While multinational banks will lay off staff in Hong Kong, there are still opportunities for the financial set in the city.
About 180,000 people work in finance in the city, and the overall unemployment rate remained flat at 2.4% during the fourth quarter. HSBC, Morgan Stanley and Royal Bank of Scotland all announced layoffs within recent months, so expect those to be carried out in the next several months.
As fallout from the eurozone crisis ripples through the region, economists expect there to be more firings, but also expect opportunities for qualified talent.
They also believe the increase in unemployment stemming from those layoffs will be temporary, as firms are likely to build up their financial services staff in retail operations and Chinese currency-related businesses.
As FINS recently highlighted, positions exist for those seeking employment in wealth management, corporate finance and asset management in the region.
RBS Chief Executive Stephen Hester won't accept a $1.5 million bonus after all. Perhaps the furious reaction of the British public changed his mind.
The Next Step (Financial Times)
Nomura's got the world wondering what it intends to do next with its wholesale banking business, now that executive Jesse Bhattal has left the bank. The firm doesn't intend to replace him for several years.
Following Through (Bank of America)
Despite pulling back from meatier units like investment banking, Bank of America continues to plow on with its plans to hire small business bankers. This time, it's hiring more than 50 in Massachusetts, Rhode Island and Connecticut.
Still Expanding (Financial News)
These days, it's all about the boutiques. Jefferies, which wants to morph into a large-market investment bank, has just gained a foothold into the U.K. with the acquisition of RBS's corporate stockbroker.
UBS isn't going anywhere, at least not for another 18 years. The bank just signed a lease for a new building in London for that amount of time.
Everyone, namely Bank of America, Nomura and UBS, seems to be doing a lot of reorganizing lately. BofA just dismantled its investment banking structure it put into place last year and named an overseer for the unit.
Buzz Around the Office
Inspiration (YouTube)
List of the Day: Learning to Endure
Everyone has colleagues they can't stand. The trick is in how you deal with them.
1. Manage your reaction. Count to 10 before you explode.
2. Don't complain to other co-workers about the person you hate.
3. If talking to the person doesn't work, learn to let it roll off you.
(Source: The Globe and Mail)
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