Those who want to keep politics out of the workforce may not have a choice.
In the wake of the recent French election, in which Socialist candidate Francois Hollande bested Nicolas Sarkozy, French banks are likely to be preparing to shed thousands more jobs than initially planned, Reuters reports.
The new government signals a regulatory crackdown that may force banks to prune more deeply in coming months, according to recruiters. Given the still-weak economy, banks will need to pare headcount to help their bottom lines.
"There was a first wave of cuts which hit their activities in France and abroad, but it won't be enough," a Paris-based consultant who works with French banks told Reuters.
BNP Paribas has previously announced 1,400 cuts, while Societe Generale is shedding around 1,600 jobs. Both amount to about 1% of their respective workforces. Other European banks, such as ING and UniCredit, are cutting between 2.7% and 3.8% of their workforces.
J.P. Morgan's chief risk officer in the Chief Investment Office isn't heading for the hills, despite the unit's $2 billion losses. He'll stay on in an advisory role.
Jamie Dimon gets to keep both of his positions as chief executive and chairman of J.P. Morgan, now that shareholders voted in his favor.
The European Union is slowly making its way toward curbing certain types of bonuses for bankers. It could perhaps signal an exodus toward Asia.
Despite the recent cuts in the Swiss finance industry, banks are still hiring for certain positions, like legal and compliance roles.
Straight Shooting (Poets & Quants)
Getting into top business schools may require more than just smarts and talent. It may require the perfect firm to apply from.
Used to be you could rely on six months of savings to help float you if you lost your job. That's no longer the case: You'll want to put aside at least nine months of living expenses.
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Lucky Bankers (Business Insider)
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Buzz Around the Office
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List of the Day: Getting Ready
School's out and you may be getting ready to start your first job.
1. Clean up your online social profiles.
2. Start networking in your new city.
3. Read as much as you can about your industry.
(Source: Glassdoor.com)
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