| Much in the same way the flow of financial capital | | | | services roles. |
| into and out of the world's financial centers reflects | | | | New talent is continually gravitating to financial |
| the potential for return on investment for | | | | services, not only because of the compelling |
| shareholders, the mobility and movement of human | | | | monetary rewards, but also because of the new |
| capital continually sets and resets the competitive | | | | knowledge-based and technical requirements for |
| environment and preordains organizations' financial | | | | ever-complicated financial deal making. Take |
| performance for the very same stakeholders. | | | | derivatives, for example, where you have heavily |
| The economic tremors manifest in the sub-prime | | | | quantitative positions that require people who know |
| mortgage fallout, the weakness of the U.S. dollar, the | | | | how things fit together. It's almost all financial |
| credit crunch, a sagging real estate market and the | | | | engineering. Most of the big engineering schools now |
| historic collapse of Bear Stearns have rattled investor | | | | have big financial engineering programs... |
| confidence broadly but impacted the world's most | | | | More employers in the global financial services |
| sophisticated financial services center rather unevenly. | | | | markets - be they private equity firms, hedge funds |
| Recent workforce downsizing by some of Wall | | | | or others - can use executive search expertise to |
| Street's largest employers have elevated concerns | | | | find qualified specialist talent in their local market than |
| that the tumult in the U.S. economy could lead to a | | | | ever before. 20 years ago, there was a tremendous |
| 20 percent cut in the financial services labor pool. But | | | | movement of people from the United Kingdom to |
| since the financial impact is spread across investment | | | | New York, but not anymore. Back then, if you were |
| banking, asset management and capital markets, | | | | a chartered accountant, that was equivalent to an |
| each with its own competitive pressures, the | | | | MBA, you could get a job in banking in New York. |
| long-term consequences of this market realignment | | | | Now, there are far more backgrounds that can apply |
| are still unclear. | | | | to a far more complex financial services marketplace |
| Wall Street over hires and they over fire and the | | | | and ever increasing opportunity to be found much |
| same thing will happen now. While such layoffs raise | | | | closer to home for people across Europe and Asia. |
| significant issues about performance management | | | | Because of the continuing transfer of wealth to |
| and the process by which those companies will hire | | | | emerging markets, many global citizens with |
| and fire in the near-term, financial services continues | | | | significant financial services experience can opt for |
| to attract talent in ways that no other market | | | | rewarding careers in their home country. There are |
| sector can. | | | | so many people with Indian backgrounds living in the |
| There's a huge amount of interest in financial | | | | New York area, many of whom would find going |
| services, so there's neither a net influx nor an | | | | back and working, at least temporarily, in India an |
| outflow of talent out of the United States. People | | | | attractive option. And for younger generations in |
| from engineering schools are coming into the financial | | | | India and other emerging markets, it's clear that an |
| community in droves and we're seeing some very | | | | assignment in New York or London isn't the only way |
| technically skilled people move into these markets | | | | to the top. They don't need to go there anymore |
| from places like Asia, India and Europe because of | | | | because the work is so good at home. |
| the increasingly quantitative nature of top financial | | | | |