Employment across Britain's financial services sector will reach a record low this quarter after profits failed to meet hopes, according to a leading survey that is expected to cause worries. Jobs in financial services were cut at the fastest pace in 17 years in the three months to December, the quarterly survey from the CBI, the employers' group, and PricewaterhouseCoopers found, according to The Daily Telegraph.
A balance of 49 per cent of firms said headcount fell, which researchers said indicated some 30,000 roles were lost. Businesses' expectations point to another 15,000 going in the present quarter, which would take the overall headcount to about 970,000, the lowest since records began.
Swiss bank defers bonuses
Credit Suisse Group boosted the number of employees receiving deferred bonuses in a bid to increase transparency. The threshold for deferred compensation was cut to 50,000 Swiss francs (HK$399,000) last year from 125,000 francs. The deferral rate rose to a range of 35 per cent to 70 per cent, lowering the cash portion of bonuses. Shares awarded as part of 2010 compensation will vest and be delivered over four years from 2012.
Payouts for the executive board, managing directors and directors will be split between shares and cash-based awards linked to the bank's return on equity and the performance of divisions. Employees below the level of director will receive deferred bonuses entirely in shares. Bloomberg
Generation Text 'cannot spell'
Regardless of the cause, some experts say many of today's young adults are thin on the skills and etiquette required for interviewing. They are members of "generation text", reports the Scripps Howard News Service.
Blame texting. Blame tweeting. Blame the relaxation of social norms that has left some members of this laid-back generation apt to say "hey dude" in just about any setting. "Voicemail is out, e-mail is too slow, so now they're texting, and their spelling is awful," says Mary Milla, a United States communications consultant and media trainer.
Fair offers 2,600 HK jobs
The Hong Kong government held a job fair on Wednesday offering more than 2,600 positions from the catering, retail and property-linked industries. In a statement on the government's website, the Labour Department said that the openings came from a total of 40 organisations and included positions such as shop assistants, cashiers and security guards, with monthly salaries ranging from HK$6,000 to HK$10,000. Bloomberg