(1888PressRelease)
April 17, 2009 - Lehman’s collapse left many of its complex instruments worthless and sales of these products have plummeted across the board, forcing banks to shrink their salesforces.
“Due to the weak demand and market confidence on investment products, most of the banks do not require more relationship managers and financial consultants at this moment,” says Singapore based Stephen Yang, an analyst with Seedorf Luxman & Partners.
The Seedorf Luxman & Partners analyst said “Sales people are now focusing on simple deposit-taking and insurance products. But while consumer-sales hiring numbers are down overall, some firms still need to recruit people to flog plain-vanilla products.”
Yang went on to say “Investors’ risk aversion towards complex instruments is proving especially lethal to entry-level hiring because banks typically stock up their consumer sales forces with young professionals.”
“At present, I think fresh graduates may find getting a job more difficult for possibly the whole of this year and maybe the first half of next year,” he adds.
Seedoorf Luxman & Partners are a specialized advisory and consultancy company that provides investors with the resources necessary to find small stocks with tremendous growth potential, unknown to the general investing public. All of our team with comprehensive fields of expertise are driven by a focus upon helping our clients meet their investment objectives. Whether you are an individual investor or an institutional client we will provide an excellent level of service.
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