You can still find a job in finance in India, but you probably won't find it at larger multinational banks, which are cutting their teams. Instead, you may want to try your luck at domestic firms that, unfortunately, pay far less.
Citigroup, HSBC, Bank of America Merrill Lynch and Barclays are cutting jobs at their Indian offices at the fastest rate since the 2008 financial crisis, reports The Economic Times. Citigroup cut 100 jobs just this week, BNP Paribas cut a dozen from its team, Barclays eliminated 200 and HSBC is expected to soon lay off "scores." In total, job cuts by the big banks could tally more than 1,000, according to some estimates.
"All businesses across the world are undergoing a strategic review and India will not be left out of this review," HSBC told the paper. "The effort is about increasing efficiencies and enhancing our effectiveness as an organization. A variety of roles may be impacted."
So you may want to turn to the other BRICs and emerging markets before setting sail for a banking job in India. Unless you're willing to settle for less pay, that is. The domestic banks, like Axis Bank, HDFC and ICICI Bank, all intend to hire over the next few months. But, cautions one director at a large bank, pay will be 20% to 25% lower than usual.
Punjab National Bank and Union Bank of India, together with the other domestics, will hire more than 45,000 people over the year. Also good to know: Many of the jobs will be in retail.
Bank of America has introduced a new compensation structure for some of its employees. If your immediate thought is "more deferrals, less cash," you are correct.
And I Am Telling You (Challenger, Gray & Christmas)
I'm not going. New research finds that only 7.5% of unemployed people relocated for their job in the last two quarters, down from 9.4% in the first two quarters of 2011. Fewer people are willing to disrupt their lives for their career, it appears. Or can't sell their houses.
Stephen Mettler, Morgan Stanley's global head of emerging markets and foreign exchange, is retiring. He joined MS in 1997.
London Bridge (Astbury Marsden)
Even though bonus season is rough, more City workers are staying at their firm than last year. A new survey finds that one third of City employees would try to hop to a new firm if their bonus falls short, down from almost half who said they would leave last year.
Taking Care (The Globe and Mail)
When crafting your LinkedIn profile, be sure not to list things that would tick off your bosses.
The Road to an MBA (Poets & Quants)
Here's one woman's chronicle of applying to the nation's top business schools. It may give you courage to finish your own applications.
Buzz Around the Office
Plane Dance (YouTube)
Fun in the air.
List of the Day: Saving Time
If you've got a million balls to juggle, ax these things from your to-do list.
1. Cleaning out your inbox. It doesn't actually need to be at zero.
2. Looking up different menus for business lunches. Choose one place and call it a day.
3. Going to conference panels. Focus on networking in between instead.
(Source: CBS News)
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