If you lost your job in 2007 and are currently applying for roles as a PA or desk assistant, the CEBR has some very depressing news.
Despite the entirely predictable joy surrounding the third quarter results at Goldman Sachs and JP Morgan, the CEBR’s projections for City financial services projections are dismal. Although it thinks 9,000 jobs will be added between 2010 and 2012, it’s predicting that employment in the City won’t return to its 2007 peak of 354,000 until 2021.
As the table below shows, the CEBR suggests investment banking and fund management are the places to be over the next two years (this is despite the dire performance of investment banking at JP Morgan and Goldman Sachs over the past quarter).
Source: CEBR
Goldman net income more than doubled in third quarter. (Bloomberg)
Goldman Stock falls after earnings miss ‘whisper number.’ (Business Insider)
Lloyd Blankfein: "The core of Goldman Sachs's performance, success and longevity over this period, aside from luck, is that we've put ourselves in a position to be more lucky, because of our people. And I have an obligation to keep the firm and the franchise intact." (Wall Street Journal)
At the heart of the financial system, now sits a professionals-only, high-risk Wall Street firm with its own private equity and hedge funds. (Financial Times)
Jamie Dimon: “We are committed to paying each individual properly.” (Wall Street Journal)
JP Morgan bullied into signing Myners’ bonus-limiting agreement. (Financial Times)
It is pretty clear that RHJ intends to use Kleinwort as a consolidation vehicle to build a old fashioned merchant bank. (Alphaville)
Nomura and Mizuho slash Japanese graduate hiring in half. (Bloomberg)
Nicola Pease says there’s no sexism in the City and that banks should cut maternity leave and ban excessive payouts in sex discrimination settlements. (The Times)
City bankers entertain clients and try to generate business by offering trips to brothels. (Guardian)
Eighteen out of 172 candidates for City directorships and other senior bank jobs have been rejected in the past year by the Financial Services Authority. (The Times)
Tullet Prebon, £40m, and the disappearing Blackberries. (Guardian)
The problem with smart bankers. (Reuters)
Wasserstein showed the rest of Wall Street that business can be done profitably and relatively risk-free, without bringing down the capitalist system. (Daily Beast)
“From the moment I met him, I knew I was dealing with a really rare talent.” (Financial Times)
