According to an annual survey by Wall Street recruiting firm Options Group, total compensation for fixed income and equities professionals in the US will be down 7% from last year, on average. The decline is steeper still for those working in certain business lines, such as credit, rates and cash equities. And there are few bright spots. Only foreign exchange trading (+1%) and those working in electronic markets for fixed income (+7%) and equities (+3%) are expecting to see a pick-up in their compensation.
The chief executive of UBS, Sergio Ermotti, says it is becoming "more and more unlikely" that the bank will move 1,000 staff from London after receiving "regulatory and political clarifications" around Brexit. The Swiss bank has previously said that around a fifth of its 5,000-strong UK staff were involved in operations dependent on passporting rights that allow financial services to operate across the bloc.
The gender pay gap refers to the difference in pay between men and women are paid for doing exactly the same job. In most cases, women are paid less tha their male counterparts. Women in the UK stop being paid on 15th October whereas the average cut off date for Europe is 30th October. According to Eurostat, the gap between male and female salaries in the UK is 20 per cent. The disparity means that by 16 October men have already been paid the amount it would take a woman doing the same job a whole year to earn.
Shares in Chipotle Mexican Grill Inc. were falling slightly Wednesday after an analyst downgraded the stock, claiming excessive labor costs. Bank of American Merrill Lynch downgraded Chipotle and cut its earnings targets for 2018 and 2019, saying the struggling restaurant chain will have trouble cutting back labor costs any further than it already has.
Robots may soon be employed in your business: a study from Redwood Software and Sapio Research released October 4th revealed that IT leaders believe automation could impact 60% of businesses by 2022 and threaten jobs in the process. Further, 70% of these professionals say that robotics have become more of a priority in the last year. Automation can offer companies benefits including speed of process and reduction of manual effort, the survey of 500 IT decision makers across the US and UK found. Security and cost represent the top risks, tech leaders said.
US employment fell in September for the first time since 2010 as hurricanes Harvey and Irma took their toll on the jobs market. The number of Americans filing for unemployment benefits fell more than expected last week, but the continued impact of Hurricanes Harvey and Irma on the data made it difficult to get a clear picture of the labor market. The US jobs market stalled in September, losing 33,000 jobs. It was the first time in seven years that the US monthly total had recorded a fall.
Hewlett Packard Enterprise plans to cut its workforce by 10%, according to a person familiar with the plans, the latest cost cuts as the business-technology giant combats increasing competition and higher component prices. “The cuts at the company, which has about 50,000 workers, are likely to affect workers in the U.S. and abroad, including managers,” Bloomberg reported, based on unnamed sources.
A class action filed Thursday against Google claims the tech company systemically pays women less than men in similar jobs and also enables unequal promotions and opportunities for male and female workers. The sex discrimination case filed in San Francisco Superior Court, Ellis v. Google, accuses the Mountain View, California, company of paying women at all levels less than men in comparable positions, assigning women lower-tier jobs with lower pay and compensation than men and promoting women less frequently. The lawsuit also claims Google failed to correct these issues even after being made aware of them.
Proposals to force a post-Brexit cut in low-skilled migrants from the continent have ignited a political row on the eve of an explosive Commons battle over EU withdrawal. A leaked Home Office document outlining ways to restrict immigration heightened the political temperature over Brexit after Labour insisted it would vote against the EU (Withdrawal) Bill, which gets its second reading in Parliament on Thursday, and pro-Europe Tory MPs threatened to back amendments to the landmark legislation.
McDonald’s faces its first strike since it opened in the UK in 1974, as well as protests by unions and the public at several restaurants over pay and working conditions. Staff in Cambridge and Crayford, south-east London, walked out in a row over the use of zero-hours contracts and "inexplicably" low pay. The Bakers, Food and Allied Workers Union (BFAWU) said the strike was being well supported. Members of other trade unions joined early-morning picket lines outside the two restaurants, while Labour leader Jeremy Corbyn offered his backing.
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