Sales and trading jobs might be a tough get at this point in the Wall Street business cycle, but if you've got any tech skills, you may want to consider the IT department.
Banks are expected to spend $2 billion over the next two years installing new trading platforms called swap execution facilities. They're mandated as part of financial regulation reform, which means banks need the requisite staff to man them.
Over the past three months, demand for banking IT contractors has almost doubled, one recruitment firm told Financial News. Those contractors can make nearly $2,000 a day. And it's not just contract workers who are benefiting -- banks are looking to bring on permanent employees as well.
The competition for talent is driving up salaries. An IT head managing between 80 and 100 people can expect to make a few hundred thousand dollars, evidence of the premium being placed on these positions.(Financial News)
Battle Casualties (Bloomberg)
Raymond James cut 200 positions as part of its takeover of brokerage and investment bank Morgan Keegan. Most of the jobs were from fixed income and equity capital markets.
Wealth Expansion (PR Newswire via MarketWatch)
Barclays hired two more financial advisers for its Los Angeles office, the firm announced yesterday. The British bank has been adding to its roster of advisers in the Americas and will continue to hire.
Dispelling Misconceptions (Deal Journal)
Bob McCann, UBS Americas chief executive, created a new executive committee with representatives from the investment bank. The Swiss firm is intent on making sure people understand the investment bank is still important, not just the ugly stepsister to the wealth management darling.
From One Church to Another (Fortune)
Robert Gay is leaving his post as chief executive officer at private equity giant Huntsman Gay Global Capital. He'll take up a position at the Church of Jesus Christ of Latter-day Saints.
Not Exactly Surprising (GMI Ratings)
Even accounting for several variables, female chief financial officers get paid less than their male counterparts.
Making Overtures (SmartMoney)
Some companies are going out of their way to offer flexible schedules to older workers, resulting in lower turnover.
Buzz Around the Office
It's a Bloomberg party!
List of the Day: Avoiding Burnout
You're wrong if you think burnout only happens to the plus-40 set. Here's how to avoid it at an early age.
1. Know when to take a break, and take one.
2. Be prepared for the low times and how you will handle them.
3. Take time to be on your own.