It's safe to say that last week's unemployment report from the Bureau of Labor Statistics left something to be desired.
With the addition of just 69,000 jobs to the overall economy in the U.S. and a slight uptick in unemployment, it is clear that companies' concerns over the state of the global markets is reflected in their hiring practices.
While some areas of the economy have managed to see some semblance of growth over the course of several months, the finance industry hasn't reaped the benefits. With an average addition of 3,000 jobs per month over the past year, which the BLS considers "virtually unchanged," many are wondering when the finance sector will see some improvement.
Even the industry's safe havens aren't faring well. Accounting, an area many have called "recession-proof," lost 14,000 jobs last month. Nigel Gault, chief U.S. economist for IHS Global Insight, said the loss was surprising and difficult to explain, considering accountants tend to always be in demand regardless of the state of the economy.
Still, professionals in the sector seem mostly unshaken. A survey from OneWire, an online finance recruitment platform based in New York, says that 59.9% of 454 finance workers are optimistic about the job market. More than half believe the jobs recovery will be driven by private-sector companies.
We won't hold our breath.
Cleaning Up (Deal Journal)
Facing a wide-ranging investigation by the Securities and Exchange Commission, J.P. Morgan has reassigned several executives in its risk-management division.
Fatter Wallets (Bloomberg)
Top executives at Japanese bank Nomura went home happy last year. Despite a profit decline, top-tier managers saw a 79% rise in compensation.
The NYSE lost the head of its technologies division, Stanley Young. Young will assume a new role at Bloomberg LP.
A Bit Pre-emptive (Business Insider)
Some traders may have been surprised to see the Greek drachma appear on their Bloomberg terminals Friday as the country makes headlines for considering an exit from the euro. Bloomberg said the currency's appearance in the system was a "test." Reminder: Bloomberg also called Steve Jobs' death in 2008, three years early.
Trading Concerns (Bloomberg)
Bruno Iksil, J.P. Morgan's "London Whale," has reportedly been making wildly risky bets since 2010 or earlier.
Something Different (Bloomberg)
Cantor Fitzgerald will make a push into shadow banking, a less-regulated type of lending that has seen a 73% decline in the last five years.
Dragging On (Reuters)
The resolution of a $639 million dispute between MF Global's European and U.S. trustees will have to wait until the case heads to court in April 2013. Creditors hoping to get cash back after the bankruptcy have a long wait ahead.
Buzz Around the Office
A cover of Gotye's 'Somebody That I Used to Know,' by Dogtye featuring Katra.
List of the Day: Traits of Annoying Bosses
Everybody's had one.
1. Requiring attendance at social events.
2. Calling on employees when they're on vacation.
3. Attempting to keep control over a task that's been delegated.
(Source: AOL Jobs)