'The War For Talent Is Over'

'Everyone's got the hump' over at Merrill Lynch, according to an unnamed trader who talked to the Times newspaper recently. 'Everyone's really down. Last week we had to be interviewed for our own jobs', he continued. The newspaper also says that up to 1,900 staff from the combined Bank of America / Merrill Lynch organisation will lose their jobs in London.

Our sources tell us, however, that the 1,900 figure has been plucked out of the air, and that the 8,000 London-based BofAMerrill staff are far less worried about their jobs than their colleagues in the US, pointing out that BofA acquired Merrill in the first place because of its interest in the brokerage unit and the firm's international operations. Having said this, there will still be significant job losses at the merged firm in London.

Staff at Barclays are likely to be concerned about their futures, after speculation that over 2,100 jobs will go as the bank gets headcount back in line with revenue projections. According to Bloomberg, 1,300 jobs are likely to go at Barclays Capital, with 330 staff facing the axe at Barclays Global Investors. Reuters also reports that 500 staff will lose their jobs over at Barclays Wealth. A spokesperson for Barclays has confirmed that the bank has embarked upon the required job loss consultation process at the investment banking and investment management units.

And The Wall Street Journal reports that ING is to cut 750 jobs in the US (out of 11,000) due to the deteriorating economy. A spokesperson for the firm said that 'we are confident in the future direction of our US businesses and strategies, but like most companies in the US, we need to take the appropriate steps to meet these challenges in the short term'. The newspaper also quoted a unnamed source who said that Nomura is to axe a further 80 investment banking staff around the globe. The cuts are said to be coming in equities and fixed income.

Finally, Morgan McKinley's CEO Robert Thesiger has officially called time on the war for talent. 'The war for talent is over', he said, when releasing his firm's December London Employment Monitor report. The report found that financial services job vacancies in London fell by two-thirds in December compared to the same month in 2007. This is the sixth consecutive monthly decline. The number of candidates seeking new roles fell by 34% last month compared to November.

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