement, Mr Williams thanked the three outgoing board members for their work and welcomed his new colleagues.
He said that their appointments were timely due to the upcoming Financial Services Authority (FSA) Mortgage Market Review.
Earlier this year, Jon Pain, FSA's managing director of retail markets, said that the wide-ranging review will examine lending and funding issues, along with excessive charging and price regulation.
Updated: 25 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
Vince Cable proposes new banking structure
Vince Cable has proposed the formation of a new kind of banking operation - a National Infrastructure Bank.
Speaking to the Civilisation Congress 2009, the Liberal Democrat Treasury spokesman said that the bank would improve the UK's infrastructure by leveraging public funds with private capital.
Mr Cable claimed that the current PFI model was "no longer fit for purpose" due to its dependence on banking finance, which is becoming more expensive.
He stated his belief that implementing his proposal would help make Britain's transport infrastructure "the envy of the world".
"A National Infrastructure Bank would also help to provide jobs, which in this time of soaring unemployment is more important than ever," he added.
Mr Cable said that the work of the European Investment Bank and the World Bank had already proved such an idea was feasible.
Earlier this month, shadow chancellor George Osborne told the Observer that he plans to scrap PFI if the Conservatives take power in the next general election.
Updated: 25 November 2009.
Categories: banking-and-financial-services, market-and-industry-news.
Mervyn King: Banks should be allowed to fail
Mervyn King, the governor of the Bank of England, has warned people in banking jobs that banks should be made small enough so that they can be broken up without damaging the economy should they fail.
Speaking to MPs on the House of Commons Treasury Select Committee, Mr King said it was up to regulators to be tougher on large financial institutions.
"Regulators have to be tough enough on banks to say we don't believe your structure is simple or small enough for us to be able to allow you to fail, therefore you must change the way you organise your activities," he stated.
Mr King added that it was vital no organisation was allowed to become "too being to fail".
However, while admitting that growth was around ten per cent below what was predicted in 2007, Mr King did say the UK should expect fairly buoyant growth rates in the short-term as the country comes out of the recession.
Earlier this month, Lloyds and RBS were ordered to sell off hundreds of their branches to reduce their market share in the UK banking industry.
Updated: 24 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
HR staff told to watch out for 'serial complainants'
Staff in HR jobs have been warned about the growing number of people making discrimination claims against a range of job adverts.
Gordon Turner, co-founder of Partners Employment Lawyers, warned that there are a number of serial claimants operating in the country.
Mr Turner said that some of the complaints even centre around claims that using the words 'recent graduate' and 'school leaver' in a job advert is discriminatory, reports the Telegraph.
He warned people in HR jobs that he believed there were around 30 such claimants in the UK, with one man believed to have been involved in about 150 tribunal cases.
In several of the cases, it is reported companies agreed to settlements with the man to stop him going public with his complaints - despite the fact he had not actually applied for the jobs.
"It seems that everyone takes these people at face value and gives them the benefit of the doubt," Mr Turner said of the nationwide problem.
He told Personnel Today that staff working in HR jobs should trust their gut instincts when facing tribunal claims they believe to be dubious.
Updated: 24 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
PwC appoints seven graduates to accounting jobs
PricewaterhouseCoopers (PwC) has filled seven of its graduate accounting jobs.
The firm has taken on the new staff at its Yorkshire offices, with more than half of the new intake having attended either the University of Sheffield or Sheffield Hallam University.
In addition to the seven new accounting jobs, PwC has also taken on two students from the Franklin College in Grimsby under its HEADstart programme, reports the Sheffield Telegraph.
Most of the new employees will be working in the company's assurance and public sector departments.
John Cowling, a senior partner at PwC LLP in Sheffield, said: "PwC believes in fostering and retaining the region's graduates along with supporting the local community.
"This will help to further strengthen our practice and our local expertise."
Last month, PwC announced its plans to recruit more than 1,000 students and graduates into jobs with the firm in 2010.
The majority of the jobs will be in its assurance practice, with others available in its tax and advisory divisions.
Updated: 24 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
HR staff advised on Christmas office closures
People working in HR jobs have been warned that some non-Christian employees could view workplaces being closed in the Christmas period as a form of discrimination as they will be forced to use up some of their annual leave.
The Employers Forum on Belief advised those in HR jobs to sell office closures to staff as a cost-effective measure for their organisation, reports the Daily Telegraph.
While it advised "there was no need to panic" about the issue, the Forum did advise that it may be best to steer clear of specifically Christian decorations in the office.
"There is no need to stop on grounds of religion or belief, although - unless your organisation has a strong Christian culture or ethos - it may be more sensitive to use seasonal rather than religious imagery," said its guide.
Last month, the Chartered Institute of Personnel and Development warned staff in HR jobs about the behaviour of their staff during Christmas parties.
It reminded HR departments that companies still have a duty of care during parties and may be liable if cases of occupational bullying or sexual harassment occur.
Updated: 24 November 2009.
Categories: human-resources, market-and-industry-news.
CBI predicts new era for financial services jobs
A new era is in store for those in financial services jobs following the recession, according to a new report by the CBI.
In its predictions for the next decade, the organisation said that the dramatic downturn of the last two years has changed the way finance and corporate leadership are viewed.
CBI director general Richard Lambert set out his vision for the future of financial services jobs and business in general.
"What we now need is a more balanced, less risky pathway to growth - one in which the short-term returns may be lower, but the long-term rewards for management success will be a lot more sustainable and secure," he said.
Mr Lambert added that he believed business is heading for a "more collaborative, less transactional world" in which there will be closer relationships between businesses, customers, employees and shareholders.
Last week, John Cridland, deputy director general of the CBI, warned that the planned Financial Services Bill may damage the UK's financial services sector if its proposals on remuneration were not applied internationally.
Updated: 24 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Sir David Walker 'tones down banking job proposals'
Proposals to reveal the salaries of those in top banking jobs are believed to have been toned down by City grandee Sir David Walker.
City minister Lord Myners had called for the names and salaries of the top 20 earners at each bank to be publicly revealed but it has been reported that Sir David is set to reject this measure in his government-commissioned report, which is due on Thursday.
According to various media reports, Sir David will instead suggest that financial institutions should reveal how many bankers sit within various salary bands but allow staff in well-paid banking jobs to remain anonymous.
His report will also call for shareholders to play a more central role in regulating bankers' salaries, as well as recommending that at least 50 per cent of bonuses should be deferred for a minimum of three years, reports the Daily Telegraph.
Sir David is the former deputy chairman of Lloyds Bank and currently works as a senior advisor for Morgan Stanley, having been the chairman of its operations in Europe, Africa and the Middle East up until 2005.
Updated: 24 November 2009.
Categories: banking-and-financial-services, market-and-industry-news.
Caledonia Investments fill top financial services job
An important financial services job with Caledonia Investments has been filled.
The investment trust company has announced Stephen King will be taking on the role of finance director from December 9th.
He will be taking over the financial services job from Jonathan Cartwright, who is stepping down from the Caledonia Investments board.
Mr King, a chartered accountant, was previously group finance director of investment firm De La Rue until March this year.
He is also currently chairman of the audit committee for the Weir Group, where he works as a non-executive director.
Tim Ingram, chief executive of Caledonia, welcomed Mr King to his new role.
"We look forward to benefiting from his wealth of strategic and commercial experience from a broad range of public companies," he said.
Earlier this week, Caledonia announced that its unaudited diluted net asset value per share stood at 1,894p at the end of October, down from 1,945p a month earlier.
Updated: 20 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
PwC partner wins top accounting award
A PricewaterhouseCoopers (PwC) partner has won an award for the work he has done in his accounting job.
Tony Lomas, who works in PwC's business recovery team, has been named Personality of the Year by readers of Accountancy Age.
The award was given for his work as one of the four administrators of Lehman Brothers and Mr Lomas was praised for his ability to explain insolvencies in a way that "the man in the street can digest".
In his acceptance speech at the Battersea Park Arena ceremony, Mr Lomas said he saw the award as one for his team rather than for himself.
"The specialist PwC teams that have been made available to me ensured.that we have been able to make such significant progress with our Lehman colleagues towards winding down the UK business," he stated.
Other winners at the ceremony included Douglas Flint, group finance director at HSBC.
He received an award for Outstanding Industry Achievement.
Updated: 20 November 2009.
Categories: .
BBC HR chief defends her salary
The woman in the BBC's top HR job has defended herself after details of her salary were made public.
Lucy Adams, HR director of BBC People, is paid £320,000 a year, making her one of the highest-earning executives at the corporation.
In an interview with BBC in-house magazine Ariel, Ms Adams admitted that her level of pay would cause anger to many people.
"I imagine that if I were earning the national average and my partner had just lost their job in the recession, and I saw a list of big salaries at the BBC, it would not feel very palatable," she said.
But she added that remuneration strategy should not simply be driven by public opinion.
Earlier this week, it was revealed that pay levels for staff in HR jobs have gone up, excluding bonuses, by an average 3.8 per cent.
HR directors have seen their pay climb by five per cent to reach an average £140,000, reported Personnel Today.
Updated: 20 November 2009.
Categories: human-resources, market-and-industry-news.
FRC financial services job goes to Anthony Snow
Anthony Snow has been appointed as the new chief operating officer at the Financial Reporting Council (FRC).
Stephen Haddrill, chief executive officer of the FRC, said that he was delighted Mr Snow had accepted the financial services job with the UK's independent corporate regulator and outlined what his responsibilities will be.
"Anthony will address a wide range of issues.taking special responsibility for the overall development of FRC's strategy and business plan for corporate communications, as well as oversight of operational matters," he explained.
He added that he was looking forward to working closely with Mr Snow on improving the company's communication levels with stakeholders, regulatory authorities and parliament.
Earlier this month, the FRC warned that audit committees will face difficult challenges next year in dealing with problems like insolvencies despite improvements to the economic outlook over the course of 2009.
Updated: 19 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
Banking jobs warning given by FSA
People seeking banking jobs have been told to expect close scrutiny from the Financial Services Authority (FSA) if they have a "murky past".
Speaking to the British Bankers' Association, Margaret Cole, FSA's director of enforcement and financial crime, said that anyone wanting to fill a top banking job must comply with the regulator's definition of a fit and proper person.
She said that competence and integrity were vital to passing the test.
"A murky past, a reputation for unscrupulous business methods or sailing close to the wind will also call fitness and properness into question," Ms Cole added.
She said that anyone seeking to bypass the FSA as the gatekeeper of the financial services industry "could expect little sympathy" and noted that two prosecutions were already taking place in relation to this.
Earlier this week, Alistair Darling announced the Financial Services Bill, which is to give the FSA greater power to void bankers' contracts if they are deemed to be operating outside of specified rules.
Updated: 19 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Banking jobs targeted in Financial Services Bill
Banking jobs will come under closer scrutiny from the Financial Services Authority (FSA) under new proposals from the government.
Alistair Darling formally introduced the proposals, laid out in the new Financial Services Bill, to Parliament earlier today.
The wide-ranging Bill will give the FSA the power to void bankers' contracts if they contravene specific rules and also contains a pledge to end guaranteed bonuses.
He said the new proposals, which include the formation of a Council for Financial Stability to manage systemic risk, would make banks more robust and protect British consumers.
"In the future, taxpayers will not be called on to protect banks from the consequences of their actions," he stated.
Conservative leader David Cameron has attacked the proposals on the basis that the FSA is part of a "failed tripartite system" of regulation including the Bank of England and the Treasury.
He has promised to scrap the FSA entirely should the Tories be voted into power next year.
Updated: 19 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Bankers question Queen's Speech proposals
An organisation representing staff in banking jobs has attacked government proposals for the financial sector that were outlined in the Queen's Speech today.
In it, the government reaffirmed its intentions to reform the banking industry and protect customers through the introduction of tougher rules governing the behaviour of the sector.
The British Bankers' Association (BBA) said that it welcomed reform in principle but was concerned about what effect legislation that only applied to the UK would have.
"Moves to bind how our banks operate at home and overseas could put the industry at a serious disadvantage and discourage global banks from coming to the UK," the BBA said.
It added that this would be a major problem for banking jobs and the wider economy, as well as bad for business.
In the speech, it was revealed that the government will seek European and global collaboration on the issue of sustaining economic recovery, as well on attempts to combat climate change.
Updated: 18 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Queen's Speech proposes financial services regulation
The Queen's Speech has been used to warn people in financial services jobs that the government intends to press ahead with plans for tougher regulation of the industry.
In her annual speech, the Queen said that laws would be bought in by the government to reform the financial services sector in such a way that savers and lenders are fully protected.
"Legislation will be brought forward to strengthen governance of the financial sector and to control the system of rewards," she added.
She also announced the government's intention to halve the budget deficit of the UK.
But with the polls showing Labour trailing and a general election fast approaching, many do not believe that the government will have the time to bring in such measures.
Earlier this week, Liberal Democrat leader Nick Clegg called for the speech to be cancelled, telling the Independent it was going to be "a waste of everyone's time."
Updated: 18 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Banking regulations 'can not just apply to the UK'
People in banking jobs have been told that any regulatory changes that apply to the UK alone would be disastrous for the industry in this country.
Michael Baxter, an economics analyst for Investment and Business News, explained that regulation could only work fairly on a global scale.
Earlier this week, Vince Cable, Treasury spokesman for the Liberal Democrats, proposed that a ten per cent tax should be levied on all banking profits.
"If that was just applied to the UK, however, this would be disastrous," he said.
But Mr Baxter went on to tell people in banking jobs that he did feel banks around the world should be taxed more in the wake of global taxpayer bailouts of financial institutions.
He added that the European Commission, which recently revealed its own regulatory proposals for banks in the EU, should be concentrating on using its power to force through a "global system of standards and regulation".
Updated: 18 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Nominations unveiled for top HR jobs at CIPD
Top HR jobs with the Chartered Institute of Personnel and Development (CIPD) have gone to some big names working in the sector.
CIPD revealed its nominations for a new president and two vice presidents in non-executive roles with the organisation.
Gill Rider, whose current HR job is as head of profession for Civil Service HR, has been nominated as president, while Alex Wilson, group HR director for BT, will become CIPD vice president for employee relations.
The third post, international vice president, has gone to Stephen Dando, chief HR officer for Thomson Reuters.
Jackie Orme, CIPD chief executive, said that she was delighted the three had agreed to take on new roles with the CIPD and was looking forward to tackling the challenges facing HR with them.
"We're on a journey to build the capacity and capability necessary for HR to contribute fully to sustainable organisational performance across the public and private sectors, in the UK and on a global level," she stated.
Last week, Personnel Today reported that CIPD was to replace its current Certificate in Personnel Practice with a new qualification.
The Certificate in HR Practice will be introduced from January 2010.
Updated: 18 November 2009.
Categories: human-resources, market-and-industry-news.
Vince Cable proposes new banking tax
Vince Cable has told staff in banking jobs that any profits made by their organisations should be subject to a ten per cent levy.
The Liberal Democrats' Treasury spokesman said that £1 trillion worth of taxpayers' money had gone into propping up the banking sector and it was time the state got something back from the financial institutions.
"A ten per cent levy on bank profits would be used to pay down the structural deficit that they are partly responsible for creating," he stated.
Mr Cable called on the government to include the proposal in next month's pre-budget, which he said should be introduced in addition to corporation tax.
He estimated that such a tax would raise around £2 billion a year for the Treasury's coffers.
Earlier this month, Mr Cable called for the government to put pressure on the banking sector to increase the level of its lending to British businesses.
Updated: 18 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
MPs wary of EU banking reforms
EU plans for tighter regulation of people in banking jobs have been met with unease by a committee of MPs.
In September, the EU revealed plans to introduce "super regulators" for Europe's financial sector and scheduled December as the date it wanted to have the rules agreed by.
Along with watchdogs for those in banking and financial services jobs in the EU, the plans also include the formation of a European Systemic Risk Board to warn of potential problems in the banking sector.
But a report by the Commons Treasury Committee has criticised the timescale put in place by the EU.
Committee chairman John McFall said the speed in which the plans were set to go through could well be a "recipe for a muddle."
"The timetable would be less worrying - although still over-hasty - if the proposals were without controversy," he stated.
"Even on a short examination we have found serious cause for concern".
Mr McFall said the committee was especially worried about plans that would give EU regulators the potential power to override the decisions made by national governments.
Updated: 18 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Pay in HR jobs on the increase
According to the Celre HR Salary Survey 2009-10, HR directors saw their pay rise almost five per cent to reach an average £140,000.
Due to cuts in bonuses their take home pay fell slightly but remained at more than £185,000, reports Personnel Today.
Those in other HR jobs saw their basic salary, excluding bonuses, increase by 3.8 per cent.
Earlier this month, the salaries of those in HR jobs with the BBC were made public.
BBC People director Lucy Adams was revealed to have a £320,000 a year salary.
Despite the figures, the number of people resigning from their HR job has increased.
The number of resignations accounted for more than one-third of employee turnover in HR jobs.
There was a total 15.1 per cent turnover in the sector, with 5.2 per cent of it due to resignations, up from 4.5 per cent in 2008.
Updated: 18 November 2009.
Categories: human-resources, market-and-industry-news.
Bankers issue jobs warning over government proposals
The British Bankers' Association (BBA), which represents those in banking jobs, has expressed its concern about government proposals that would give the Financial Services Authority the power to rip up contracts deemed to be rewarding risk-taking too highly.
It is expected that the measures will be fully explained in the Queen's Speech on Wednesday.
The BBA reacted to the proposals by warning that it would put the UK at an economic disadvantage to the rest of the world and could lead to a loss of banking and financial services jobs in the country.
"It is no surprise to find bankers' bonuses in proposed legislation but it needs to be remembered that very few staff get the kinds of packages which capture the popular imagination," it said.
Gordon Brown has also suggested the implementation of class action suits against banks by groups who think they have been mistreated by a financial institution.
This move was also criticised by the BBA, who said the banks already support schemes that educate customers about the financial services they may wish to use and that it was better to settle disputes out of court.
Updated: 16 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
FSA 'will rip up bankers' contracts'
People in banking jobs deemed by the Financial Services Authority (FSA) to be receiving too high rewards for excessive risk-taking may have their contracts ripped up.
The Financial Services Bill will be outlined in the Queen's Speech this week and is scheduled to come into force from January next year.
Under its rules, the FSA will be able to cancel contracts it believes reward undue risk-taking and stop bonuses it deems too high.
It is one of a number of measures by Gordon Brown's government targeting those in top banking jobs.
In his weekly podcast, Mr Brown outlined another proposal that allows customers to join together in US-style class action suits against financial institutions and banks "to get redress when many people feel they have been badly treated in the same way".
Earlier this month, Mr Brown proposed the introduction of a global tax on transactions between financial institutions.
Despite initially meeting with a lukewarm response to the plan, he has recently sent officials to lobby the IMF and other G20 countries on the idea.
Updated: 16 November 2009.
Categories: .
New CIPD HR qualification to be introduced
People in HR jobs have been informed that the Chartered Institute of Personnel and Development (CIPD) is bringing in a new qualification from January next year.
Its current Certificate in Personnel Practice (CPP) will be replaced by a new Certificate in HR Practice, which the CIPD says has greater flexibility and puts business focus first.
Speaking to Personnel Today, Stephanie Bird, CIPD's director of HR capability, said that the CPP had reached the end of its natural life as it was based on old professional standards that were "slightly out of alignment" with the current experiences of staff working in HR jobs.
"We recognised we needed to reshape the qualification, building strategy insights and solutions in right from the early stages," she said.
Earlier this week, CIPD called for companies to introduce voluntary equal pay structures after government statistics revealed that men in the UK were paid 12 per cent more than women for doing the same job.
Updated: 16 November 2009.
Categories: human-resources, market-and-industry-news.
Financial services academy welcomes government plans
A skills agency for those seeking financial services jobs has welcomed the government's new national skills strategy.
The wide-ranging aims of the scheme include creating thousands more apprenticeships in the UK, as well as working on developing skills in areas such as digital media and technology, along with engineering and life sciences.
A key part of the policy is allowing businesses to drive and shape training provision in the country.
The report has been given the thumbs-up by the National Skills Academy for Financial Services (NSAFS).
Sylvia Perrins, chief executive officer of NSAFS, said: "With more than 60 employers directly involved in governance of the skills academy at a regional and national level, the NSAFS has embraced the need for employers to drive the skills agenda."
She added that her organisation was also pleased with the expansion in the availability of apprenticeships for those seeking financial services jobs.
Ms Perrins said it was good see a clear progression from vocational training into related jobs.
Updated: 16 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
NAPF: Pay restraint needed in top financial services jobs
Executive pay in top financial services jobs and other successful businesses needs to be reined in, according to the National Association of Pension Funds (NAPF).
The organisation has written to the chairmen of the UK's top 350 companies urging them to align pay with the long-term interests of shareholders.
David Paterson, NAPF head of corporate governance, said that he appreciated the efforts that had been made by those in executive jobs on restraining remuneration during 2009, but clear focus was needed to continue this next year.
"Shareholders in turn need to play their part by remaining vigilant and ensuring that boards are held to account for their pay policies through ongoing discussion," he advised.
He added that shareholders could increase pressure on their companies via their votes on annual general meetings.
Earlier this week, Swedish financial markets minister Mats Odell proposed that bonus curbs on the banking industry should apply more widely to different financial services operations, including hedge funds and private equity firms.
Updated: 16 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
IMF meeting planned on Tobin tax
Treasury officials are to meet with the IMF in an attempt to gain support for a tax on transactions made between financial services institutions.
The so-called Tobin tax, named after the late economist James Tobin who first proposed it, was suggested as a means of avoiding future taxpayer bailouts of financial companies by Gordon Brown last weekend.
His plan was met with opposition from several key financial figures, including US Treasury secretary Timothy Geithner and IMF managing director Dominique Strauss-Kahn.
But Brown has sent officials to talk with both the IMF and other G20 countries in an attempt to talk them round on the proposal for a financial services tax, reports the Guardian.
Last week, he stated that the implementation of such a levy was needed worldwide.
"In the long run, this is the only way that we can solve the problem of social responsibility of world banking to the community," he said.
Updated: 16 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
EU 'should consider bonus caps for hedge fund managers'
EU rules to curb the bonuses of those working in banking jobs should also apply to hedge fund managers and private equity firm executives, Sweden's financial markets minister has said.
Mats Odell said that it was vital there was a "level playing field for the whole financial sector," reports Reuters.
"It will mean regulation of a sector that has, up to now, been unregulated in a great part of Europe," he said of the plans drawn up in Sweden, which currently holds the presidency of the EU.
Earlier this week, EU finance ministers adopted a preliminary agreement to prevent pay policies that encourage risks to be taken by staff in banking jobs.
The agreement, which needs the agreement of the European Parliament and EU countries before it comes into place, also included a proposal to boost capital requirements for banks.
Last month, shadow chancellor George Osborne called for a clampdown on bonus payouts to bankers, sparking annoyance in the City.
Updated: 16 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, international, market-and-industry-news.
Unite calls for pay change for staff in banking jobs
People in banking jobs should not have their pay linked to "impossible" sales targets, according to trade union Unite.
It has raised concerns that such targets are leading staff in banking jobs to sell financial services products to people who are unable to afford them.
The union has set Lloyds as its chief target in a campaign to end the link between sales goals and staff pay in the financial services industry.
Rob Macgregor, Unite national officer, said: "In this bank, which is part owned by the taxpayer, staff should be providing an excellent service to customers and being paid fairly for doing so.
"Instead we have a sales culture which encourages staff to sell customers products that they do not want or need."
Earlier this year, Lloyds announced pre-tax statutory profits for the first six months of 2009 of £6 billion, up from £0.6 billion in the same of period the previous year.
Updated: 12 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
HR chief 'facing bullying and harassment investigation'
A human resources (HR) director at Islington Council is facing charges of bullying and harassment, it has been reported.
According to Personnel Today, Maria King, who holds the top HR job with the council, has been accused of discrimination by her own team members.
It is reported that the investigation into her behaviour is also looking into financial irregularities, with a report into the accusations due in front of council chiefs within the next few days.
A spokesman for the council said: "We won't comment on allegations about confidential staff matters.
"Speaking generally, Islington Council takes staff complaints seriously and will investigate them thoroughly."
Earlier this month, a HR director at a North London school resigned after it emerged a headteacher had received around £600,000 in illegal bonuses.
Michelle Bishop left the Copland Community School in Wembley, along with shamed headmaster Sir Alan Davies, who received the money in addition to a £103,000 a year salary.
Updated: 12 November 2009.
Categories: human-resources, market-and-industry-news.
People in London banking jobs 'now control Scottish finance'
Scottish finance is now controlled by people working in London banking jobs, according to one economist.
Jeremy Peat, who was Royal Bank of Scotland's (RBS) group chief economist for more than a decade, said that the "centre of gravity" of the Scottish financial sector has been moved to London, reports the Scotsman.
Speaking to the Scottish parliament's Economy Committee, Mr Peat said that top jobs in finance, accountancy and law were likely to be affected north of the border.
Mr Peat told the inquiry into the Scottish banking sector: "It doesn't matter where you choose to live to some extent but what does matter is whether, as a result of having a head office here, you have a demand for high-quality lawyers, high-quality accountants, architects."
Earlier this month, RBS reported a third quarter operating loss of £1.5 billion, following on from a £3.5 billion loss in the second quarter of the year.
Updated: 12 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Vince Cable: Government should force banks to lend
Vince Cable has told people working in banking jobs that he would like to see the government forcing the banks to lend money to companies.
The Liberal Democrats' Treasury spokesman said that banks could not be allowed to continue "suffocating British industry and business generally."
Mr Cable said: "The government must be much more proactive in ensuring that the banks, particularly the nationalised and semi-nationalised banks, lend to corporate customers."
He said that it was vital in the long-term to change the structure of the British economy in a way that would make it less dependent on the largesse of the banking sector.
Earlier this week, Mervyn King, governor of the Bank of England, admitted that the UK had "only just started on the road to recovery".
His comments came after the Bank of England's Inflation Report predicted that the economy would return to growth in 2010.
Updated: 12 November 2009.
Categories: banking-and-financial-services, market-and-industry-news.
TUC calls for financial transactions tax
The TUC has told people working in banking jobs that there should be a tax on transactions carried out between UK financial institutions.
It suggested that a 0.05 per cent levy on every exchange would raise around £30 billion a year for the UK's economy.
Brendan Barber, TUC general secretary, said banks should be targeted to avoid ordinary taxpayers and public services shouldering the burden of the UK's budget deficit.
He stated that increasing VAT would hit consumers, while cutting public services would lead to rises in unemployment and bankruptcies.
"A transaction tax need not be permanent and the pain will be much more fairly distributed than making middle Britain pay for the mistakes of our financial institutions," he said.
His comments come days after Gordon Brown made a similar proposal at a G20 meeting in Scotland.
The prime minister said that such a scheme would need to be implemented around the world for it to work properly.
Updated: 12 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Risky banking operations 'should be separated from retail banking'
People in banking jobs have been told that more "risky" banking operations should be kept separate from retail banking.
In an article for the Guardian, Stephen Beer, a political communications officer for the Christian Socialist Movement, said that there were signs that banks are returning to their old practices.
There had been a lack of contrition for causing the financial crisis which was now being matched by an increase in lobbying against reform, Mr Beer suggested.
He told those in banking jobs that changes needed to be made.
"If the riskier banks go under, their shareholders will lose out but the system will not go down with them," he said of his proposal.
His comments echo those of Bank of England governor Mervyn King, who made a similar suggestion in a speech last month.
Mr King said that reform was needed in order to help the UK face its two major financial challenges - rebuilding the economy and getting rid of the large structural fiscal deficit.
Updated: 12 November 2009.
Categories: banking-and-financial-services, market-and-industry-news.
HR workers told: 50% of people have quit jobs due to bad management
People in human resources have found out that almost 50 per cent of UK employees have left a job in the past because of bad management.
The study by the Chartered Management Institute (CMI) revealed that staff in human resources jobs face a tough task bridging the divide between management and employees.
Around 50 per cent of those who were interviewed for the survey said that they believed they could do a superior job to their manager, while 49 per cent said they would be willing to take a pay cut to work for a better boss.
Ruth Spellman, CMI chief executive, said: "The figures reveal the depth of the crisis of confidence in UK management and leadership and the enormous toll bad management is taking on the UK economy and people's wellbeing."
Earlier this week, trade union Unison revealed statistics that claimed more than 30 per cent of UK employees had been a victim of bullying in the workplace over the past six months.
Updated: 12 November 2009.
Categories: human-resources, market-and-industry-news.
Standard Life appoints Alan Reid to new financial services job
Standard Life has appointed its current head of corporate distribution to another top financial services job within the company.
Alan Reid is now set to take on the role of corporate distribution director, a role in which he will be responsible for all aspects of business to business distribution across the UK.
As part of his new financial services job, Mr Reid will report directly to Standard Life managing director Paul Matthews.
Mr Matthews said of the appointment: "Alan has played a crucial role in helping us develop our corporate benefits business and maintaining a competitive edge in our chosen markets."
He added that the group pensions and corporate benefits markets are strategically important for Standard Life and he hoped Mr Reid would be able to improve how the company was operating in these sectors.
Last month, the organisation announced it was selling its banking operation to Barclays for £226 million.
Updated: 12 November 2009.
Categories: finance-and-accounting, market-and-industry-news.
FSA chief questions those in senior banking jobs
Officials in senior banking jobs have had their commitment to reform publicly questioned by the chief executive of the Financial Services Authority (FSA).
Hector Sants told a London audience that many staff in top banking jobs were not taking in the lessons of the global financial crisis.
"There remains an absence of the acceptance of collective responsibility for what has happened," he said.
"I personally remain unconvinced that all senior management have taken on board the need to change."
Mr Sants went on to explain his belief that the FSA has toughened up its act and was delivering a stronger supervisory approach to the work of those in the financial sector.
Last month, the FSA wrote to 5,000 chief executive officers to warn them it intended to use its powers to vet appointments and even interview candidates applying for top banking and finance jobs.
It said companies would have to prove to the FSA that anyone it was employing was a fit and proper person to fill the role.
Updated: 09 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
HR staff warned over workplace bullying stats
People in HR jobs have been given a warning about the prevalence of bullying in the workplace.
Trade union Unison has revealed that more than one in three workers have suffered from workplace bullying in the past six months, a figure that is double the amount that was recorded in 1997.
In worrying news for staff in HR jobs, every single one of the 7,000 people interviewed for the poll said that they believed bullying is embedded in workplace culture.
Dave Prentis, Unison general secretary, said: "The fact that bullying has doubled in the past decade is shocking".
"It makes sound moral and financial sense to look after your workforce."
Unison is now calling for employment law to be changed to include an anti-bullying policy in the current Dignity in the Workplace Bill.
Last week, the National Institute for Health and Clinical Excellence told businesses they could save up to £250,000 a year by tackling work-related stress more effectively.
Updated: 09 November 2009.
Categories: human-resources, jobs, market-and-industry-news.
Bankers wade into financial transactions tax debate
The British Bankers' Association (BBA), which represents those in banking jobs, has joined in with the debate on Gordon Brown's proposals that the G20 should levy taxes on financial transactions.
Mr Brown said any such move would need global support and regulation but his comments have been met with criticism from several sources.
US Treasury secretary Timothy Geithner told Sky News that the proposal "is not something we are prepared to support."
The IMF, the European Central Bank and Russia have also dismissed Mr Brown's idea.
Meanwhile, the BBA said that, although those in banking jobs understood the need for change and supported Mr Brown's overall aims, this may not be the best way to go about it.
"Capital and regulatory change needs to be properly costed and the impact of the whole reform package studied and the timetable for change clearly set out," it said in a statement.
It added that it was looking forward to hearing the outcome of the discussions currently taking place at the G20 meeting in Scotland.
Updated: 09 November 2009.
Categories: banking-and-financial-services, jobs, market-and-industry-news.
People in HR jobs warned: Equality law open to abuse
Staff working in HR jobs have been warned that discrimination laws may be open to abuse following a landmark ruling.
Earlier this week, a judge ruled in favour of man hoping to pursue an employment claim against his former employers on the grounds that his views on climate change should be subject to the same protection as religious beliefs.
Tim Nicholson, a former head of sustainability at property company Grainger, is claiming he was sacked from the firm because of his environmental beliefs.
Speaking after the ruling, Mr Nicholson's solicitor Shah Qureshi said that the judgement meant belief in man-made climate change can be classed as capable of being a philosophical conviction.
Helen Giles, HR director for homeless charity Broadway, told Personnel Today that the rules were preposterous as "belief is a totally subjective thing."
"The way they have been drafted and the way legislature is interpreting them is leaving the field wide open for people to abuse them left, right and centre," she claimed.
Updated: 06 November 2009.
Categories: human-resources, jobs, market-and-industry-news.
ITV chairman job 'may be filled by City boss'
Executives holding top London banking jobs have been approached to fill the post of ITV chairman, according to media reports.
John Peace, chairman of Standard Chartered, is believed to be one of the frontrunners for the role, alongside influential City figures such as Bob Wigley and John Nelson, reports the Guardian.
Mr Wigley is now chairman of Yell but in the past held an important banking job as head of European operations for Merrill Lynch, while Mr Nelson was chairman of investment bank CFSB Europe.
In April 2009, current ITV chairman Michael Grade announced he would be stepping down from the job but the company have struggled to fill the post since then.
HMV boss Simon Fox turned the job down in the summer, as did former BSkyB executive Tony Ball in September.
Mr Peace only took his banking job as Standard Chartered chairman in July this year.
He said at the time: "This is one of the best jobs in banking."
Updated: 06 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
HR 'can save £250,000 a year through good mental health practices'
Those in human resources (HR) jobs have been told they could save their employers up to £250,000 a year by implementing new mental health and wellbeing practices.
New advice has been published by the National Institute for Health and Clinical Excellence (Nice) in which it recommended HR workers ensure that systems are in place for monitoring the wellbeing of workers.
It also suggested that, where practicable, employees be provided with the opportunity to take part in flexible working schemes.
Mike Kelly, director of Nice's Public Health Excellence Centre, said: "By following these recommendations an average organisation of 1,000 employees can expect to save an estimated £250,000 a year, due to reduced absenteeism and increased performance."
Earlier this week, a clincical director at Bupa told the Guardian that stressed workers should turn to those employed in HR jobs at their company for help.
Dr Jenny Leeser was speaking in light of Health and Safety Executive figures that revealed work-related stress is the UK's second largest occupational health problem.
Updated: 06 November 2009.
Categories: human-resources, jobs, market-and-industry-news.
RBS workers 'threatening to find new banking jobs'
Staff at the Royal Bank of Scotland (RBS) are threatening to look for new banking jobs following new bonus rules imposed on the company, a media report has said.
According to the Daily Telegraph, headhunters working in the City have been "inundated" with CVs from those currently in RBS banking jobs.
Earlier this week, it was revealed that anyone at the firm earning more than £39,000 per year would not be receiving bonuses for 2009.
RBS chief executive Stephen Hester told workers: "We remain determined to pay fairly and competitively where performance so merits."
But employees reportedly remain angry about plans that will see cash bonuses deferred until 2012 at the financial institution.
From 2010, 50 per cent of bonuses will be paid in the form of shares or bonds linked to company performance while the rest will remain unpaid for two years.
Earlier this year, the bank reported a pre-tax loss of £176 million for the first six months of 2009.
Updated: 06 November 2009.
Categories: banking-and-financial-services, jobs, market-and-industry-news.
Alan Sugar told to resign from finance job
Lord Sugar's finance job of enterprise tsar has come under attack from the Federation of Small Businesses (FSB).
The FSB claims that his position in the role is no longer tenable after he said that 85 per cent of small businesses did not deserve bank loans and that some of the companies should be allowed to go bust.
He added that many of the owners of these firms were "moaners" who "live in Disneyland."
John Wright, FSB national chairman, said: "Lord Sugar appears to have let his TV personality from The Apprentice take over and the language he has used to describe this country's small business owners is hardly appropriate given his current role."
He went on to call for Lord Sugar to resign and for Gordon Brown to appoint someone with more understanding of small businesses to the finance job.
Mr Wright added that small businesses were vital to the country as they employ 60 per cent of the UK's private sector workforce.
Updated: 06 November 2009.
Categories: finance-and-accounting, jobs, market-and-industry-news.
More than 7% of graduates in finance services jobs
Around 7.5 per cent of graduates have taken up finance services jobs, a survey has revealed.
Research published by the Higher Education Careers Service Unit (HECSU) showed that the sector remained popular with graduates, despite it becoming more difficult to get a position in the industry.
In 2008, nearly nine per cent of graduates landed in finance services jobs once they had finished their degrees.
Of those surveyed for the study, almost eight per cent remained unemployed a year after completing their studies, an increase of 2.4 per cent on the previous year's figures.
But Mike Hill, HECSU chief executive, said that despite the bad news, there were some positives for graduates.
"Despite unemployment increasing, for those who have found a job, salary levels are holding up," he commented.
"Many organisations continue to recruit, and a degree will certainly remain valuable for many years to come."
Earlier this week, Lord Mandelson announced plans to inform potential students about course dropout rates and graduates' future earnings.
Updated: 04 November 2009.
Categories: finance-and-accounting, jobs, market-and-industry-news.
Accounting and banking jobs 'lead the way in vacancies upturn'
Jobs in the accounting and banking sectors have helped the UK record its third consecutive monthly increase in the amount of job appointments, an expert has said.
Research carried out by KPMG and the Recruitment & Employment Confederation revealed the sharpest rise in permanent positions for two years.
Bernard Brown, head of KPMG business services, said the results of the study were encouraging.
"Sectors like accounting and banking lead the recovery and we may well have reached the tipping point into growth, driven by returning confidence in the private sector," he explained.
But he went on to warn that it was yet to be seen how the looming spectre of public sector job cuts would affect the wider jobs market.
Last month, a survey by the Ashdown Group revealed the market for human resources jobs was also improving, with vacancies rising by more than 11 per cent in the sector during October.
Updated: 04 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
Frits Seegers leaves top Barclays banking job
The shock move has seen him quit the bank's board of directors with immediate effect, although he will remain in place to help carry out the handover of the departments he ran.
Bob Diamond, Barclays president, will now be responsible for commercial banking operations, while Antony Jenkins, current chief executive of Barclaycard, will take charge of a new global retail banking unit.
Mr Seegers had been in his banking job with Barclays since joining the company from Citigroup in 2006.
At Citigroup, his most notable achievement was running its consumer business arm in Asia, which he successfully turned into its fastest-growing division over the course of three years, reports the Daily Telegraph.
Last month, Barclays announced it was to purchase Standard Life Bank for £226 million, a deal that is expected to go through in early 2010 subject to regulatory approval.
Updated: 03 November 2009.
Categories: banking-and-financial-services, jobs, market-and-industry-news.
Professional body needed 'to represent those in finance services jobs'
Staff in finance services jobs should be represented by their own professional body, according to a new study.
Research by the Chartered Institute for Securities & Investment (CISI) revealed that more than three-quarters of those working in finance services jobs believe the Financial Services Authority (FSA) should begin consultation on the formation of a professional body to which membership would be mandatory.
Around 500 CISI members were consulted for the survey with the organisation visiting 14 UK cities.
Simon Culhane, chief executive of the CISI, said: "The results of our roadshows clearly demonstrate our members' commitment to high standards in their firms."
Last month, the FSA wrote to 5,000 chief executive officers to tell them it would be involved in the vetting process for top finance services positions and will interview prospective candidates themselves.
The watchdog said the move was necessary to ensure that fit and proper persons filled important financial jobs.
Updated: 03 November 2009.
Categories: finance-and-accounting, jobs, market-and-industry-news.
HR jobs 'showing encouraging signs of recovery'
Jobs in HR have remained fairly resilient during the economic downturn and now the industry is now starting to show signs of recovery, according to the HR Society.
Andrew Mayo, chairman of the HR Society, said he was not surprised there had been a reported increase in HR vacancies last month.
According to an Ashdown Group survey, HR vacancies rose by more than 11 per cent in October.
Mr Mayo said that HR jobs had suffered during the financial crisis as companies sought to cut back, but the industry had not been as badly hit as other sectors.
"There is often more HR work to be done when organisations are contracting," he explained.
"Compared to IT over the last year, the HR market has been relatively resilient for permanent positions, being less dependent on sub-contractors."
Mr Mayo said he expected to see the encouraging signs of recovery continue in early 2010, when companies would begin post-holiday hiring and set their budget agreements for the year.
Updated: 03 November 2009.
Categories: human-resources, jobs, market-and-industry-news.
JP Morgan fills three top financial services jobs with Fortis staff
JP Morgan has announced the appointment of three new members of staff to top financial services jobs in its UK asset management division.
The senior portfolio managers who have been appointed by the company are Didier Lambert, Alain Defise and Michal Wozniak.
All three men, who previously worked at Fortis Investments, will become vice presidents in the Emerging Markets Debt team at JP Morgan.
Mr Lambert will be responsible for implementing and managing local market investments for client portfolios, while one of the primary roles for Mr Defise will involve identifying credit opportunities.
Meanwhile Mr Wozniak will be in charge of identifying investment opportunities in central and eastern Europe.
Last month, JPMorgan Chase, of which JP Morgan is a subsidiary, announced a net income of £2.2 billion ($3.6 billion) for the third quarter of 2009.
The figures are part of a wider recovery from the company, which has seen its shares climb from £0.05 ($0.09) in October 2008 to £0.50 ($0.82) one year later.
Updated: 02 November 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
Bankers unsurprised by break up plan for RBS and Lloyds
The British Bankers' Association, which represents those in banking jobs, has said it is not shocked with Alistair Darling's announcement that the government is considering splitting up parts of Lloyds and Royal Bank of Scotland (RBS).
In a statement it said: "The chancellor's announcement that there is to be a restructuring programme for those banks where there is a major public stake is neither unexpected or surprising."
It said that it was always intended that public financial support for the banking industry would be a short-term move.
Mr Darling said he is planning the break-up of branches and financial services operations at Lloyds and RBS in an attempt to bring about a safer and more competitive banking system in the UK.
He told the BBC Politics Show of his intentions, which were met with opposition from Liberal Democrat Treasury spokesman Vince Cable.
Mr Cable said that there was no justification for a rapid sell-off of state assets in the current economic environment.
Updated: 02 November 2009.
Categories: banking-and-financial-services, jobs, market-and-industry-news.
HR workers 'should help staff manage stress levels'
Those in human resources (HR) jobs should be helping employees in their care to control their stress levels, according to one medical expert.
The Health and Safety Executive has recently revealed that work-related stress is the UK's second biggest occupational health problem, with almost 500,000 workers suffering from the issue during the 2007/08 financial year.
Speaking to the Guardian, Dr Jenny Leeser, a clinical director at Bupa, said that stressed-out workers should turn to those in HR jobs for help.
"The important thing is to have a word with management, HR or occupational health," she suggested to workers who may be suffering from the experience.
"Discuss how any work-related issues - whether it's too much work, not enough work or problem relationships - can be improved."
Last month, Stephen Overell, associate director of the Work Foundation, told Personnel Today that another thing HR staff could do to help employees was to better inform them about their employment rights regarding issues such as holiday entitlement.
Updated: 02 November 2009.
Categories: human-resources, jobs, market-and-industry-news.
HR workers 'should be legally compelled to respond to job applicants'
Human resources (HR) workers should be forced to respond to every job applicant, according to a Labour MP who has tabled a motion in Parliament on the issue.
Ashok Kumar, who represents Middleborough South and Cleveland East, said it was extremely demoralising for job applicants not to receive replies and HR staff should take time to acknowledge all jobseekers who have sought a position at their company.
"Employers should be legally compelled to contact all applicants both to acknowledge receipt of application and again after selection has been made to notify applicants whether they have been successful," he said in a motion presented to the House of Commons.
Mr Kumar, who lost his parliamentary seat in 1992 before being re-elected in 1997 when the party returned to power, is a member of the Parliamentary Labour Party Trade and Industry Committee.
But his Early Day Motion has only received support from seven other MPs so far.
Updated: 02 November 2009.
Categories: human-resources, jobs, market-and-industry-news.
Record bonus payouts 'expected by bankers'
A worldwide poll of people working in top banking jobs has revealed that one in ten bankers believe they are in line to receive a record bonus payout at the end of the year.
Only 25 per cent of those interviewed expected to see a drop in bonus levels, with the majority of financial executives predicting that the worst-case scenario for their bonus payouts was that they would remain at the same levels as 2008.
The Bloomberg Global Poll revealed that more than half of those in banking jobs believe that government attempts to control bonus levels will only stifle innovation in the financial sector.
Most positive about bonus prospects were those working in Asian banking jobs, with European and US respondents slightly behind them.
Earlier this month, Goldman Sachs caused worldwide controversy when it was revealed that its 30,000 members of staff were set to share a bonus pot of almost £10 billion.
Updated: 02 November 2009.
Categories: banking-and-financial-services, jobs, market-and-industry-news.
