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Job Market - eFinancialCareers.com

Wed, 03 Jan 2007 13:26:45 -0500

Berkshire Hathaway Seeks Chief Investment Officer

Berkshire Hathaway is looking for a new chief investment officer. No pressure: The job only entails replacing one of the most highly regarded investors of all time.

Some Bankers Chafe at Changing Roles

It's been a good year for bonuses and lots of deals are in the air. So, why aren't investment bankers happier?

'Managing Up' is a Key to Promotion

Managing up isn’t the same as kissing up. Not by a long shot. Master it, and your career possibilities grow exponentially.

Thought You Had a Big Bonus? Think Again

While the world’s stock markets edge lower, investment banking - and particularly brokerage - stocks are heading south along with them. Suddenly bonuses don’t look quite so big after all.

Asset Managers Seek Operations Specialists

With the economy showing few signs of a hiccup and Wall Street still raking in fees, executive recruiters are having little trouble placing mid- to senior-level professionals at top asset managers, particularly if they have advanced degrees. In addition, firms need help from people who get things done: those in operations.

Fund-Raising Drives PE Salaries Higher, Report Says

Fund raising among private equity firms is driving managers' compensation higher, with partners at the largest funds earning an average salary of $568,000 and a bonus $1.93 million.

Looking Good—Experts foresee strong financial job market

If the U.S. job market is strong, the market for financial jobs is Paul Bunyan. But how long will this last? Do you update your resume every time reports indicate a drop in housing starts, or a hike in interest rates?

What Trading Managers Look For in Job Candidates

What do trading desk managers look for in new hires? Industry veteran and futures trader Larry Levin chats with eFinancialCareers about the skills needed to succeed in today's increasingly electronic trading environment.

Morgan Stanley Hires More for Latin Wealth Management

Morgan Stanley's Private Wealth Management group appointed Jon Mallon as Regional Sales Manager for Latin America and hired a team of five investment professionals from Lehman Brothers to serve high-net-worth Brazilian clients and institutions in Latin America.

More Layoffs on NYSE Floor

Bank of America let go 43 more specialists and clerks from its New York Stock Exchange floor staff, and warned remaining employees that more layoffs are expected.

Pockets of Hiring for Researchers

Finding a research job on Wall Street nowadays is no walk in the park.

JPMorgan Adds Executive Director Title

JPMorgan has inserted executive directors between its vice presidents and managing directors. Is it good news or bad news for people who work there?

Recruiter Skirmishes

Independent headhunters and investment bank HR staffers say they can't find good candidates fast enough. So, you'd think recruiters would be pointedly charming in their efforts to woo financial professionals. An episode from across the pond suggests this isn't always the case.

Infrastructure Deals Need Managers

Ever since the Australian bank Macquarie proved there were profits to be made in public infrastructure projects - toll roads, power plants, airports and the like - U.S. and European investment banks have waded into the sector, launching funds and hiring senior bankers to manage them.

Merrill Lynch and Hedge Fund Recruitment

Are hedge funds so desperate for staff that they need the help of investment banks to find them? Or are banks so keen to win lucrative prime brokerage mandates that they’re stepping on recruiters’ toes?

Balance Programs Make Inroads

You work a 100 hours a week. Minimum. You have kids at home, or are thinking about having one. Yet everyone you know who got to that managing director's office…

Profile: Head of Global Transactional Client Services

Brian Urkowitz, Head of Merrill Lynch's Global Transactional Client Services: "We rely on our junior team members to critically analyze processes, and recommend improvements, or to engage senior managers to make necessary changes to increase our level of quality."

CVC Capital Partners Adds U.S. Office

Private equity firm CVC Capital Partners is opening its first U.S. office in New York. Christopher Stadler, until recently the head of InvestCorp's private equity business in North America, has joined CVC as a managing partner to run the office.

Uncertain Hiring in Global Custody

For global custodians 2006 was a year to celebrate. Assets grew across the board: JPMorgan's were up 25 percent, Citigroup's rose 20 percent, and Bank of New York, State Street, Mellon and Northern Trust grew their assets under custody, as well. However, take note: The gains may not translate into a hiring bonanza during 2007.

Citigroup: Cuts or No Cuts?

Citigroup is expected to take the axe to jobs in an attempt to reduce costs. But will there be any chopping in the corporate and investment bank?

Bulge Brackets Seek More Algorithmic Skills

The increasing use of algorithmic trading will benefit those with the right combination of IT skills, trading knowledge and expertise with quantitative trading strategies.

Alvarez & Marsal Plans San Francisco Office

Advisory firm Alvarez & Marsal added a number of staffers to its national practice, which serves private equity firms, hedge funds and corporate acquirers. Among the new hires is Deloitte & Touche alumni Alexander Chan, who was named director and will set up a new office in San Francisco.

Financial Temps Have Their Place on Wall Street

Even investment banks and hedge funds use temporary financial professionals when their workloads demand it.

Credit Suisse Overhauls Bonuses

Credit Suisse has overhauled its group share-based bonus approach in an attempt to incent and retain staff earning more than $100,000 a year. The Swiss bank is applying the plan to bonuses paid for last year, which will be announced in the next few weeks.

Wall Street's HR Staffs Focus on Advisory Role

Human resources professionals on Wall Street will continue to hone their workplace advisory skills during 2007.

Blackstone Will Open Hong Kong Office

Blackstone plans to open a Hong Kong office later this year, and has named former Hong Kong Financial Secretary Antony Leung and Ben Jenkins as its co-heads. Jenkins will relocate to from Blackstone's New York office, taking a team with him.

You Want Accountability With That?

What's it say about hedge funds when Amaranth Advisors chief Nicholas Maounis looks to get back in the game a mere four months after the biggest flameout in the sector's history? Or when many of his subordinates have already been picked up by other investment firms?

How Do I Discuss Work-Life Balance? Ask the Expert

While investment banks love to talk about work-life balance, few work environments are as intense as Wall Street. So, conversations about creating a balanced life are delicate. If you're going to start one, you'd best be prepared.

How to transition your career with grace

Jim Kim — Mon, 27 Oct 2008 15:12:15 -0400

Chances are you know a lot of hurting people right now. The industry is in one the worst down cycles of the past 20 years, and it's going to get worse before it gets better. Most of you do not have time to sulk, but hopefully you've been wise with your money and given yourself some time. Let's face it, not everyone will be able to find work in the same field. You may have to move on.

Jenny Hourihan Bailin, a former senior investment banker who lost her job, was given only a few hours to clear out and leave the industry behind. In the end, the change was a blessing. After 26 years, she was ready to move on. She landed in the non-profit world and couldn't be happier.

For more:
- here's her story

More stock to Wall Street employees?

Jim Kim — Sun, 06 Jul 2008 19:07:58 -0400

The troops are no doubt restive at top Wall Street firms. It's tough to get any work done when the job axe is swinging. The Financial Times reports that Lehman Brothers has given shares to all remaining employees, representing about 20 percent of their projected equity compensation for the year--an early payment. In return, they will use more stock in total compensation. So from a morale perspective, the move is likely a wash. I think the top executives would be wise to take an additional step and commit a fair amount of their personal wealth to the stock right now. Forgoing a bonus is one thing, but to invest tens of millions of their own dough in the stock right now would send a strong message. If Lehman can get through the crisis, it will have been worth it.

For more:
- here's the FT article

Related Article:
Firms start to inform employees of bonuses

Dimon making mass recommendations for Bear workers

Tue, 20 May 2008 06:59:55 -0400

Normally, a recommendation letter from the CEO of a top Wall Street firms would be much coveted, perhaps a deciding factor in landing a job. But what if the CEO was sending such letters out en masse, which is exactly what JPMorgan Chase's Jamie Dimon is doing on behalf of displaced Bear Stearns employees, according to the Financial Times. He's planning to send 100 letters to "clients, rivals and vendors" to ask them to hire laid-off staff. You have to admire his efforts. It's certainly in the bank's best efforts to keep laid-off employees as bitter-free as possible. To some, it will smack of PR. But it's better than nothing. It may bear fruit for some, but at a time like this, most will still face a bleak hiring environment.

For more:
- here's the Financial Times article

Pimco sees hiring opportunity in Wall Street crunch

Thu, 01 May 2008 06:59:57 -0400

Pimco is making it known on Wall Street that it is hiring. It has apparently approached between five and 10 top banks, presumably via HR, and asked them to inform pink-slipped employees of openings at the big California fund manager, according to the Financial Times. Clearly, there are a lot of talented people who are out a job right now. A big mutual fund company may be the perfect spot to start over. Pimco plans to increase its workforce, currently 1,100, by more than a quarter as it expands, the article notes. It has conducted nearly 500 interviews, so far. Given the level of layoffs, it can afford to be very picky. As asset managers go, Pimco has fared relatively well, as many of its peers suffer outflows, especially from equity funds.

For more:
- here's the Financial Times article

Is Citigroup too big to manage?

Fri, 25 Apr 2008 06:59:54 -0400

Few companies generate press like Citigroup. Fortune at least asks an interesting question: is the banking behemoth too big to manage? Well, the only one who really has to answer that is Vikram Pandit. A lot of good men have failed: John Reed, arguably Sandy Weill, certainly Chuck Prince. But by signaling that he will not break up the company, Pandit is declaring himself fit for the job. This is biting off a whole lot. We can only hope he sees something beyond sheer breadth, which dazzled his predecessors. I wonder how long analysts and top shareholders will give him before they demand results. Unfortunately, no one can say that there's no way things could get worse. Bottom line: he'll end up a legend or yet another goat.

For more:
- here's the Fortune article

Top banks eyeing sovereign wealth funds

Wed, 23 Apr 2008 06:59:56 -0400

For all their controversy, the top investment banks sense that sovereign wealth funds represent a huge opportunity. We're talking trillions of dollars that must be deployed. Several top banks are moving to get their piece of the pie. Lehman Brothers just appointed Makram Azar to head their new SWF team, which will be based in Dubai, notes Financial News Online. His job will be to interest these funds in the full array of Lehman Brothers products. Morgan Stanley has tapped three senior bankers to cover Middle Eastern funds as part of a larger effort to generate business in the region. We'll likely see other banks follow suit.

For more:
- here's the Financial News Online article

Bear Stearns new hires face tough world

Mon, 21 Apr 2008 06:59:57 -0400

Bear Stearns new hires, the ones fresh out of school especially, are getting a hands-on lesson in business cycles. It was their misfortune to come out at a time when the industry is really swooning. JP Morgan Chase, according to the New York Times, has rescinded many offers (as we've previously noted), especially in investment banking, equities and fixed income trading. That has thrown these would-be stars into the worst job market in history. So it looks like many will be forced to re-invent themselves before their careers even start. I'm not sure this was covered in their coursework.

For more:
- here's the New York Times article

Related Articles:
Job anxiety at Bear Stearns
The future of Bear Stearns

Search the web for: Bear Stearns | JP Morgan Chase

Goldman Sachs report: Heavier writedowns coming

Thu, 27 Mar 2008 07:59:57 -0400

There's a certain Wall Street cynicism at play when it comes to Goldman Sachs research. A lot of people assume that a really bearish report signals a large short position by the firm. Witness its recent report on housing and the controversy that caused. For what it's worth, a recent report by Goldman economist Andrew Tilton suggests that total losses by U.S. institutions will hit $460 billion. That's more than double the amount written off already, according to Financial News Online. Half of the upcoming losses will stem from mortgage products. Up to one-fifth might come from commercial mortgages.

For more:
- here's the Financial News Online article

Related Articles:
More signs of a tough 1Q at Goldman Sachs. Article
Goldman Sachs bids to regain crown in ECM. Article
Job cuts, even at Goldman Sachs. Article

JP Morgan Chase luring more Bear Stearns employees

Thu, 27 Mar 2008 07:59:55 -0400

We've noted that Jamie Dimon, CEO of JP Morgan Chase, met with top investment bankers at Bear Stearns, apparently to recruit them to the dark side, er, make that the JP Morgan side. But the new bosses apparently are bent on retaining a broader swath of talent. The Financial Times notes that it also is pitching the top private client brokers, holding out the promise of $500,000 bonuses. JP Morgan also is reaching out to the prime brokerage unit, seen as one of Bear Stearns' crown jewels. Overall, most Bear employees will be out a job, however.

For more:
- here's the Financial Times article

Related Articles:
Did Bear Stearns executives lie? Article
Bear Stearns: A timeline of decline. View timeline
Many opinions on Jamie Dimon. Article
JP Morgan works to retain Bear hedge fund clients. Article