eFinancialCareers

Despite posting the second biggest loss (£691m) in UK banking history, analysts say Royal Bank of Scotland (RBS) is unlikely to make any more redundancies than those already expected from the integration of ABN Amro’s capital markets division. This morning, RBS posted a pre-tax loss of £691m during the first half of this year after being pounded by sub-prime losses of £5.9bn. Sir Fred Goodwin, chief executive of RBS, said it had... Read more

As Scotland bids for independence from the rest of the UK, there’s the suggestion that its financial services sector could lose out. Global Financial Services Week (GFSW) looks to highlight Scotland’s importance as a financial centre, and the cabinet secretary for finance, John Swinney, took the opportunity to attempt to assuage fears that an independent Scotland could undermine the industry. He said: “We would have to take decisions about the way in... Read more

Scotland’s companies are still as eager as ever to raise capital, but recruiters say the hiring emphasis is shifting to old hands who can work a difficult market. In London, the value of IPOs fell 90% in the first quarter. But if the UK market’s dropped off the edge of a cliff, no one seems to have told Scotland’s corporates. John Llewellyn-Lloyd, head of corporate finance at Edinburgh’s... Read more

As Scots plans for a local income tax steam ahead, recruiters have begun warning of the dire effect it could have on jobs. One recruiter says the tax proposals, introduced by the SNP as a replacement for council tax, will spell the death of Scotland’s financial services industry. William Finlayson of Scottish search firm Finlayson Wagner Black agrees: “People would think twice about taking up opportunities. The pool of talent... Read more

Rogue traders and vagabonds yesterday looked to profit by spreading vicious lies about Scotland’s own HBOS. But are things that rosy north of the border? After rumours circulated yesterday about a “liquidity crisis” at Britain’s biggest mortgage lender and Scotland’s second largest bank, HBOS, its share price plummeted by nearly 17%, to a record low of 398p. This wiped £3bn off its market value in one foul swoop. It turned out it... Read more

Contractors in Scotland may be forced to bite the bullet as financial services firms look to cut back on temps. The temp market has been booming in Scotland over the last year, as soaring headcount requirements and limited talent have forced companies to fill the gaps with contractors. Rates have soared from £250-£300 a day to £350-£400, according to recruiters, which might be the reason the party looks set to end. Steve Shields,... Read more

Plans for a local income tax in Scotland could discourage quality candidates from making the move north of the border. Owen Kelly, chief executive of Scottish Financial Enterprise – which is backed by such financial powerhouses as Royal Bank of Scotland and Standard Life – has told the Scotsman that Government plans for local income tax are troubling his members. He said: “Anything that starts to look like we have people... Read more

Forget the difficulty in finding the people for financial services jobs, Scotland might struggle to find offices to put them in. Property consultant Jones Lang Lasalle has warned that Edinburgh faces a shortage of office space, but it seems it’s not just space in the Scottish capital that’s in short supply. Scotland is fast becoming the region of choice for back-office roles. Citigroup employs around 235 people in Edinburgh, BNP Paribas... Read more

Education, education, education. The skills shortage in the Scottish financial services market has prompted action at a grass roots level, and its targets are getting younger. The Chartered Institute of Bankers in Scotland (CIOBS) offers a Certificate in Financial Services in schools, which looks to fast-track pupils into a financial career and is now on its second intake of students. The class of 2006 were the guinea pigs, but last year... Read more

What will be hot and what will not in the coming 12 months? Here’s our verdict… 2008 will be a good year for… Corporate finance The bare statistics don’t make comforting reading. Preliminary figures from insider.co.uk suggest Scottish-only corporate finance deals were a mere £1.44bn in the third quarter of 2007 – down from £5bn for the same period in 2006. However, while the mid-market may have suffered, corporate finance professionals remain convinced that... Read more

What was hot and what was not in Scotland in 2007? Here’s our considered verdict… 2007 was a good year for… Fund management Fund managers in Scotland were defiantly bullish this year: the battle for talent intensified, top names engaged in a game of musical chairs, and profits and revenues increased. Scottish Widows Investment Partnership (SWIP), for example, lost its chief executive John Phillips in January, and its head of European equities went to... Read more