eFinancialCareers

Bankers on Wall Street and in the City of London are expecting bumper bonuses this year. How does the Sydney market compare? Quite well, seems to be the answer. Australia may have a market cap of just US$854bn – 20 times smaller than the US, but our research suggests financial services salaries in the market punch above their weight. According to the office of New York State Comptroller, Alan Hevesi, finance... Read more

Recruiters say the Australian Government needs to put more money into white-collar training to address the chronic shortage in the financial services sector. Australia’s Government has set aside A$837m to spend on additional training measures for unskilled Australians. Recruiters say it's focusing on the wrong area. “Australia does not have a jobs problem, it has a skilled workers problem,” says Grahame Doyle, a senior regional director for recruitment firm Hays. “There needs... Read more

When the going gets tough, wannabe bankers start showing their moves. Over the past few weeks the global financial community has been following one UBS candidate’s innovative approach to nabbing a job. His was no ordinary application – it featured an 11 page CV and a sharply edited video featuring him ballroom dancing, breaking bricks with his bare hands. Observers are treated to nuggets of wisdom like ‘To achieve success you... Read more

The financial services industry is known for its long working hours, and it seems Australian bankers work longer hours than most. The latest report from AXISS, the financial services division of Invest Australia, suggests Australian bankers may work longer hours than their counterparts in both the UK and the US. The report notes that the average Australian worker worked 1,826 hours last year, well above the G7 average of 1,696 hours... Read more

Looking to spread your wings beyond Sydney? The Singaporean job market is booming. This week, Barclays Capital revealed plans to add 400 people to its Singapore business, across equity, credit, derivatives and commodities. And private banking recruitment in the island state is reaching a frenzied pitch – Credit Suisse alone reportedly plans to add 140 client relationship managers in the next 12 months. Dennis Koh, a Singapore based Managing Partner of Goshen... Read more

Macquarie Bank has enlisted the services of a top business school to help it attract and retain staff. theage.com.au says Australia's top investment bank is collaborating with French business school INSEAD to offer a tailored Masters in Finance degree to its employees. As long as they pass, their fees will be paid by the bank. Nicholas Moore, Macquarie Bank's head of investment banking, is quoted as saying he hopes the course will... Read more

Paul Masi, as Merrill Lynch’s new chief executive officer and country head for its Australian operations, shares striking similarities to his counterpart at UBS. Announced Wednesday, Masi’s appointment is effective immediately, following Kevin Skelton stepping down from the role. Having joined Merrill Lynch in Australia in 2000, Masi was previously country co-head and head of Australasian equities before relocating to Hong Kong in 2003 to become head of Asia Pacific region equity... Read more

With booming conditions globally, is an MBA still required to get to the top of the pile? Richard Lyons, from executive search firm Carr Lyons, says that MBAs are more valuable at the associate level than at the assistant-director of VP level. At the associate level an MBA from a good university will separate people from the crowd. At the higher end, employers are looking more for solid experience in their... Read more

UBS, Citigroup and HSBC all plan to increase their market share in Australia's wealth management market, which could see some fierce competition for top advisors. UBS appears to be leading the race after poaching at least seven wealth management advisors from Citigroup, according to The Australian. Another two Citigroup advisors have reportedly left to join Macquarie. Simone Mears, director of search firm Profusion, believes that there is strong demand at all... Read more

The number of people planning to leave England has doubled in the past three years, and Australia is high on their list. The number of people planning to leave England has doubled in the past three years, and Australia is high on their list. 13 per cent of Brits surveyed by research company ICM said they wanted to leave “in the near future”, up from 7 per cent in 2003, and a... Read more

With the increasing wealth in Australia comes an increase in demand for advice. Citing data from an eJobs salary survey, MoneyManagement.com reported on 10th August that there had been an 80% increase in the number of jobs related to financial planning in Victoria and Tasmania, during the six months to July 2006. Inequities in the demand and supply of qualified planners are serving to push up salaries in the industry –... Read more

With strong hiring conditions internationally, now may appear a good time for Australian finance professionals to land a job offshore. But recruiters say the advisability of such a move is a question of timing. Vincent Bailey, from search firm Bailey Executive, says people should be looking to move offshore in their mid to late-twenties and then return in their early thirties. Bailey says investment bankers in particular can benefit from increased... Read more

Westpac Financial Planning is looking to hire an unspecified number of financial advisers, in anticipation of increased demand for professional advice, reports MoneyManagement.com. Westpac expects demand for their services to increase as a result of the superannuation changes handed down in the 2006 Federal Budget. Alongside technical skills, the company is reportedly in search of people who fit with company’s values of teamwork, integrity, and achievement.

Australia’s established fund management players are losing staff to smaller boutique players. Ratings agency Standard & Poors highlighted the problem in a recent report on the Australian market. As boutiques have proliferated Ben Sheehan, fund analyst at S&P, said established funds have suffered high staff turnover over the past six months as employees defected to smaller rivals. Sarah Elias, a consultant at Ambition Recruitment, says the majority of vacant fund... Read more

Employees of ABN AMRO’s Australian operations have become part owners of the company. ABN AMRO’s Australian staff are set to buy out 25% of the equity in the local business, according to The Australian. The paper says all staff at the bank have received a share of equity, with each receiving $1,000 of shares per year of service and senior staff having the option to buy more. ABN’s Australian operation is following in... Read more

Merrill Lynch is building up its new Australian prime brokerage businesses, and has drafted in a honcho from New York to make it happen. Finance Asia says John Laws will run a 40-strong team as the head of Merrill’s business division offering its global debt and equities financing platform in Sydney and Melbourne. The business has an equity and fixed income prime brokerage, stock loan, margin lending, structured financing, financial futures and... Read more

National Australia Bank is building up its institutional markets and services division. The bank will spend an extra $10 million this financial year on diversifying resources and adding staff, the Australian Financial Review reports. National Australia Bank's restructuring of its institutional banking division will provide the next leg of growth. The bank is turning its attention to growth and the marketing of new products, and expects the restructuring of its globally focused... Read more

Australian investment bank Macquarie is moving into the big league by paying its senior staff London-style salaries and recruiting homegrown graduates for its UK business. “We are…competing for high quality staff in all of the world’s major financial centres,” the bank’s chairman, David Clarke is reported as saying on Moneymanagement.com.au. “In order to succeed, the bank’s remuneration needs to be broadly in line with that of other investment banks based in... Read more

The Australian job market is crying out for financial planners and paraplanners, with demand up nearly 100% according to some reports. Recruitment specialist eJobs noted 460 advertised roles for Sydney, Regional NSW and ACT in May, an 80% rise on last year, MoneyManagement.com reports. According to eJobs’ report, Australia is also short on candidates. This is bad news for employers, but good news for candidates, who can command higher salaries for their... Read more