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Banks Not hiring..and No bonus

Banks throughout the City have frozen recruitment for middle office jobs as the full force of multi-billion pound writedowns are felt.

Over the past month there have been few or no new posts for risk analysts, financial controllers, audit and treasury experts, in banks such as Barclays Capital, Morgan Stanley, ABN Amro, Bank of America and Citi-group, City sources said.

Bankers working in these areas are also likely to receive minimal or no bonuses. Cash that would normally have gone to mid-office workers will be diverted to senior managing directors in equities or mergers and acquisitions as a way of retaining them and their client relationships.

Read the full Article by James Rossiter