Get ready for the ascendancy of high frequency trading and proprietary firms that have escaped the scythe and are profiting from banks' losses. High frequency trading firms, which use their own capital to make bets, are increasing their activity and playing an important role in European markets, accounting for as much as 60% of all activity.
More and more firms are joining global exchanges and need fast traders who think quantitatively and quickly. Ken Griffin, head of Chicago-based hedge fund Citadel, said about the firm's recruitment efforts: "We actively follow the careers of countless individuals across the competitive landscape in the interest of finding people who will strengthen our team and enhance our performance." The firm has 150,000 resumes in its database, 25,000 of which were added in the last year.
Don't let that huge number depress you: Think of it as a sign that Citadel, and firms like it, are searching for talent. If you need help ensuring your resume stands out from the pack, check out a list of tips here.
Hiring in 2012 (FINS)
Sometimes smaller is better. Houlihan Lokey, the 850-member Los Angeles-based investment bank, is adding to its M&A and corporate restructuring units this year.
Staying Put (NASDAQ)
Jamie Dimon has his hands full at JPMorgan for the next three to five years, he said, after which he'll plan to invest, join some boards and teach.
Dazzling in Davos (Bloomberg)
Bank chiefs are descending on the Swiss town of Davos for the annual meet-and-greet between corporate honchos, government officials and the world's top thinkers.
Withdrawal Symptoms (DealBook)
HSBC is getting out of town. It will sell its businesses in Costa Rica, El Salvador and Honduras as part of a cost-cutting initiative. But it's not leaving the region entirely: The bank is still hiring in Brazil.
Results Are In (CFA Institute)
The first round is done for the lucky 38% of 50,000 candidates who passed the first level of the CFA exam. Now on to studying for the next two.
Suing for What's Theirs (DealBook)
More than 100 former Dresdner Kleinwort bankers are suing their old bank for $66 million in unpaid bonuses. Considering the bank that took over Dresdner had to receive a bailout from the German government, shelling out clams at this juncture probably isn't the best PR move.
Yet More Bonus News (Bloomberg)
Bank of America has joined the haircut club and told investment bankers their compensation packages will be 25% lower than last year's.
Big Brother (FINS)
Most finance firms don't allow access to YouTube, Facebook and Gmail, but nearly 40% of respondents said they'd turn down their dream job if management monitored their computer habits.
Buzz Around the Office
When fine art meets athleticism. Most surprising of all: no noticeable stains!
List of the Day: The Dreaded Black Hole
Keep your resume out of cyberspace with these tips.
1. Mimic the key words in the job interview as closely as possible.
2. List all the schools you went to, including continuing education classes.
3. Put dates on separate lines so as not to confuse the software.