Bankers preparing for job losses
The resumes are being dusted off and headhunters are being contacted as investment bankers in Europe and the US come to grips with looming layoffs. The situation, reports the Financial Times, is particularly grim in London where 27,000 financial staff were laid off in 2011.
HSBC plans to terminate 30,000 positions and Credit Suisse will cut 3,500 jobs by 2013. However, as a result of the passage of financial regulations, including the Dodd-Frank Act, there is an increased demand for compliance officers and lawyers. Many of those seeking work are turning their eyes toward Asia, where the impact of the Wall Street scandals and the Euro crisis has been less severe.