Morning Coffee Apr 06 2012

Finance Industry Still Churning

By julie steinberg

The finance sector last month announced more than 10 times as many layoffs as in February, according to a report by Chicago-based outplacement company Challenger, Gray & Christmas, indicating the recovery in finance still has a ways to go.

Banks, brokerages and other financial services companies announced plans to cut 3,228 jobs in March, up from 253 jobs in February. This year to date, the industry has announced 11,092 layoffs, up from 7,207 at the same point last year.

"There's still pressure on financial services firms," John Challenger, chief executive of Challenger, Gray & Christmas, told FINS in a phone interview.

Challenger believes the uncertainty surrounding financial regulation reform is prompting layoffs as banks try to ensure they're in compliance while producing a profit.

The contraction of the industry is likely to continue until the government and banks sort out that legislation, Challenger said.

Less Pay (Reuters)

Morgan Stanley's chief executive James Gorman pocketed compensation worth $13 million in 2011, fewer clams than some of his Wall Street counterparts.

Who's on First (Bloomberg)

For those keeping track, namely, the two men involved, J.P. Morgan's investment banking head Jes Staley beat out his Bank of America rival Thomas Montag in compensation last year.

Upcoming Plans (Business Insider)

Jamie Dimon's 2011 letter to shareholders detailed where the bank will expand next and its plans for hiring for its branch network.

Stepping Down (Real Time Economics)

Brian Sack, head of the markets group at the Federal Reserve Bank of New York, will leave the bank at the end of June. He doesn't yet have a new job lined up.

Plan of Attack (Mergers & Inquisitions)

So you're interested in private equity. In Latin America. Without knowing Spanish. If you network to your core, you'll be able to make it work.

What to Study (WSJ via FINS)

Business degrees are as popular as ever, but make sure to vary your course diet with helpings of classical literature and a language or two to develop other skills.

Partying to an End (MSNBC)

A flashy financier who spent $315,000 on one bar night has been lassoed by U.K. authorities for unauthorized trading.

Take Some Time Off (USA Today)

A new survey finds that nearly half of Americans aren't taking all their vacation time. You should work hard, but don't forget to carve out time to recharge your batteries.

Buzz Around the Office

Rear Window Timelapse (Vimeo)

A visual remix of Alfred Hitchcock's "Rear Window" by video producer Jeff Desom.

List of the Day: Interview Smarts

Avoid doing these things if you want to ace your interview.

1. Don't ask about salary or benefits straightaway.

2. Don't ask if there's a reason you wouldn't be hired.

3. Don't turn the weakness question into something positive.

(Source: Glassdoor.com)




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