The finance sector last month announced a fraction of the layoffs it had advertised in January, according to a report by Chicago-based outplacement company Challenger, Gray & Christmas, but the figure shouldn't be seen as a reprieve for the embattled industry.
Banks, brokerages and other financial services companies announced plans to shed 253 jobs in February, down from 7,611 jobs in January.
The number may seem hopeful, especially after months of myriad announcements totalling layoffs in the hundreds of thousands, but finance employees shouldn't get complacent.
Analysts such as Dick Bove of Rochdale Securities still expect big job cuts to continue in 2012. He predicts 150,000 more jobs will be lost this year, he wrote in a note to clients in December.
Last month, John Challenger, CEO of Challenger, Gray & Christmas, predicted the bloodbath would continue into 2012 for at least several months. "There's so much pressure on the financial sector to continue to consolidate," he told FINS in an interview.
Bright Spots in the Distance (FINS)
U.S. chief financial officers expect enough hiring in the next 12 months to push the unemployment rate below 8%.
Reshaping the Bank (Financial News)
Anshu Jain has an army of investment bankers ready to do his bidding, and now he's appointing them to top spots. Cue jealousy on behalf of everyone else.
Midwestern Cuts (Dayton Business Journal)
It's not just the Northeast that's experiencing finance job cuts. Cincinnati-based Fifth Third Bank shed around 200 jobs over the past 10 days.
Opportunities Abroad (Times of India)
Federal Bank in India is expanding its branch network and plans to hire at least 2,500 people.
Emerging Spring (Bloomberg)
After a dismal year in which bonuses got whacked, compensation consultants are expecting them to rebound by 20% next season. Talk about a much-needed miracle.
Much-Needed Advice (Financial News)
If there's one thing you need to know as a woman in finance, it's this: Always ask for what you want.
Buzz Around the Office
Digital artist and animator Adam Pesapane combines food and playthings.
List of the Day: How to Dress
It sounds superficial but what you wear can determine how others perceive you.
1. The younger you are, the more conservatively you should dress.
2. Both men and women should keep a blazer at work to dress things up as necessary.
3. Aim to dress professionally even on a casual Friday.