Future Technology Trends in Financial Services and their Impact on Future Jobs
Thanks to something called "wild information," cognitive thinking and our ability to evolve and adapt to new situations there will be a need for humans in a future of faster, stronger, and in some cases meaner machines that will eliminate the need for a few but not all positions. The good news is that despite our growing reliance on technology, IT experts believe there will be jobs even though technology will be faster, store more data, crunch more numbers and provide more intelligent analysis of unstructured data. The bad news is that continued uncertainty has many financial companies waiting to hire until unresolved rules in the Dodd Frank legislation are settled and there's a clearer picture of where and what those jobs will be.
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NYSE Euronext Deutsche Boerse Merger Would Give CME a Run for its Derivatives Money Even if shareholders approve it, the much talked about planned merger of NYSE Euronext and the Deutsche Boerse probably won't happen until the end of this year, says Joe Mecane, Executive Vice President, Co-Head U.S. Cash and Listings for NYSE Euronext. Mecane shared with eFinancialCareers that once the shareholders vote next month, it will still need approval from about 47 different regulators and that could take some time. As for how the merger will impact the market's current structure, Mecane says the primary difference will be in the derivatives area since the Deutsche Boerse has a large derivatives business, which combined with the NYSE Liffe derivative operation, will give the Chicago-based CME Group, currently the world's largest derivatives player, a run for its money. Although there will be some overlap with the NYSE Euronext Deutsche Bourse merger, and some jobs are expected to be eliminated, Mecane says that in the beginning the job losses will most likely be in Europe. Read more...
Could Being a Summer Associate Help You Land a Job After Graduation? If you're a business school grad student, chances are you've just spent the last eight months in the classroom. And now that summer's here the last place you want to be is in some cubical or conference room crunching numbers as a summer associate for a financial services firm. Or is it? Sure, you're missing out on the beach party action, but look at all the on-the-job training you're receiving not to mention some invaluable access to Wall Street giants. Plus, if you are one of the lucky few to be accepted into a summer associate program, chances are you have your mind focused on one thing—returning to school with a job offer to start work as soon as you graduate. Well, you may not want to put your resume away so quickly. According to an eFinancialCareers survey, less than half (49%) of Wall Street firms expect to extend offers and then only to 10 percent or less of their summer associates. Read more...
Cloud-Based Solutions Bring Support, Sales, Tech, & Compliance Jobs Lower-level product support, sales lead, and implementation personnel are needed at a growing number of cloud-based platform and solutions providers to deal with banks and i-banks, as well as hedge funds. A number of tech companies, like InData, are actively recruiting for implementation and product support people to work with the buy-side. Software engineers are also in demand on the front-end and applications side at places like InvestLab, as they roll out new financial technology platforms. Meanwhile, Thomson Reuters and Portware are teaming up to offer cloud-based algorithmic trading solutions. New ventures, like this one, are going to be looking not only for IT engineers, but especially for client services and sales people as the ventures come online. Read more...
Bank of America to Double Number of Financial Solutions Advisors to More Than 1,000 Bank of America announced today that it was hiring more than 500 additional Financial Solutions Advisors (FSA), which double the number of FSAs to more than 1,000 by year's end. In a statement, BOA said the increased hiring is part of its overall commitment to build up the Merrill Edge group of FSAs which provides financial solutions and guidance to what the bank calls its "Preferred" customers, or those with investable assets of $50,000 to $250,000. According to BOA, this group is among the fastest-growing segments in the financial services industry. Currently, Bank of America does business with more than 8 million Preferred customers. The Merrill Edge FSAs will be located in select banking centers nationwide, including New York, San Francisco, Los Angeles, Dallas, Charlotte and Washington, D.C. They will also be available to offer phone-based guidance through the Merrill Edge Advisory Center. Read more...'>Future Technology Trends in Financial Services and their Impact on Future Jobs
Thanks to something called "wild information," cognitive thinking and our ability to evolve and adapt to new situations there will be a need for humans in a future of faster, stronger, and in some cases meaner machines that will eliminate the need for a few but not all positions. The good news is that despite our growing reliance on technology, IT experts believe there will be jobs even though technology will be faster, store more data, crunch more numbers and provide more intelligent analysis of unstructured data. The bad news is that continued uncertainty has many financial companies waiting to hire until unresolved rules in the Dodd Frank legislation are settled and there's a clearer picture of where and what those jobs will be.
Read more...
NYSE Euronext Deutsche Boerse Merger Would Give CME a Run for its Derivatives Money Even if shareholders approve it, the much talked about planned merger of NYSE Euronext and the Deutsche Boerse probably won't happen until the end of this year, says Joe Mecane, Executive Vice President, Co-Head U.S. Cash and Listings for NYSE Euronext. Mecane shared with eFinancialCareers that once the shareholders vote next month, it will still need approval from about 47 different regulators and that could take some time. As for how the merger will impact the market's current structure, Mecane says the primary difference will be in the derivatives area since the Deutsche Boerse has a large derivatives business, which combined with the NYSE Liffe derivative operation, will give the Chicago-based CME Group, currently the world's largest derivatives player, a run for its money. Although there will be some overlap with the NYSE Euronext Deutsche Bourse merger, and some jobs are expected to be eliminated, Mecane says that in the beginning the job losses will most likely be in Europe. Read more...
Could Being a Summer Associate Help You Land a Job After Graduation? If you're a business school grad student, chances are you've just spent the last eight months in the classroom. And now that summer's here the last place you want to be is in some cubical or conference room crunching numbers as a summer associate for a financial services firm. Or is it? Sure, you're missing out on the beach party action, but look at all the on-the-job training you're receiving not to mention some invaluable access to Wall Street giants. Plus, if you are one of the lucky few to be accepted into a summer associate program, chances are you have your mind focused on one thing—returning to school with a job offer to start work as soon as you graduate. Well, you may not want to put your resume away so quickly. According to an eFinancialCareers survey, less than half (49%) of Wall Street firms expect to extend offers and then only to 10 percent or less of their summer associates. Read more...
Cloud-Based Solutions Bring Support, Sales, Tech, & Compliance Jobs Lower-level product support, sales lead, and implementation personnel are needed at a growing number of cloud-based platform and solutions providers to deal with banks and i-banks, as well as hedge funds. A number of tech companies, like InData, are actively recruiting for implementation and product support people to work with the buy-side. Software engineers are also in demand on the front-end and applications side at places like InvestLab, as they roll out new financial technology platforms. Meanwhile, Thomson Reuters and Portware are teaming up to offer cloud-based algorithmic trading solutions. New ventures, like this one, are going to be looking not only for IT engineers, but especially for client services and sales people as the ventures come online. Read more...
Bank of America to Double Number of Financial Solutions Advisors to More Than 1,000 Bank of America announced today that it was hiring more than 500 additional Financial Solutions Advisors (FSA), which double the number of FSAs to more than 1,000 by year's end. In a statement, BOA said the increased hiring is part of its overall commitment to build up the Merrill Edge group of FSAs which provides financial solutions and guidance to what the bank calls its "Preferred" customers, or those with investable assets of $50,000 to $250,000. According to BOA, this group is among the fastest-growing segments in the financial services industry. Currently, Bank of America does business with more than 8 million Preferred customers. The Merrill Edge FSAs will be located in select banking centers nationwide, including New York, San Francisco, Los Angeles, Dallas, Charlotte and Washington, D.C. They will also be available to offer phone-based guidance through the Merrill Edge Advisory Center. Read more...
