The U.S. may be retrenching when it comes to financial services employment, but Canada is doing the opposite.
Toronto's finance industry employed 222,380 at the end of 2011, the Financial Post reports. That figure is a decrease from 228,220 in 2009 but, more importantly, an increase from 2010, when it employed 220,680.
In other words, the financial sector is climbing back, not retrenching.
Banks like Royal Bank of Canada haven't altered their hiring plans. RBC says entry-level talent is a "critical pipeline." Ernst & Young hasn't changed its recruitment plans, either.
At the Rotman School of Management, University of Toronto's M.B.A program, between 70% and 80% of the graduating class of 270 students have scored jobs for next year.
While Canadians aren't entirely immune to weak markets, causing some difficulty in securing jobs on a trading desk, for example, wealth management is seeing particular growth in the country, recruiters say.
The Way Forward (Forbes)
If you're a broker looking to transition to a new firm, you may want to consider heading to independent shops instead of the big wirehouses.
Raking It In (Bloomberg)
Boutique bank and fund manager employees got a bigger increase in their compensation last year than their bulge-bracket compatriots.
The Successors (DealBook)
It's unclear who the next generation of billionaire dealmakers will be after the current private equity kings retire.
Moving Over (Reuters)
Don't fear just yet, proprietary traders. Some firms are simply moving you to another part of the company, like the asset management arms. Or you could take the opportunity to go start your own fund.
Million Dollar Claims (Bloomberg via SFGate)
Former MF Global employees in the U.K. are seeking $62 million in unpaid bonuses and severance. But as FINS has detailed, the chances of getting it are very slim.
Make Some Extra Cash (Here is the City)
Greg Smith opened the door to more riches after finance with his $1.5 million book advance. Here's a breakdown of how much you could make depending on the firm you worked at.
Buzz Around the Office
Whack! Take that Spidey!
List of the Day: Hunkering Down
If you want to avoid a round of layoffs, here's how to make yourself indispensable.
1. Volunteer for high profile assignments across the organization.
2. Take on extra work without complaint.
3. Anticipate your boss' needs.
(Source: The Globe and Mail)