While the finance industry is about to take a walloping in coming weeks, not all sectors will bleed. Private banking is still an attractive career option, especially if you've got the tolerance for high heat.
LGT Group, a Liechtenstein private bank, will open an office in Dubai, Reuters reports, and has lured away at least six private bankers from Clariden Leu, a Swiss bank. Clariden Leu is part of Credit Suisse.
LGT has already penetrated this part of the world with an office in Bahrain, and joins several other banks that have flocked to the region in an attempt to woo wealthy Middle Eastern clientele. Credit Suisse, J.P. Morgan, UBS and Julius Baer all have a presence within the region, and now the Canadians are getting in on the fun: Royal Bank of Canada will double its wealth management staff in Dubai, while Bank of Montreal recently set up an office in Abu Dhabi.
Assets under management in the Middle East may balloon to $6.7 trillion by 2015. You may want to get a slice of them.
Chopping Block (FINS)
Get ready for a volatile third quarter. Job cuts at major banks are projected to go down then.
Layoffs Everywhere (Reuters)
Banks could cut 5% of their payrolls by the end of this year, or 40,000 workers in total in the U.S.
Outstanding Presence (New York Fed)
Workers on Wall Street may comprise a small percentage of New York City's labor force, but they account for 20% of the earnings of all the city's employees.
Gloomy Prospects (FINS)
While most industries are planning on adding talent over the next year, there's one conspicuous industry missing from the list: finance.
What Not to Do (Forbes)
Here's why you didn't get a promotion and your coworker did. It's not enough to be the best at what you do.
The Pranks Continue (Business Insider)
Even an actor from "The Sopranos" isn't immune to pranks from traders on the floor of the NYSE.
Buzz Around the Office
Judge a Bird by its Color (BBC)
New research shows that the color of a finch's head determines its personality: Red-heads are more aggressive while black-headed birds are bolder.
List of the Day: Avoid Wasting Time
Here are some tips to speed up your productivity.
1. Don't feel the need to schedule calls or meetings for hour blocks of time.
2. Stick to a specific agenda for a meeting.
3. Use the phone instead of email if you need an answer immediately.
(Source: Money Watch)