eFinancialCareers

Banks in London and New York have started making redundancies in sub-prime mortgage related areas. But it's not happening here, say recruiters in Australia. Deutsche Bank in London is understood to have ditched around seven traders on its collateralised debt obligation (CDO) desk, and both Lehman and Bear Stearns have chopped heads at their US mortgage units. But while Australian institutions such as Basis Capital, Absolute Capital and Macquarie Bank have... Read more

Most would-be bankers in Australia plan to work overseas if they can. This is the finding of a recent survey by graduate research company Universum, who asked Australia's finance graduates what they wanted from a career. They found 47% of women and 51% of men plan to make a swift exit and work overseas. They're also keen on having a life outside work – not something banks are traditionally strong on. 60%... Read more

High-yield bond professionals look set to suffer from the credit crisis. Now may be the time to move into a vulture fund instead. In the days before the credit crunch, when rating agencies' verdicts were still trusted and AAA meant absolutely no chance of default, high-yield bonds were differentiated with ratings of BB or lower, indicating that issuers couldn't be entirely trusted to make repayments. But with all debt now eyed... Read more

The US sub-prime mortgage crisis will have only a minor impact on the i-banking sector in Australia, says a leading analyst. Troy Angus, a portfolio manager/analyst at Paradice Investment Management, says local banks with exposure are significantly less than one per cent. "The big five domestic retail banks should be largely unaffected," he notes. That's not to say there won't be some bumps and bruises. "There might be problems with some... Read more

Who'll benefit and who won't from the chaos in the markets? Here's our considered verdict… The winners Derivatives documentation specialists Know how to settle a derivatives trade? This could be your lucky day. According to Financial News last week's trading volumes for credit derivative products were so high credit derivatives operations teams were overwhelmed. Banks may yet turn to temps to help out. Risk managers Our US site reports that hedge funds... Read more

Does chaos in the credit markets spell doomsday for jobs? "It's too soon to tell,'' says James Nicholson, director of recruiter Robert Walters. "Macquarie and BNP Paribas are two of our big clients and there have been no directives changing their hiring strategy. But, if this tumult gets worse, I would expect it to have a big effect.' Edmund Gill at recruiter Hays also says it's too soon to call, but if... Read more

Thinking of finding a new job? Have a little something to take your mind off it. Australia's financial services skills shortage is encouraging banks to offer tasty 'buyback' packages to keep stellar performers who threaten to defect. Anthony Ayers, principal consultant at Sydney-based Chandler, says the most common buybacks (AKA 'counter-offer') involve matching money – but adds they may also encompass anything from offering additional education, an offshore secondment, a promotion... Read more

They're nothing new in the northern hemisphere, but guaranteed bonuses are now available here too. 'Guaranteed bonuses' are when banks commit to paying a specified level of end-of-year bonus, rather than leaving it to your performance or the foibles of the market. From banks' perspective, they're a way of enticing scarce talent to come and work for them. Throwing in a guarantee can also prevent existing staff from leaving to work... Read more

What's the chance of Sydney becoming a global financial hub and location of choice for the ultra-mobile international banker? Not much, according to one headhunter in the city. Anthony Ayers, principal consultant at Chandler Heath Executive Search, says Australia is unlikely to rival the likes of Hong Kong in the foreseeable future: "Australia's GDP, geography, and remuneration will all hold it back," he predicts. "The country will always be constrained by... Read more

Foreign jobs sound delicious but plush salaries don't count for quite so much when the cost of living's taken into account. London is 26.3% dearer than New York; Sydney is 5% cheaper than NY and 31% cheaper than London. Dr Peter Rogers of Mercer, the consultancy behind the figures, says employers adjust salaries to fit the cost of living and tax rates in host countries, creating a benchmark for positions anywhere.... Read more

What should you do if your boss sails off to another bank? Do you follow – or stay and maybe aim for his old position? Banks often try to poach whole teams from rivals (take Credit Suisse Asset Management for example, which poached ING's entire small-cap equity team). Lee Humphrey at recruiter Derwent Consulting says there has been more movement of people in the past six months than he's seen in... Read more

Where do you go to earn most in Australian finance? Not Sydney, not Melbourne, but Perth. The latest Hays recruitment salary survey shows there has been a significant salary spike in Perth, reflecting the local mining boom and buoyant economy of Western Australia. According to the survey, the average salary for a senior manager in treasury operations in Perth is AU$130k, equal to Sydney and ahead of Brisbane (AU$125k) and Melbourne (AU$110k).... Read more