In 1978, economist James Tobin proposed a tax on cross-border currency transactions. This tax would occur every time a stock, bond or derivative was purchased or sold.

This concept may now be implemented in the EU. Its aim is to slow down the number of speculative dealings and provide a vital source of revenue. A vast volume of transactions is seen to contribute to volatile currency markets and economic instability.

Economic and ethical arguments are used to support the tax. The European Commission acknowledged potential detrimental financial impacts whilst using these arguments to justify continued support. For advocates, FTT is an essential reaction to the increase in foreign exchange trading.

Opponents have reacted quickly with a number of reports being published. Current criticism focuses on the negative socio-economic impact of financial trading shifting away from the EU. In London, thousands of people work in foreign exchange markets and, according to Allister Heath, approximately 45% of currency trading is in the ‘swaps market’. Ernst and Young argued this week that FTT would damage the GDP of EU states and AIMA stated there would be significant harm to EU cross-border trade.

International financial instability calls for a new international structure but is Tobin Tax the answer?

By Beth Horne
Researcher, Tax In House & In Practice
T: +44 (0) 2070 092 0137
E: bhorne@morganmckinley.co.uk

Allister Heath, cross-border currency transactions, financial transactions tax, James Tobin, robin hood, Tax, Tobin Tax

Your CV or resume has probably been the first and possibly only tool you have been using to apply for jobs so far.  You probably update it every time you decide to move jobs as you know recruiters always want a copy and employers often ask you to talk through it at the start of a job interview.

A resume or CV is not the only way to get noticed by potential employers

However – as well as keeping your CV/resume polished and up-to-date, it’s worth being aware of the other methods that companies are starting to employ in order to filter out strong candidates.

The Wall Street Journal yesterday reported that a venture capital firm, Union Square Ventures asked investment analyst job applicants to submit links representing their ‘web presence’ such as a Twitter profile or blog. They were also asked to supply short videos demonstrating their interest in the position.

The reason for employers’ interest in these new ways of sourcing candidates is that CVs can be a limited way to find out information about an individual.  They provide the important, but basic factual information on work experience and education.  However, there is little insight into personality and the possible ‘fit’ the candidate may have with the rest of the company.

In the current uncertain economic climate, every hire a company makes it crucial and employers are likely to be more interested than ever in finding out more about the person they might be interviewing.  So even if your recruiter or interviewer only asks for a CV or resume, it’s definitely worth spending time carefully creating and moulding your online persona as it may well help your next career move.

For advice on how to stand out from the crowd both in your CV/resume and online, contact Morgan McKinley: marketingdepartment@morganmckinley.co.uk

candidates, career move, cv, job interview, Morgan McKinley, potential employers, resume, Union Square Ventures

Click to view the London Financial Services Salary Survey 2012

We recently surveyed over 370 hiring managers and professionals working across financial services in London to hear their predictions for hiring and remuneration for 2012.

Survey highlights show that only 12% of those in the permanent market are feeling more confident about job availability compared to this time last year. On a more positive note, just over a third (35%) are optimistic that salaries will rise over the course of 2012 while 50% expect salaries to stay at their current levels.

The mixed findings of our survey clearly reflect the lack of visibility and turbulence in the hiring market as the new year begins. It is well known that financial markets thrive on stability. Therefore a conclusion to the eurozone crisis and clarity on regulatory issues such as the Vickers report should bring greater transparency and confidence to the banking system in the UK.

We hope you find this salary survey informative and welcome your feedback. I would also like to take this opportunity to thank you for your continued support and wish you all the best for 2012.

Financial Services, London, salary guide 2012, salary survey 2012

From the credit crunch in 2008 to the eurozone crisis in 2011, risk management has never been so topical. This was evident last night, when more than 60 financial services professionals attended our exclusive risk debate at One Moorgate Place.

We were lucky to have some of the City’s most senior risk specialists in attendance, along with a distinguished panel consisting of a leading editor from a well known City newspaper, a senior risk representative from a UK regulatory body as well as a global head of risk methodology from a leading investment bank.  This all led to thought-provoking discussion and some sharp intellectual sparring! Abiding by the Chatham House Rule, I can’t tell you what was said, but here are some of the topics that were discussed. I’d love to hear some of your thoughts as well – let the debate continue…

1. Although numerous causes of the 2007/08 credit crunch have been mooted, many experts feel that the crisis was, “not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of major financial institutions.”
   
   Why was risk management not able to prevent such a global meltdown?

2. In recent years there has been major regulatory reform across the financial services sector, as well as a huge drive to ramp up risk management frameworks. Barely four years have passed since the last global economic crisis and we again find ourselves in another one, this time on a more sovereign scale with the eurozone crisis.
   
   Having concentrated on developing micro risk management tools, along with more in-depth analysis from a credit perspective, why is it that the macro-level risks were seemingly ignored?

With the new measures in place, do we now feel confident from a risk management perspective, that we are better positioned to recognise signs of an impending crisis? And what are the key areas to be wary of moving forward?

(L-R) Eduardo Epperlein – Global Head of Risk Methodology, Global Risk Management, Nomura, Allister Heath – Editor, City AM,  Michael Wardle – Head of Market Risk and Trading Review, FSA.

2012, Banking, Banking crisis, eurozone crisis, Financial Services, Risk, risk management

Now that Morgan McKinley has been measuring job opportunities in the London financial services sector for eight years, we are well positioned to illustrate the meteoric rise of the financial services hiring market, followed by the dramatic effects of the credit crunch starting in 08 (Chart 1). Comparing 2011 to the previous year shows that job opportunities fell by 8% and a much larger 43% drop compared to 2006 when financial services hiring was peaking. This pattern of hiring strongly reflects the shape of the global economy over these years.

View full press release >>

Returning to December 11 – job availability was at its lowest monthly level for the whole calendar year. This is partly because December typically sees a fall in job opportunities as it is a shorter working month due to the festive period. However taking this into account, December 11 represented an even greater slowdown than expected in financial institutions’ hiring activity across London. As mentioned in previous Employment Monitors, onging issues in the eurozone, compounded by turbulence in financial markets sent shockwaves through financial institutions in Q3 11 and Q4 11, rendering the hiring market very subdued, particularly in the wind down towards Christmas. Sentiment from hiring managers remained highly cautious in December 11, influenced by well-documented volatility across financial markets plus announcements of potential lay-offs. This has had a clear effect on professionals’ confidence in the jobs market, with a 40% drop in those who were active in the hiring market in December 11

The increase in the time taken to fill job opportunities from 55 to 61 days – the longest period since February 11 – highlights the challenges that exist in managing professionals through the process of securing a new role. Whilst it is usual to see recruitment processes in some institutions speed up to get key hires on board towards the end of year, evidence in December 11 points towards the opposite with even longer job sign-off and interview processes. As we have noted previously, the City hiring market thrives on confidence, and there is currently a distinct lack of confidence amongst hiring managers.

Referring back to the last eight years of the London Employment Monitor, we look with interest to see how 2012 will pan out. Anecdotal evidence from the City’s major employers indicates that the first half of 2012 may be slightly better than H1 11, but visibility remains limited. Looking at recent history, even in the ‘rebound’ year of 2010, the overall volume of jobs released (61,671) was so far below 2007 job numbers (114,471) that it begs the question we are regularly asked: will London financial services hiring ever return to the same level of activity.

Employment, Financial Services, Financial services in London, Financial services UK

Remuneration, compensation, salaries, pay, bonuses – all words used to describe ways in which people are rewarded for the work they do and as we head into 2012 this continues to be a hot topic, particularly in London’s financial services sector.

David Cameron underlined in his New Year’s message that the Government will tackle “excess in the City”. He went on to refer to unjustified rewards for the very wealthy and commented that “a few at the top get rewards that seem to have nothing to do with the risks they take or the effort they put in.”

This is strongly worded sentiment from our Prime Minister, ensuring that we start the New Year with a continuation of the much publicised and long-running debate over financial services compensation which arose in the wake of the financial crisis.

With such persistent interest in City remuneration, last month Morgan McKinley’s Financial Services Division published research into anticipated bonuses.  Take a look at the results of our Bonus Expectations Survey which gives an idea of the bonus payments that ‘average’ City workers predict to see across their organisations for their performance in 2011.

Furthermore, to provide comprehensive guidance on financial services remuneration for the coming year, Morgan McKinley will shortly be launching its annual Financial Services Salary Survey – London 2012.

To ensure you are on the mailing list for an electronic copy of this report please contact pressoffice@premiergp.com

bonus, bonus survey, City, City workers, compensation, financial services salary survey, pay, performance in 2011, remuneration, rewards

Our latest London Employment Monitor & Bonus Expectations Survey – November 11 is now available with video commentary. Click below to watch COO Andrew Evans talk though the highlights.

Bonus Expectations Survey highlights:

• Morgan McKinley’s annual Bonus Expectations Survey in November 11 found that 67% expect to receive a bonus in the 2011/12 round (compared to 88% in last year’s survey)
• However, only 14% think their bonus will be higher than last year, while 32% expect it to be lower and 45% predict it will remain the same (compared to last year 48% expecting higher; 41% expecting the same and 7.5% lower )
• Overall 85% of respondents anticipate that bonus payments will be up to 30% of base salaries including 45% who predict their bonus will be no more than 10% of their base salary (compared to 73% last year who expected up to 30% of base salary as bonus).

London Employment Monitor highlights:

• Morgan McKinley’s London Employment Monitor in November 11 registered a 29% month-on-month drop in the number of available job opportunities for financial services professionals
• Compared to the same month last year, November 11 also recorded a drop of 42% in available roles across the sector
• The number of professionals entering the jobs market rose modestly by 3% month-on-month from October 11
• This figure was also an increase of 3% on the number of professionals interested in new roles in November 10
• The average salary for those starting new positions in November 11 dropped by 1%.

Accountancy jobs, banking bonuses, bonus expectations, city bonuses, city jobs, employment monitor, financial services jobs, hiring activity, London Jobs, Salaries

Last Thursday our secretarial and office support team hosted an evening of glamour for secretarial and office support professionals in association with women’s charity Dress for Success.

charity, cupcakes, Dress for Success, Hairdresser, Hobbs, Mary Kay makeup, nails, office support, secretarial and office support, secretarial jobs, secretaries, Spray tan

Ensure your LinkedIn page optimises the right key words as part of your job search, the most obvious place is under skills and experience as consultants will use Boolean LinkedIn searches. Use the correct key words wherever possible.

I wanted to share with you a few simple but effective ways to improve your visibility online. These days good consultants employ excellent boolean search strategies and are always determined to find good candidates.  We are less reliant on advertising responses and particularly for specialist roles rely upon proactive searching of candidates via LinkedIn or key recruitment websites.  So if you don’t want to go to the effort of applying for roles, simply optimise yourself and you will be certain someone like me will find you!

These days most of us know about SEO (search engine optimisation). For years companies have been working out the search engine algorithms employed by Google.  I read a fascinating book which I would recommend named after the Goolge button, ‘I’m Feeling Lucky’ . This book gives you an insight into the early inner circles of the Google sanctum.

How does this relate to your job search?

There is a more passive way of finding a new job by ensuring your web presence is optimised! Firstly start with your CV.  If you place your CV on websites like Monster you are prompted to select your key words to maximise your visibility.

Make your CV SEO friendly

Consultants like me will attempt to hunt you down with boolean search strategies to identify the closest fitting candidate to our jobs. If you want to be found, just like your company website, you will need to be SEO friendly.

For example, if I am recruiting for Head of eCommerce, I will search under the key words ‘Head of eCommerce’ or ‘Head of online’ and so on.  If your job title is senior online and content Manager, I may not find you.

If you are looking for a particular job title, repeat these key words on your CV to ensure you come appear high in searches.

Optimise your LinkedIn profile

Ensure your LinkedIn page optimises the right key words as part of your job search, the most obvious place is under skills and experience as consultants will use Boolean LinkedIn searches. Use the correct key words wherever possible.

boolean, Curriculum Vitae, cv, Linkedin, online cv, Search Engine optimisation, SEO

Our latest monthly London Employment Monitor – October 11 is now available with video commentary. Click below to watch COO Andrew Evans talk though October’s highlights.

Highlights:

• The Morgan McKinley London Employment Monitor registered a 0.4% increase in available jobs across London’s financial services sector in October 11 compared to September 11

• This represented a decrease of 22% from the same month last year

• The number of professionals entering the London financial services jobs market rose by 9% month-on-month in October 11

• Compared to October 10, this was an increase of 4% on the number of professionals looking for new roles

• The average salary for those taking up new positions in October 11 fell by 5% from September 11 to £52,601

• The time taken to fill new job roles decreased by 10 days to reach 53 days.

Click here to view the London Employment Monitor – Oct 11

Accountancy, accounting jobs, Asset management, banking and capital markets, banks, Canary Wharf, City of London, CVs, Employment, finance jobs, Financial Services, hiring activity, jobs, Jobs market, London, London Employment, Professionals, Salaries