eFinancialCareers

A dearth of mid-level professionals amid a general candidate crunch has made Australia even more attractive for northern hemisphere finance professionals seeking more sun, surf and sports. But recruiters say there are some critical factors to consider before you move Down Under. A global candidate shortage has driven the growth of cross-border traffic, with Australia’s talent pool being drained by opportunities offshore in Asia, London and New York. This, combined with... 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

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 analysts and associates don't get on... From: Associate Sent: Wednesday, May 30, 2007 6:04 PM To: Analyst Subject: wgl Can you put together a working group list in next hour using template I've previously sent you (vcards attached)? Contacts are MF, SF, C and me From: Analyst Sent: Wednesday, May 30, 2007 6:35 PM To: Associate Subject: RE: wgl There is really no reason to get testy. I was here all night, you know that, and I am... 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

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

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

Don’t look now: there are some signs that the US sub-prime mortgage malaise has spread to the Australian market for financial services jobs. Private equity firms and corporate advisers were hit hard with a 9% fall in job advertisements during September, according to the Olivier Internet Job Index. The index also showed ads on the Internet for banking jobs fell by 10.5% in September. Report author Bob Olivier, a director at the Olivier... Read more

Just when you fancied working in the City of London, the UK government plans to up the tax on overseas workers. Right now, Aussies living in the UK who are non-domiciled in the country are exempt from paying tax on income earned abroad (e.g. from renting out Sydney apartments). The proposed rules will require all ‘non-dom’ people in the UK who have been working in the country for seven years to either... Read more

With one breath local banking chiefs are assuring everyone jobs here are safe, with the other they’re quietly telling staff to pack their bags. Last week, Citigroup Australia became what may be the first of many banks to publicly let staff go. The struggling US bank retrenched around 20 staff in its Sydney equities and fixed income divisions, including members of its prop trading desk, just days after its local chief... Read more

Forget US business schools, a new study suggests MBAs from China see the biggest boost to their earnings once the course has finished. The Financial Times’ 2008 MBA report found that alumni from Shanghai’s Jiao Tong University and Beijing’s China Europe International Business School (CEIBS) land the biggest salary increases upon graduation – 177% and 157% respectively. By comparison, graduates from a big name like the University of Pennsylvania’s Wharton School... Read more

It's not looking good if you fancy landing a job in the Australian financial services market. The Aussie banking sector job market is floundering, according to the most recent monthly instalment of the Olivier Job Index. Report author Bob Olivier, a director of recruiter Olivier Group, attributes the poor results – down 5.12% in February – to the credit crunch, interest rate rises and the stock market sell-off. “Sub-prime write-offs have hurt... Read more

The official line out of ANZ at the moment is that it’s conducting an internal review of its securities trading processes and practices, following its involvement in the Opes Prime shares debacle. Unofficially, the bank is known to be wielding the axe internally as it looks to restructure some of its operations and clean out non-performing staff. ANZ Bank’s head of corporate affairs, Paul Edwards, confirmed that four ANZ employees had been... Read more

Now may be a good time to get your CV to Deutsche Bank – especially if you work for Citigroup. A major recruitment drive is expected at Deutsche in Hong Kong as the German giant gears up for its third-quarter 2010 move to Kowloon’s International Commerce Centre. And Citigroup high fliers could be top of its hit list. Alice Liu, a director at search firm Pelham, says Deutsche has... Read more

Australian IT recruiters report a rush of hiring as investment banks seek to enhance their technology systems. “We’ve seen a marked increase in demand for technologists,” says Sam Vargas, a consultant in the technology division of recruitment firm Robert Walters. “Banks are trying to become a lot more competitive in terms of their trading platforms and are looking to integrate trading and wealth management platforms. Most are adding staff.” Steve Hutchinson,... Read more

It was a year of two halves for Aussie bankers: the first good, the second bad. But some had it better and worse than others. 2007 was a good year for: Wealth managers 1 July 2007 marked a radical change in the way Australians plan for retirement. As a result superannuation inflows went through the roof. Recruiter Luke Heath from Chandler Heath, says wealth managers, in particular, made hay. “Private bankers, stockbrokers, financial... 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

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