eFinancialCareers

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

Is it a bird? Is it a plane? No, it's a superannuation hiring boom. Allen Tingey, principal at financial services recruitment firm Porterallen Hendren in Sydney, says business developers are feeling the full force of the thrust – with salaries more than doubling in the past five years and the introduction of bonuses. "Business development brings in the money so it is the highest-paid component. If you haven't got market share,... 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

Expats are pouring into senior financial services roles in Singapore. Is local talent being overlooked? First things first – overseas workers are in the minority in the Singaporean financial services industry. But they're in the majority when it comes to jobs above a certain rank. James Rushworth, managing director of search firm Profile Search and Selection, says around 90% of staff working at VP (vice president) level and above in roles... Read more

An outbreak of team moves is causing sweaty palms in Australia's asset management market. "Team moves have happened occasionally over the years on the sell-side, but it's becoming a little bit more commonplace on the buy-side," says Lee Humphrey, principal consultant in the funds management practice at Derwent Group in Sydney. In May, for example, ING Australia's entire small-caps team made a swift exit to Credit Suisse. Humphrey says the move could... Read more

There's a new species of beast about to prowl the Australian financial scene and no one really knows how to recognise them. They are called corporate brokers, and like Australia's first coin-carrying migrants, they come from England. "I think they're like relationship managers,'' says a slightly bewildered banker. "All I know is they're nothing like relationship managers,'' says a recruiter, running out the door. But Oliver Darkes at recruiter Carmichael Fisher is a travelled... Read more

Australia's superannuation funds and banks, collectively managing hundreds of billions of dollars, are bulking up their fund management teams with emerging markets specialists. The Victorian Funds Management Corporation (VFMC) alone is said to be looking for up to 40 fund managers to look at different asset allocation strategies and investment schemes. Macquarie Bank also has just launched its MQ Gateway Trust investment program, with its primary focus on emerging Asian markets. Oliver... Read more

Is Tokyo losing out to Hong Kong and Singapore? Maybe. There are certainly signs that Tokyo isn't the financial centre it was. Earlier this month, a Japanese government panel led by Prime Minister Shinzo Abe called for financial regulations in the country to be relaxed – a sign that Japanese authorities are becoming concerned about Tokyo's position as an Asian financial centre. In other moves, Fidelity Investments is shifting its Japanese... Read more

Are expanding workloads upsetting the delicate equilibrium of analyst/associate relations? Logan Naidu, a consultant at recruitment firm Cornell Partnership in London, says they are: "There's more stress, they get more tense, and it's easier to get ratty with each other." One associate (and former analyst) at a major European investment bank says associates who behave with Ted Bundy-like compassion are the main reason analysts quit: "The culture in investment banks is... Read more

There's no shortage of bankers eager to make the move to Australia. But is a move to Oz good for your career? Plenty of would-be migrants come from the City of London. Recruitment firm Robert Walters recently advertised a number of Australian-based treasury positions in London's Financial Times and Evening Standard, for example, and received a mass of applications. David Rolleston, associate director in finance at Robert Walters, says it shows London-based... Read more

With staff turnover in Australia's financial services industry increasing, firms are being forced to offer employees a stake in the business. Many in Australia's financial services industry looked on with envy at the stunning success of the float of fund management group Platinum Asset Management in May. Predictably, those at the top of the pile came off best. The Platinum IPO created a multi-billionaire out of founder Kerr Neilson, whose stake in... Read more

Most Aussie investment bankers plan to have their feet up by the pool well before middle-age, according to our latest poll. Just over 70% of those who responded reckoned they would have chucked in banking by the age of 45, with the rest being gone by the time they get to the big five-o. But most don't particularly want to retire too early either; just 40% want to be vegging in... Read more