HSBC to Cut About 50,000 Jobs in Major Overhaul of Global Business

From The New York Times -

“The British bank HSBC, in a major revamping of its global strategy, said on Tuesday that it would shed as many as 50,000 jobs as it sells several underperforming businesses, reduces the size of its global investment banking business and aims to cut billions of dollars in costs.

The bank said it would eliminate 22,000 to 25,000 full-time jobs, or about 10 percent of its work force, through restructuring by the end of 2017. It also plans to reduce its head count by an additional 25,000 positions through the sale of its underperforming businesses in Turkey and Brazil.

HSBC said that it would increase its investment in Asia, where it generates more than half of its earnings, while it seeks to cut costs by up to $5 billion annually within two years. The bank said it would complete a review of whether to move its headquarters from Britain by the end of the year.”

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Crumbling in compliance: How the middle office became one of the most stressful finance jobs

From e Financial Careers –

“Compliance professionals in banking are hot property. They can name their price (to an extent) when taking new jobs and pay is spiralling as banks struggle to meet demand for the thousands of extra staff they’re taking on. But compliance professionals are also leaving in ever-greater numbers.

“There’s a lot more pressure than when I first started out,” says one director in compliance advisory who quit last year to start his own entertainment firm. “Expectations are higher, visibility is greater and internal resistance to enforcement adds to the stress.”

Compliance teams were always viewed internally as the ‘police’, but increased scrutiny internally has only added to the pressure of the job.”

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The 10 strangest jobs banks are hiring for now

From E Financial Careers –

“As the second half of the year approaches, we enter banks’ prime hiring season. This is the time when interviews are rife and headcount is filled. If you want a new banking job in 2015, apply now.

So, which roles are banks hiring for? A look at their own job listings suggests junior investment banking division (IBD) jobs are still going strong. So are technology jobs of all hues. So are project management roles related to the many ‘change programs’ being implemented across the board.

There are also some less predictable postings on banks’ own websites. If you’re looking for a banking job that’s out of the ordinary, you may want to apply to one of those listed below. Then again, you may simply want to note that some of these jobs exist and draw your own conclusions about the direction banks are traveling in.”

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