We seem to have a perfect market. Firms who work in the financial markets are in the money and keen to hire, and plenty of staff who are looking for a move post bonus. With hiring said to be back to pre-dot.com boom levels and, according to some recruiters, over half of staff considering moving on, it should be a walk in the park for banks and fund managers to shoo-in the staff they need. But it's not.
The emotional debate that surrounds offshoring was turned up a notch last week with the news that Credit Suisse might be offshoring up to 5,000 administrative, IT and secretarial jobs to lower cost locations. Coming hot on the heels of the news that JP Morgan will have around 20% of its investment banking jobs in India by the end of next year, critics are up in arms that 'our jobs' are going 'over there'.
We've been asking you to respond to just one simple question, as we try to find out what staff really thought of their last bonus.
We've all heard the stories that Goldman Sachs paid out around $11.7bn in bonuses for 2005, and that the average bonus was $521,000 (as secretaries and other back office staff are unlikely to have got more than a few thousand, some BSDs did really well). But staff at a couple of other firms, both European, did OK too.
Bloomberg reports that Citigroup chief executive Sandy Weill has agreed to be questionned by US investigators in connection with Salomon Smith Barney's stock research practices.
The gravy train that saw several former Morgan Stanley executives walked off with multi-million dollar severance packages last year may soon be stalled at the station. At least if firm shareholder The Amalgamated Bank Long View Collective Investment Fund (Amalgamated) has its way.
The Telegraph reports that investment banks are so busy on the M&A front that they are turning away clients who wants to do smaller deals.
BNP Paribas confirmed late last week that it has combined its FX Trading platform with Interest Rate Trading in order to improve efficiencies. Guillaume Amblard will become the global head of the new combined unit.
We've now had week 2 of the trial of former Enron bosses Ken Lay and Jeff Skilling. Here's what went down: