Morning Coffee Mar 01 2012

Happy Times at Standard Chartered

By julie steinberg

Cue the jubilance in the U.K. and the (emerging) world over.

British bank Standard Chartered reported record earnings in its corporate and consumer banking units for the eighth year in a row. It plans to hire as many as 2,600 employees as a result.

Net income increased to $4.85 billion from $4.33 billion a year earlier, the bank said, beating analyst expectations of $4.75 billion.

While the bonus pool remained flat from last year at about $1.27 billion, headcount grew by 1,600 people for a total of 86,865 at the end of 2011.

Competitors like HSBC and Royal Bank of Scotland have shed thousands of jobs. Standard Chartered, meanwhile, has concentrated on emerging markets since its inception and plans to hire in Asia, Africa and the Middle East, FINS has reported.

The bank encourages its employees to apply for jobs across its global empire and rotate between offices, so now is a good time to renew your passport.

Bonus Blues (FINS)

Cash bonuses on Wall Street for 2011 were down 14% from the year prior. Given the awful second half of last year, it could have been a lot worse.

New Directions (Bloomberg)

Credit Suisse plans to reduce costs by merging research and analytics teams into one new operation called Securities Research & Analytics, which will employ 1,000.

South Asia Opportunity (WSJ)

UBS might be undergoing an overhaul of its investment banking division, but the firm is honing in on India as a key market for growth.

Joining the Team (MarketWatch via BusinessWire)

Geoffrey Coley, a former co-head of global fixed income at Citigroup, was named head of corporate credit at Gleacher & Company. He previously worked at Citadel Securities.

Same People, Less Space (WSJ)

Companies are taking less and less office space while keeping the number of people constant as a way to cut down on costs. Cubicles, begone: You may be getting to know your neighbor very well.

Quality of Life (Bloomberg)

With lower bonuses pretty much affecting every finance worker, some are having a hard time figuring out how they'll keep up their standards of living.

Buzz Around the Office

Long Flight (YouTube)

This guy broke the Guinness World Record for longest paper airplane throw.

List of the Day: Abandoning Ship

If you've decided you're intent on leaving your current job, here's how to do it properly.

1. Give at least two weeks notice, if not more.

2. Don't burn any bridges – you never know who you'll work for down the line.

3. It's wise to have something in place before you leave.

(Source: Glassdoor.com)




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