eFinancialCareers

There are 18 much richer Australians this week, and it’s not down to a lottery win. Goldman Sachs JBWere has promoted18 people to become Australian managing directors (MDs) - nearly doubling the 22 it had. Rumour has it they’ll each be on at least US$1.5m (AU$2.0m). What's going on? Craig Drummond, Chief Operating Officer at Goldman Sachs JBWere Sydney says the appointments "reflect the depth of talent and the significant contribution... Read more

Investment banks aren’t best known as cuddly employers. But when it comes to flexible working arrangements, even high-powered financiers are getting more leeway these days. Take UBS for example, which offers its employees a whole range of flexible alternatives, from the ability to work from home on some days, to staggered hour arrangements, job sharing, and part-time options. Mike Davies, UBS’s head of human resources, says workers at all levels are... Read more

What if you're not satisfied when you get your bonus? Could you negotiate for more? Success is rare, and it could be a dangerous path to pursue. “In 20 years at Goldman, I never once saw anyone renegotiate their bonus after it had been announced, ever,” says one ex-head of department at the bank, which is paying US$16bn in bonuses this year. “Bonuses are decided in October and it’s not done... Read more

Have visa, will travel. The US has emerged as yet another destination for travel-hungry Australian finance professionals, adding to the talent shortage that is plaguing the country in the accounting and financial markets. The signing last year of the Australia-US Free Trade Agreement means that young Australian professionals no longer need to enter the green card lottery to gain visas to the US. Instead, the E-3 visa programme has been expanded... Read more

ANZ Bank is about to embark on a major hiring program to support its expansion into Asia. Other banks are expected to follow close on its heels. ANZ CEO John McFarlane is behind the new push into Asia, and said that in the New Year the bank will launch a recruitment drive aimed at the postgraduate market. “We’re looking to recruit a substantial number of graduates with Asian language skills or... Read more

What was hot and what was not in the Australian financial services industry over the past twelve months? Here’s our considered opinion. Good Year Private Equity: This has been the year of the mega-deal in private equity, with seven AU$1bn plus transactions, topped off with the AU$11bn bid for Qantas. Big overseas funds such as KKR, CCMP, and TPG all set-up shop in Australia, while smaller Australian funds such as PEP, Archer Capital,... Read more

Australia’s banking and finance sector had a storming time in 2006. Where will the hot and cold spots be in 2007? Here’s our verdict. Going up: • Salaries and bonuses After a bountiful 2006, expectations are that the bonuses paid out in the first few months of this year will be significantly up. Macquarie pays bonuses around June and with profits up 51% in the six months to September, chances of the... Read more

Be prepared to make up your mind quickly – Australia’s banking and finance companies will now offer jobs as little as 48 to 72 hours after interview. Debbie Loveridge, managing director of Select Australasia, tells us the amount of time it takes banks to hire is being slashed as they compete for talent in a tight market. A year ago, she says mid-ranking admin staff in banks would wait two or... Read more

Ever wanted to go back and work somewhere you’ve worked before? Australia’s banks and accounting firms are implementing corporate alumni programmes. In current tight market conditions it’s all part of a move to regain employees who’ve left to work elsewhere. “Mature-age people might leave a job for another opportunity or a change of environment, but may later be willing to consider a return to the security and rewards of a familiar role,”... Read more

The lure of high-paid, tax-free work in Dubai is proving too much to resist for some Australian bankers. It’s a long way from Australia to the Middle East, but Rick Jansz, BSI People managing consultant for IT and financial markets, says candidates who might previously have moved to Asia are now considering Dubai, thanks to alluring pay and the range of jobs on offer. Tax-free packages of US$250k plus bonus are... Read more

Time to move East? Financial services jobs and pay in India are soaring. “The market here is on fire,” says Ronesh Puri, managing director of the New Delhi office of search firm Executive Access. “Salaries are rising anything from 30% to 40% a year – it’s not unusual for someone to receive two, or even three pay rises in a 12-month period.” Goldman Sachs recently announced plans to grow its Indian broking... Read more

Thinking about finding a new job? One headhunter shares his tips on how not to go about it. Rule 1: Money isn’t everything “Make a move for the right reasons,” says Kevin Yeung, a search consultant specialising in real estate, private equity and hedge funds at the Whitney Group in Hong Kong. “Executives need to carefully consider why they’re going and to spend quality time really evaluating what they hope to... Read more

Digging around for work in corporate finance? If you are, then Australia’s booming mining and resources sector may hold the answer as demand for specialist expertise continues to rise. The increase in mergers and acquisitions activity in the mining sector in particular is driving recruitment activity among investment banks, with expectations that 2007 will be another hectic year of consolidation among listed and unlisted gold miners. “Given the huge level of activity... Read more

It’s bonus time for many investment banks in Australia, and that means it’s poaching time as well. As the very top performers form a queue outside the Ferrari dealerships of Melbourne and Sydney – looking for ways of spending their AU$2m-plus bonuses, banking recruiters say others who might have been disappointed with their payment are more likely to be dusting off their CVs. “Around this time of the year, you’ll see... Read more

In Australia’s burgeoning real estate sector, talented professionals with financial experience and investment banking backgrounds are definitely hot property right now. A spate of large-scale transactions, including mergers and acquisitions and other deals by investment banks and listed and unlisted property trusts, are fuelling the demand for property finance specialists. Macquarie Bank has been actively recruiting to fill positions within its growing property industry group, seeking out individuals with good contacts to... Read more