Career site eFinancial Careers reported yesterday that there were 24% more postings for financial IT jobs in July 2010 than in July 2009.
This is part of a trend — further numbers the site editors gave me show that although new financial IT jobs were down by 12% in January and by 13% in February compared to last year, they ticked up in March by 3%, and then skyrocketed to a 37% increase in April, a 27% rise in May and 38% growth in June. This is cheery news for any out-of-work bank IT executives out there and for those who care about them.
Even more interesting is what the job listings show about which skills are in demand in the world of bank technology. eFinancial Careers shared the numbers of financial job listings mentioning specific IT skills (below) as of yesterday (the numbers change every day).
Most coveted are programmers who know C, C++ and C#. This reflects the fact that, generally speaking, programs written in C are still faster than those in any other language. But Java developers are also being hired, and database administrators and those with risk management expertise have strong prospects.
Hottest Bank Technology Skills
1. C, C++, C# — 123
2. Java/J2EE — 75
3. DBA/Database Administrator — 71
4. SQL — 58
5. Unix — 50
6. Linux — 48
7. Risk Management — 44
8. Project Manager — 41
9. Perl — 37
10. Oracle — 35
Court: Penny Crosman
HSBC's North American chief executive expects the new U.S. financial reform law to cost it at least $110 million in annual revenue.
HSBC's North American chief executive expects the new U.S. financial reform law to cost it at least $110 million in annual revenue.
The company expects its biggest hit from the Dodd-Frank law to come from restrictions on fees HSBC receives for processing debit card transactions, and from what its North American CEO called "changes to FDIC levies." The law increased the fees that U.S. banks will pay the Federal Deposit Insurance Corp.
The sweeping law establishes a consumer protection agency, which could eventually deepen the cuts to HSBC's U.S. revenues, North American CEO Niall Booker told reporters on a conference call Monday.
"We don't know what the impact of the new consumer protection agency will be, and exactly what tone and what action it will take, so that makes dealing with the cards business and to some extent the personal financial services business ... (and) trying to figure out what that would look like a bit more difficult," Booker said.
HSBC, Europe's biggest bank, reported half-year profits of $11.1 billion Monday.
Other elements of the law may hit the bank too, Booker said. The $110 million estimate "doesn't factor in any changes that we might have to make to the global banking and markets platform - albeit those will be small - or the impact of any further activity by the consumer protection agency," he said.
The law's restrictions on proprietary trading "will have minimal" impact on HSBC, because its U.S. arm does not do much private equity or propriety trading business, Booker said.
(Reporting by Maria Aspan; Editing by Phil Berlowitz)
Court: Reuters. All rights reserved.
1. Swiss bank accounts are only for millionaires
This is not true. The majority of our clients are not major manufacturers or movie stars, but everyday people (business people, computer engineers, civil servants, etc.). Swiss banks are no longer only for stars.
You can open a Swiss bank account with a deposit of only 5,000 Swiss francs. We even offer accounts with no minimum balance.
2. Money invested in Switzerland yields no interest
Nothing could be more untrue. You can invest your money worldwide from your account in Switzerland through investment funds, bonds, the stock market, the purchase of metal values, raw materials, derivatives and many other types of investments. Swiss bankers are among the best finance managers in the world, so it comes as no surprise that they manage over 35% of offshore holdings.
3. It's impossible to open an account in Switzerland by correspondence
This is not true. Most of the accounts that we offer can be opened by correspondence as long as you comply with our opening procedures and provide us with the necessary documents. What is more, your banking relations can be conducted by correspondence, using the telephone, Internet banking, bank transfer and credit cards. That said, we encourage our customers to meet with their banker at least once in order to get acquainted and see where their money is held.
4. Swiss bank accounts are very expensive to maintain
This is not true. Most of the accounts we open don't charge a cent in annual fees. Even if you would like additional services such as retained correspondence or numbered banking relations, the annual fees are very reasonable.
5. It is difficult to close a Swiss bank account
On the contrary. You can close your account in Switzerland whenever you wish and without any restriction. You will pay no financial penalty. If need be, you will just have to realize your investments. Contrary to many onshore banking practices, your money is not held hostage by Swiss banks.
6. Swiss bank accounts attract only criminals and dictators
Not true! The vast majority of Swiss bank account holders are honest people who want to keep their savings in a country renowned for its stability. Swiss banks are extremely cautious regarding politicians who wish to open an account and they systematically refuse to accept any money that is of dubious origin or poorly founded.
7. Numbered accounts are anonymous
There are no anonymous accounts in Switzerland. A numbered account is an account that is identified solely by a number, rather than a name, in order to preserve the strictest confidentiality possible during teller transactions or bank transfers. Only the bank manager and a few select people know the identity of numbered account holders.
Global banking giant HSBC yesterday said "disenchantment" with Royal Bank of Scotland (RBS) and Lloyds Banking Group had helped it recruit customers north of the border as it reported a doubling in first-half profits to $11 billion (£7bn).
The bank said it had witnessed a 44% increase in the number of small businesses switching to it in Scotland.
Total revenue north of the border also rose by 23% against a 7% fall in its wider European business, with HSBC saying it had filled a gap left by other banks.
It had particular success in Aberdeen, Alan Keir, chairman of HSBC’s Scottish advisory board said, with the city’s "micro- economy" helping it escape much of the recession.
Keir told The Herald: "In Scotland it is going extremely well indeed. I think there are significant opportunities for us there."
Elsewhere, HSBC executive director Stuart Gulliver said gross new lending to what the bank classes as SMEs – those with turnover of greater than £25 milion – was up by £1.4bn, or 38%, in the first six months of the year against the same period of 2009.
But he acknowledged: "Net lending is more or less flat. About the same number of people repaid us as took new lending."
Despite this, HSBC’s profit for the period easily beat analysts’ expectations of around $9bn, with pre-tax earnings coming in at $9.6bn – an increase of 30%.
The key driver was a fall in loan impairment charges and other provisions to $7.5bn, some $6.4bn less than the charge reported this time last year.
Chief executive Michael Geoghegan said: "I hope we are through the worst for loan impairment charges."
The company was profitable in every region apart from North America, where pre-tax earnings narrowed by $2bn to $80m as bad debts eased.
Asia, meanwhile, accounted for $5.9bn, or 58%, of the bank’s overall profit.
Geoghegan, who relocated to Hong Kong in January, said: "Asia remains the bedrock of our profitability."
HSBC last month boosted its presence in the region by purchasing a retail and corporate banking business in India from RBS.
While Asia continues to be strong, Geoghegan said the global outlook was "uncertain".
"Whether the West can sustain growth will remain unclear for some time," he explained. "We remain bullish on emerging markets. Led by Asia, they will continue to drive world growth."
He added: "Until the US feels confident about its economy the rest of the world will have to have its doubts."
HSBC’s investment bank, meanwhile, made a profit of $5.6bn, its second-best half ever, but down 13% from a year ago.
Gulliver, chief executive of the division, said that $2.5bn in employee expenses booked by the arm was inflated by a $350m payroll tax to pay bonuses earlier this year.
He added that investment banking pay was down to 21% of revenues from 24% a year ago even though HSBC had hired 400 new investment bankers this year.
Elsewhere, HSBC’s Tier 1 capital ratio was 11.5% at the end of June, well above its target range.
The bank will review its aim of a return on capital of 15% to 19% once regulators decide how much of a cushion banks should carry.
While Geoghegan warned that HSBC’s extra capital would depress returns, he said it could still achieve the lower end of its targets over the medium term.
He added that an agreement on banking reform by the G20 nations would help the market.
"A level playing field is beneficial for all global markets," he said.
"That’s why all G20 countries must participate according to the same rules."
HSBC’s results sent shares in the company soaring 34p, or 5.3%, to 680p.
The other banks followed.
RBS closed up 2.14p, or 4.3%, at 52.1p, above the break-even level for the Government’s 83% stake.
Lloyds finished at 72.44p, up 3.18p or 4.6%.
Barclays closed up 11.15p, or 3.4%, at 343.95p.
Even more interesting is what the job listings show about which skills are in demand in the world of bank technology. eFinancial Careers shared the numbers of financial job listings mentioning specific IT skills (below) as of yesterday (the numbers change every day). 
