Jobs in Banking are Being Impacted by the Credit Crunch
Jobs in the banking industry are being impacted in a negative way by the Credit Crunch. The Credit Crunch is making it harder for people to get loans. People are having a harder time getting loans for homes, cars, and to start new businesses. Another less thought of problem is how hard it's going to be for students to get student loans. For several people who already hold mortgages, they are losing their homes because they can't afford their mortgages. The banking industry is being hit hard. It's not just a United States banking problem. It's a worldwide banking problem. The whole planet is concerned with what's going to happen to the banking industry.
The Royal Bank of Scotland has had to cut at least two hundred jobs in their debt and investment banking departments. Bank of America has had to cut a huge amount of it's workers. Nearly three thousand Bank of America employees are now out of work. The list of banks cutting employees can go on and on.
With so many people being weary of traditional banks they are turning to alternative sources for their banking needs. One source they are turning to in rapid numbers is to the Credit Union. People are feeling safer going to Credit Unions over their regular banks. Some customers feel the Credit Union structure is better after seeing what has happened to traditional banks this past year.
With so many people not being able to make their mortgage payments, banks are holding on to a lot of bad debt. There are banks that are haveing to resort to selling themselves to banks that are willing to take on their bad debt.
Harder qualification rules are making it almost impossible for people starting out to get a home loan. It doesn't seem like there is much help available anymore with the credit freezing up.
Car sales are so bad that Burd Ford in Indiana had a buy 1 Ford F 150 get one Ford F 150 free. Some car lots are having to shut down.
To-be college bound students and their families are wondering if they're going to be able to get a loan for their education.
With less loans being available, it's inevitable that banking jobs are being hit hard. Hopefully with the bailout plan there will be a silver lining. Hopefully it won't be much longer for the credit to thaw out a little and trickle down so that money will get to flowing once again. Maybe when the credit gets flowing again some of the people who have lost their jobs will be able to get them back. But until then, several banking and bank related jobs are in danger. Especially those in the debt and investment departments.
Wednesday, 5 November 2008
Tuesday, 4 November 2008
Where to find a great banking job
Where to Find a Great New Banking Job
If you've always had dreams of finding a great new banking job, don't give up. Although the media claims that the economic climate is declining and that banks are conducting massive layoffs, not every bank is experiencing these troubled times. In fact, some banks are even thriving and growing. Therefore, you must not give up your goal of finding a great banking job. Instead, you must steer forward and never give up on your dreams. In this brief article, we will tell how where to find a great new banking job that is perfect for your educational background and experience. Sound interesting? You bet it is. Let's get started right away and help you secure your new banking career.
1. First of all, figure out what type of banking job you will pursue. This can be done by visiting occupational sites and talking to professionals in the field. In fact, it is strongly recommended that you conduct an informational interview with someone that is working in the career that you hope to pursue. For instance, let's say that you would like to work as a bank teller. Well, to find out what a day is really like as a bank teller, you'll need to talk to someone who actually works in the field. Therefore, you should contact your local bank HR department and tell them that you would like to conduct an informational interview with someone in the career choice you are interested in (in this case a bank teller). Then, you would take them out to lunch or interview them about their career choice. Some questions that you would like to ask are as follows:
-How long have you been working at this bank?
-What is your educational background?
-Have you ever had any previous positions at this bank?
-What do you like most about this position?
-What do you like least about this position?
-If you had a choice, would you choose this career again? If so, why? If not, why?
-What is your work background?
-Do you have any advice for someone wanting to enter this profession?
-What are your long and short term plans?
2. After you conduct your information interview, you should put together a comprehensive list of all the banks that you would like to work for. These can be local and national banks (if you are willing to relocate). Either way, make a list and create a spreadsheet of all the companies that you may be interested in working for. You will then use this spreadsheet in order to devise a "contact employment plan". During this phase of the contact employment plan, you will contact each bank's HR department and ask if they're hiring. If they are, you should send them a professionally crafted resume right away. If they aren't, you should still try and send them a resume that they will keep on file when eligible positions become available. Either way, don't take "no" for an answer. Instead, try and get the HR Department to at least take a look at your resume. After a few days have passed, follow up with a phone call to make sure they received the package. If they didn't, make sure that you resned it to the appropriate person.
3. Third, you should conduct online and offline job searches for eligible positions. In this phase, you may have forgotten a few banks. Here you will actually be contacting banks that have an open position. Now, when you apply for these, cross reference the application (with your previous list) to make sure that you didn't already send them a resume. If you already sent your resume, cross them off your list. If you didn't add them and send them a professionally crafted resume and cover letter. After you send the resume, make sure that you follow up in a few days to make sure that they received it.
4. Network with banking professionals and people in the financial industry. This can be done by going to conventions, seminars and other types of gatherings where you can network. During this networking session, you must make contacts and not really push anyone to give you a job. The only exception is a job fair. At a job fair, the gloves go off and you are free to actively seek a great new banking job.
5. Don’t' get discouraged. Just remember that finding your perfect career opportunity will take time. You are likely to receive several rejections before you find that perfect opportunity. However if you stick with it, you will find the perfect position for you. Just don't give up and enjoy the process by making yourself stand out and being the best that you possibly can be.
6. Consider working at a lower positioned position in order to prove yourself and get your foot in the door. Then, once you get your foot in the door, you can easily apply for another higher paying position that would better utilize your skills.
In conclusion, there are many way to find a great new banking job. Simply follow the above mentioned tips and you will find the perfect job in banking. Good luck - you can do it!
If you've always had dreams of finding a great new banking job, don't give up. Although the media claims that the economic climate is declining and that banks are conducting massive layoffs, not every bank is experiencing these troubled times. In fact, some banks are even thriving and growing. Therefore, you must not give up your goal of finding a great banking job. Instead, you must steer forward and never give up on your dreams. In this brief article, we will tell how where to find a great new banking job that is perfect for your educational background and experience. Sound interesting? You bet it is. Let's get started right away and help you secure your new banking career.
1. First of all, figure out what type of banking job you will pursue. This can be done by visiting occupational sites and talking to professionals in the field. In fact, it is strongly recommended that you conduct an informational interview with someone that is working in the career that you hope to pursue. For instance, let's say that you would like to work as a bank teller. Well, to find out what a day is really like as a bank teller, you'll need to talk to someone who actually works in the field. Therefore, you should contact your local bank HR department and tell them that you would like to conduct an informational interview with someone in the career choice you are interested in (in this case a bank teller). Then, you would take them out to lunch or interview them about their career choice. Some questions that you would like to ask are as follows:
-How long have you been working at this bank?
-What is your educational background?
-Have you ever had any previous positions at this bank?
-What do you like most about this position?
-What do you like least about this position?
-If you had a choice, would you choose this career again? If so, why? If not, why?
-What is your work background?
-Do you have any advice for someone wanting to enter this profession?
-What are your long and short term plans?
2. After you conduct your information interview, you should put together a comprehensive list of all the banks that you would like to work for. These can be local and national banks (if you are willing to relocate). Either way, make a list and create a spreadsheet of all the companies that you may be interested in working for. You will then use this spreadsheet in order to devise a "contact employment plan". During this phase of the contact employment plan, you will contact each bank's HR department and ask if they're hiring. If they are, you should send them a professionally crafted resume right away. If they aren't, you should still try and send them a resume that they will keep on file when eligible positions become available. Either way, don't take "no" for an answer. Instead, try and get the HR Department to at least take a look at your resume. After a few days have passed, follow up with a phone call to make sure they received the package. If they didn't, make sure that you resned it to the appropriate person.
3. Third, you should conduct online and offline job searches for eligible positions. In this phase, you may have forgotten a few banks. Here you will actually be contacting banks that have an open position. Now, when you apply for these, cross reference the application (with your previous list) to make sure that you didn't already send them a resume. If you already sent your resume, cross them off your list. If you didn't add them and send them a professionally crafted resume and cover letter. After you send the resume, make sure that you follow up in a few days to make sure that they received it.
4. Network with banking professionals and people in the financial industry. This can be done by going to conventions, seminars and other types of gatherings where you can network. During this networking session, you must make contacts and not really push anyone to give you a job. The only exception is a job fair. At a job fair, the gloves go off and you are free to actively seek a great new banking job.
5. Don’t' get discouraged. Just remember that finding your perfect career opportunity will take time. You are likely to receive several rejections before you find that perfect opportunity. However if you stick with it, you will find the perfect position for you. Just don't give up and enjoy the process by making yourself stand out and being the best that you possibly can be.
6. Consider working at a lower positioned position in order to prove yourself and get your foot in the door. Then, once you get your foot in the door, you can easily apply for another higher paying position that would better utilize your skills.
In conclusion, there are many way to find a great new banking job. Simply follow the above mentioned tips and you will find the perfect job in banking. Good luck - you can do it!
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