Barclays Capital is about to ax hundreds of jobs in the next two months in the wake of declining i-banking revenue.
A review of how much capital each unit of the business uses will be conducted in January; cuts will follow shortly after. Barclays brought on 2,000 people worldwide over the past year. At the same time, revenue decreased 24% in the third quarter to £2.5 billion as earnings from fixed income, currency and commodities trading fell.
The equities and mergers advisory
teams in Asia seem to be safe for now, one of the people briefed on the matter told Bloomberg. Barclays will continue to hire for that unit. (Bloomberg
Mortgage Malaise (FINS)
In a surprising turn, the mortgage
industry laid off more people than it hired in the third quarter after three consecutive quarters of growth. Related: Foundation Financial Group Hiring for Two Centers
Welcome to Limbo (WSJ)
This year's college graduates shouldn't be so excited to leave the hallowed halls of learning. According to a new survey, 36% of companies that hired new grads last year are either unsure they'll do it again or certain that they won't.
More Actuaries (FT)
Countries and companies alike are increasing the demand for actuaries. One company in particular, which employs more than 150,000 actuaries worldwide, is planning its international recruitment process. Only the brainy need apply.
Sri Lankan Exports (NYT)
may face a little competition from Sri Lankan accountants, oddly enough. There are 10,000 of them gunning for U.S. business -- out of a country of 20 million.
Top 100 (Foreign Policy)
A number of financiers are on Foreign Policy's annual list of the top 100 global thinkers. Warren Buffett comes in first; Ben Bernanke drops to five.
Cheating the Curve (BusinessWeek)
Essay writers claim they can get their clients into the choicest b-schools by crafting perfect admissions essays. BusinessWeek asks, is this ethical?
Coming for You (Dealbook)
Diplomatic cables have paved the way for WikiLeak's data dump: information that will allegedly take down a large U.S. bank, according to the founder of the rogue website. There's speculation that Bank of America
could be it.
Welcoming Gifts (Bloomberg)
Christmas is coming early for JPMorgan
investment bankers. They'll receive iPads as part of the firm's attempt to seem really cool and/or increase employee productivity.
List of the Day: Cover Letters
Cover letters might seem boring and perfunctory, but they can help decide whether you get an interview. Make sure yours is perfect with these tips.
1. Find a specific person to address it to.
2. Discuss what you can do for them, not what they can do for you.
(Source: AOL Jobs)
For more news you need to know throughout the day, follow FINSider on Twitter and Facebook.