eFinancialCareers

Just what are all those Babcock & Brown bankers going to do now that most of them are getting the boot? B&B plans to cut 850 jobs by 2010, leaving it with just 650 employees. That’s if it survives at all. Macquarie is trimming too, just more quietly. “By the end of next year we might see thousands being let go from Macquarie, but they won’t make a big announcement. They’ll... Read more

It’s not just US and European banks which are axing in Asia, the Aussies are at it too. Macquarie Group is said to be cutting about 10-15% of its Asian jobs, according to Reuters. The investment bank would not provide further details of any Asian layoffs, but it has already cut bonuses and shed some property and real estate staff in its domestic market. Macquarie, which employs some 13,800 people worldwide,... Read more

Citigroup’s global jobs purge is hitting home as the US bank starts to slash analyst staff in Sydney. And don’t rule out further cuts at other global banks in December and the New Year. Citi has reduced active analysis of Australian companies by 18% since early October, while New Zealand coverage has been more than halved. Predictably enough, this is leading to layoffs, with about four analysts given their marching orders... Read more

Australian retail banks could be about to ramp up their use of contractors, as permanent headcount is frozen or cut back. In late January/early February we could see a large increase in contracting, says Sharlene Turner, director of banking and finance at Human Solutions Group. “The downsizing currently taking place will increase the workload of staff that remain, but it won’t be long until they become overworked and need help from... Read more

It’s still not on the same scale as Wall Street, but Australian banks are catching the job-cutting bug. Mergers, restructuring, IT outsourcing and the financial crisis are combining to create a bleak Q4 for finance-sector employment. Macquarie is said to be planning cuts and internal redeployments in its property and real estate divisions, due to lack of deal flow in recent months. A banking sector expert, who asked not be... Read more

Australian infrastructure investor Babcock & Brown has set a new record for staff cuts at a going concern. It announced this morning that it plans to cut headcount by almost two thirds between now and 2010. Babcock’s stock has plummeted 99% this year, and today’s announcement followed a warning that it was in danger of breaching its covenants and needed to reduce costs by $150m in order to halve... Read more

If you’re looking for a crunch-immune sector of the hiring market, financial planning may be it. Count Financial has slapped a freeze on head-office recruitment, yet the dealer group is still hunting for financial planning talent, according to chief executive Marianne Perkovic. Demand is focused on people who can bring clients with them. “They need to have experience of dealing with clients face-to-face,” Perkovic says. Melbourne-based executive recruiter... Read more

It looks like UBS has done away with the concept of annual bonuses. The Swiss bank today unveiled details of a new bonus scheme, under which ‘top executives’ will receive (at the very, very most) a third of each year’s bonus at the end of the year in question. The rest will be put aside and only awarded if the bank/employee performs well and behaves nicely in subsequent years. “Should UBS's... Read more

Recruitment in Australian asset management has proved more resilient than in banking, but stagnation is setting in and a fall in jobs may follow. Jenny Greiss, an executive at Anton Murray Consulting, says the funds industry is managing the downturn well compared to the sell-side. “Funds don’t hire so aggressively during the upturns, so they don’t need to make so many people redundant when the market turns down,” she adds. Luke... Read more

With commodities prices falling and the markets slowing, demand for commodity traders in Australia is also quieting down. But while hiring is no longer hot, commodity traders are not being laid off in droves either, according to Geoff Officer, CEO of outplacement firm The Donington Group. “We are not seeing any [redundancies], though we are seeing some realignments within investment banks.” Samuel Gilbert, at Tardis Group, does not think recruitment will pick... Read more

A job on Collins Street might be safer than one on Wall Street, but the global financial crisis is still sucking some confidence from the local market. “Recruitment is quieter than this time last year across all financial services markets and there is a preference for contracting in all but the most senior roles. When someone leaves, the firm will always try to use its internal resources first. It’s becoming... Read more

The hiring market for hedge funds is due for a lean patch as potential industry consolidation and the short-selling ban hit home. Spencer Young, chief executive of Australian-based fund HFA Holdings, reckons the number of funds worldwide is set to fall as a result of consolidation caused by market volatility. (Investor Daily) What will be the impact in Australia? Hans Kunnen, head of investments market research at Colonial First... Read more

Get ready for a rocky 2009 – KPMG reckons banks in Australia will slash 10,000 jobs over the next year. The accountancy firm’s recently released annual banking statistics survey states that more consolidation will lead to fewer, larger banks. The scale, scope and speed of the financial crisis will also help to send headcount tumbling. Westpac's AU$17bn takeover of St George is likely to result in redundancies for 10% of... Read more

Things are getting complicated in fixed-income recruitment: the globals are quiet; the Big Four are opportunistic; and the boutiques are growing. There are differences between job functions, too. Sales and trading roles are holding their own, while origination (debt capital markets/securitisation) is taking a tumble. There hasn’t been much net headcount change in the trading teams at most banks in Australia, says Patrick Everest, a partner at Jon Michel Executive... Read more

Amid all the talk of Aussie banks axing headcounts, your job now looks safer if you’re a techie rather than a trader. Cost cutting on the IT front will probably mean a few postponed projects, rather than mass redundancies. And one of the biggest banking upgrades – CBA’s four-year, AU$580m IT renewal – is definitely going ahead, with recruiters still hiring. And what of the other large local banks? ANZ’s... Read more

The financial crisis and the prospect of a regulatory crackdown mean derivatives jobs are in short supply in Australia. Shane Oliver, head of investment strategy at AMP Capital Investors, expects the derivatives market to soon be subjected to increased government regulation. “This will have an impact on job opportunities in the financial sector,” he adds. Derivatives traders are feeling the pinch of relatively weak balance sheets, says John Coles, CEO,... Read more

Despite announcing its first fall in profits in ten years, ANZ is gearing up to double its headcount in Vietnam. And there will be jobs for Aussies willing to relocate. ANZ has posted an overall net profit for the year ended September 30 of AU$3.319bn, down 21% from fiscal 2007. But the bank is pressing ahead with its so-called “super regional” strategy of expansion in Asia, with profits in that region... Read more

Reports that CBA is planning a 5% cost reduction have sparked redundancy rumours, and mean that three of Australia’s four main retail banks are in or verging on cost cutting mood. ANZ has plans to reduce management-level jobs, with at least 500 positions said to be at risk. And Westpac, which cut 450 head-office roles last year, is in limbo until shareholders vote on the St George takeover proposal in... Read more

The Australian Government has injected AU$2.8bn into the banking system and guaranteed bank deposits. But will these initiatives have any effect on recruitment? Simon Tobin, national manager, financial services at recruiter Michael Page, comments: “There’s still a lot of caution out there. People are wondering what it will mean: they’re waiting to see what new regulations and government involvement will mean.” Toby Aikins, at search firm Jon Michel, says the injection... Read more