Prop traders have become an endangered species as the Volcker rule forces banks to jettison their prop trading operations. But the betting money is that most will end up on their feet. Russ Gerson of the Gerson Group says that the "talented guys have nothing to worry about." The majority figure to be snatched up by hedge funds. Others will simply shift over to their bank's fund unit, as is the... Read more

Banks in China need more techies [China] Banking IT professionals are in demand in China. Standard Chartered is, for example, hiring for roles including CSS technical managers and senior technical analysts. But firms have high standards about the type of people they want to take on. ECM picks up again, but talent is scarce [Japan] ECM recruitment has been picking up in Tokyo. Question is: will it stay that way? Oh to be... Read more

BNY Mellon is making its first foray into Canada’s wealth management market, hoping to tap into the fifth-largest population of millionaires worldwide with the planned acquisition of I3 Advisors of Toronto. Within the next 12 months the global financial services company plans to hire new staff to fuel its expansion. BNY Mellon anticipates no new hires immediately, says spokeswoman Susan Rivers. However, “looking into 2011 we definitely think we will be... Read more

As of next Tuesday, everyone will be back from, well, summer. If big investment banking job cuts in October and November are to be avoided, the summer apathy needs to lift – fast. Last month the Financial Times pointed out that trading volumes were down 30 percent year to date. And The Wall Street Journal illuminated the fact that the 18 trading sessions after Labor Day will be crucial for third... Read more

RBS said it will cut 3,500 jobs in the UK and close 10 offices. The bank is aiming to reduce costs by eliminating technology and administrative positions. The move follows last week's announcement that the firm would scale back its insurance business by shutting 14 offices. CEO Stephen Hester has eliminated more than 20,000 jobs since RBS was rescued by the government two years ago. [Bloomberg] Meanwhile, HSBC said many banks... Read more

UBS Wealth Management Americas named former Morgan Stanley Smith Barney exec Jerry Pascucci, as head of alternative investments. [WSJ] Citi hired Endre Markos as head of Asia-Pacific ECM for its securities and fund services business. Markos joins the bank from Bloomberg and will be based in Hong Kong. [FinanceAsia] Hedge fund consultant Atrato Advisors hired Michael Boensch and Danny Santos, two research professionals, in New York to meet client growth. [Finalternatives] The SEC... Read more

If you’ve never applied for a job at a Chinese bank before, what should you watch out for? And how does the application and interview process differ from that of other firms? First of all, the large state-owned Chinese banks – such as ICBC and the Bank of China – do not typically hire externally for senior roles, preferring to recruit graduates and promote them until they reach management. However, commercial... Read more

JPMorgan's getting out of proprietary trading to comply with new curbs on investments banks. Those on the commodities desk have reportedly been told they'll be out of work - less than 20 traders are affected there, and only one of those is in New York, the rest are in London. The bank is also reportedly considering close the fixed-income and equities desk, where another 50 to 75 employees work. [Bloomberg] Finra... Read more

More on the story of New York's recovery: Yes, the city's economy is looking better. And some banks are even handing out bonuses early. But if you're looking for work in a top bank, don't exhale just yet. While some firms, such as Nomura, have added headcount and plan to add more, others like Barclays Capital are still in cutback mode. At the same time, areas such as M&A, hedge funds... Read more

M&A professionals are finally becoming more in demand as Asian deal making rises close to levels last seen in the pre-GFC boom. But because banks have recently been so focused on ECM, they are now facing serious skill shortages in M&A. According to Dealogic, Asia Pacific companies have made $132.7 billion of offers for companies outside their home country so far this year, compared with $142.7 billion in the same period... Read more

A recent story showcasing recruiters' complaints about "crazy" candidates seems to have hit a nerve among many of our users. Several comments draw a link between overeager job-seekers - who recruiters may view as pests - and uncommunicative recruiters whom sincere and well-behaved job-seekers may label rude and unprofessional. The question of whether recruiters should be more responsive to candidates who've been eliminated from a client's interview process (and those job-seekers... Read more

The longer this recession goes on, the more transitioning professionals will stumble into the "overqualified" pit. Too much of a good thing is wonderful, said Mae West. But that's not how hiring managers see it. Relevant work experience, advanced degrees and credentials - while prerequisites for many finance jobs - can disqualify as well as qualify. If a candidate previously held a role at a higher level than the one she's... Read more

Picture this: You’ve just lost your job and you’re scouring the job boards, looking for something - anything - that matches your professional qualifications and experience. Suddenly, you spot a position that looks too good to be true. The job title is perfect, the responsibilities are right up your alley, and the firm is… Oh, wait a minute. It's your former employer; the one that just handed you a pink... Read more

When considering whether to pursue a credential such as a Chartered Financial Analyst (CFA) designation, the next question likely to come to mind after "Will it upgrade my job prospects or compensation?" is, "Will what I learn improve my job performance?" A review of published research "reveals a patchwork of studies that don't uniformly and unequivocally show outperformance by charterholders," writes Christopher Wright in the January-February issue of CFA Magazine, published... Read more

If someone gives you resume advice while referring to a detailed checklist of common resume mistakes, are you being deceived? Job-search guru Nick Corcodilos thinks so. A recent post on his Ask the Headhunter blog skewers free resume critiques as “the new career-industry racket.” But his outrage fails to stand up to examination. Corcodilos has made a career out of riding the high horse, exposing a long list of career-related... Read more

Hopefully, you'll never need this step-by-step guide to surviving a layoff. But if you do, following these steps will put you on your way to a new opportunity. 1. Negotiate a Good Deal It may be possible to negotiate at least some terms of your layoff. Employers often budget substantial funds for such purposes, but exiting employees don't realize they can negotiate or they are too traumatized to ask. As soon as... Read more

Even as the finance industry writhes amid recession and restructuring, some jobless professionals are having trouble adjusting their expectations to the new reality. A column in Sunday's Philadelphia Inquirer details the saga of one Byron Wilson, a former investment advisor, insurance company vice president and Big Four CPA. In 2007, Wilson left a steady job to build his own investment advisory business at Smith Barney, leaving little time to build a... Read more

Kerry Jordan, CFA, has been out of work since January 2008, despite 14 years of experience at FBR Capital Markets, Bank of America, and NASDAQ. You'd think her work in new business development, strategic planning, risk management and raising capital would have left her well-positioned to land a new job quickly. But here's the rub: "Everyone is in retrenchment mode and the few positions that do become available are filled... Read more