Telephone: +44 20 7405 7500
8 Gate Street,
IMSworldwide’s international Head Office is based in central London, between the City and the West End. The nearest tube is Holborn, which is served by the Central & Piccadilly Lines.
We are located approximately 2 minutes away. Turn left out of the station on to Kingsway, and take the first street on the left (Gate Street). Descartes House is a glass fronted building and will be directly in front of you.
If arriving by Train to IMSWorldwide:
St. Pancras International is just 2 tube stops away via the Piccadilly Line from Kings Cross St Pancras. We can also be reached from both the London Euston & London Waterloo terminals in c.10 minutes via frequent bus services.
From the Airport to IMSWorldwide:
Holborn is reached from London Heathrow in c.50 minutes, directly via the Piccadilly Line. London City Airport is c. 35 minutes away, by DLR to Bank, then Central Line to Holborn.
The US legislation affecting the proprietary trading activities for US banks comes into effect on 21st July 2014.
The act known as the Volcker Rule (after former Federal Reserve Chairman Paul Volcker) is part of the existing Dodd-Frank regulatory framework but it specifically targets a US bank’s ability to trade in financial markets using its own money. Such investment activities are known as proprietary trading. The driving force behind the legislation is the fact that the last financial crisis found banks investing heavily in the markets using their own money. As the value of these investments fell dramatically, tax payers were left to foot the bill. In a double blow, the savings of tax payers which were held in the banks were wiped out. It is the desire to protect these savings and prevent further tax payer bailouts that prompted the regulators to act.
Whilst the legislation is for US banks it does have far reaching consequences for the global financial community including UK banks. Any transaction that involves a US company or a company owned by a US company no matter where they are domiciled could render the transaction and the UK bank involved subject the rule. As a minimum UK banks must have a compliance programme in place that monitors transactions and assesses their potential relevance to the act.
The UK Treasury and their counterparts in Canada and Japan have been very vocal in raising concerns about the act as US banks provide crucial liquidity to the global financial system. One consequence of the act would be that US banks would not be allowed to hold any government securities (including those of the US government itself). This restriction would greatly reduce any government’s ability to borrow money. The UK Treasury sees this as potentially very damaging to the embryonic economic recovery currently underway. As if to underline the point, on the day that the UK Treasury made public its concerns, US bank State Street pulled out of the Eurobond market citing the Volcker rule as the reason. If other US banks follow then the liquidity pool available to European governments will be significantly reduced leading to possible stagnation or in a worst case a reversal of the Eurozone’s economic recovery.
After a report published in October showing increased business confidence for the 10th consecutive month, new data published today shows employment opportunities at a 15 year high. The data, gathered by the recruitment industry’s representative body – the Recruitment and Employment Confederation (REC) and auditors KPMG, confirms the tangible proof of the positive views being expressed by business leaders.
Leading the way for new employees are the engineering and construction sectors and business change specialists across a range of industry verticals. The demand is equally strong for both permanent and interim personnel and the fact that it comes from the UK’s primary as well as tertiary industry groups bodes well for sustained levels of demand moving forward into 2014 and beyond.
At the peak of the global financial crisis, the worst since the 1950’s, UK unemployment stood at 8.25%. The current figure has fallen to 7.6%. The new surge in employment opportunities will see this number fall further and reflects what we at IMSworldwide see in the marketplace. Increased opportunities for business change specialists coupled with the already strong demand for risk, regulatory, compliance and accounting skills gives a very uplifting picture for career prospects as 2013 comes to a close. All the indicators are that this trend is set to continue as business confidence continues to grow and the economic recovery finally takes hold.
The new Banking Reform Bill that will come into effect in the early part of 2014 is being heralded as the biggest change in UK banking in a generation. In essence the bill will do the following:
The bill is the UK Government’s response to the global banking crisis that presently engulfs us and is designed to protect the individual (and the UK tax payer) from a repeat of the current situation.
The Reform Bill coupled with the dismantling of the old Financial Services Authority (FSA) and the creation of two new industry watchdogs – the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) is intended to create a new environment where an individual’s savings cannot be put at risk by speculative investment activities. But how new is new? The last globally felt financial crisis is arguably the 1929 Wall Street crash which precipitated the depression years of 1930’s America. As a result of this great stock market crash where people lost their entire life savings over night, the US Government introduced the Glass – Steagall Act.
This act forbade US banks from being both deposit takers and speculative investors. There were no degrees of compliance, no complicated legislation enforcing ring-fencing rules and no vast machinery needed to vigilantly patrol banking activities. The landscape was clear, you were either a deposit taker or an institutional investor but you could not be both.
This situation protected the savings of US citizens right up to 1999 when it was repealed. The reason this was done was that US Investment Banks were facing a significant competitive disadvantage from similar organisations in other countries (most notably Japan). Their competitors were allowed to be deposit takers as well as investors and so had easy access to vast pools of cash with which to fund their investment activities.
With restrictions removed the US banks were able to invest just as heavily as their global counterparts. This system served the Investment Banking world well right up until the latest crisis where once again many people’s savings were wiped out. This time though the impact was far more wide reaching than the US.
The legislation being introduced by the UK Government in the Banking Reform Bill has been tried before, in a more pure form. Such a stance has been proven to work but it has also proved vulnerable to global market pressures. By going it alone will the UK Government succeed where the US Government did not or will it too see its best intentions be gradually eroded until once again the savings of the individual are exposed to the risk takers of the Investment Banking world? Only time will tell.
After the well-publicised problems of the banking community, we see financial institutions returning to profitability by concentrating on their core banking activities. Leading the way has been a renewed focus on Transactional Banking. Surveys conducted by Gartner, MiSys and Finextra all conclude that a resurgence in core banking activities coupled with strong cost management and a reduction in process complexity will continue to be the direction of travel for the rest of this year, into 2014 and beyond.
To support these aims banking institutions have renewed their focus on Asset Liability Management and have given their respective ALCO’s even more teeth. This robust approach coupled with ever increasing regulatory pressures (Basel accords, Dodd Frank and FATCA to name but a few) has resulted in a surge in demand for people with Operational Risk or Compliance expertise.
Any significant change in business processes must inevitably be scrutinised by an array of Compliance and Operational Risk experts in order to ensure compatibility with a complex regulatory landscape. Adding a global perspective only increases the scale of the challenge. It also places demands on available resources. The response is to seek more help.
How IMSworldwide can help
We already work with clients to provide specialist Interim and Permanent Resource with the requisite Regulatory, Finance, Treasury, Liquidity, ALM, Project, IS and Business Support skills. With a continuous resourcing programme we offer a rapid delivery capability as well as the capacity to build a long-term partnership to meet future requirements. Successful engagements with Banking clients of all sizes include impact analysis; liquidity planning; governance, processes and frameworks; user acceptance and stress testing.
Our teams of functional expert consultants have provided a wide variety of solutions, including complementary teams of Interim Professionals to individual Specialist Interim Executives, all selected for their skills and leading-edge expertise to efficiently deliver against regulatory-driven change. Our long-standing relationships with both the FCA (formerly FSA) and Bank of England gives us a genuine depth of understanding of the requisite skill sets required for success in this broad area. With over twelve years of proven expertise supplying Operational Risk and Compliance Subject Matter Experts we’d welcome the opportunity to talk with you regarding your immediate and planned hiring requirements:
We are confident that we can supply the short term solutions to pressing recruitment priorities and as an approved recruitment partner we are equally ready and able to dedicate our experience and expertise to meet your longer-term resourcing requirements.
IMSworldwide would be delighted to advise on the provision of talent for your specialist area. We take pride in delivering quality solutions, with a flexible fee structure and bespoke interviewing, assessment and selection. If you would like to speak with one of our experienced Consultants, please do not hesitate to call me, or my colleague Matt Darmon on (020) 7405 7500 or email me at email@example.com. We look forward to hearing from you.”
Blackberry does not have the capital or software to compete against Apple, Samsung or Microsoft. Current market shares show 2.4% in Europe and 1.2% in America. One of Blackberry’s boards of directors Bert Nordberg expressed recently to the press ‘BlackBerry is a niche maker of mobile hardware… Historically, BlackBerry has had larger ambitions, but battling giants like Apple, Google and Samsung is tough’.
Microsoft recently purchased Nokia and hopes to gain 15% market share by 2018. This would mean they would potentially be in third place behind Apple and Samsung. Unless Blackberry has a strategy in mind…realistically can they out do Microsoft?
At IMSworldwide we think that Blackberry have always had great appeal and popularity amongst business consumers and will use this towards increasing sales potential. Blackberry should perhaps focus on merging their existing phones with smart design applications to be able to compete in the Smartphone environment. Most likely Blackberry will need to play on their best assets and re-invest on the basis of building a stronger presence in the niche market and becoming a more focussed provider.
Last month the Bank of England announced the Forward Guidance policy launched by the recently appointed Canadian governor, Mark Carney. The intention of the policy is to keep interest rates the same (0.5%) until the unemployment rate falls to 7% or below. Current estimates point to this being halfway through 2016.
According to the Bank of England there will be three intended consequences of this. Firstly, that the precision is increased with which the Monetary Policy Committee can measure the trade-off between inflation returning to target and the speed of recovery. Secondly, that the clarity of the future path of monetary policy will increase as the economy improves. Finally, it provides a structure for the Monetary Policy Committee to gauge the scope of economic expansion without putting price and financial stability at risk.
The issue for the Bank of England stems from the fact they cannot actually tie their hands from going back on this promise. Therefore, the requirement for them is to convince the markets that they will follow through with this until that unemployment rate is reached. The success of this should become apparent within the coming months.
The UK looks set to benefit as EE unveil plans to rollout 4G speeds twice as fast as currently offered in 10 cities this summer. This will elevate the country to speeds matching those of Japan’s and well above the US. In time the company plans to expand the areas this reaches and with a top speed of 80Mbps the service could actually be a major advantage for those areas that are poorly served by broadband internet.
The move comes as a boost to the 4G service as a whole which as EE state on their website:
(Source: Capital Economics, Mobile Broadband and the UK Economy, 2012)
With an increasing number of mobile phones on the market being 4G capable this proves to be an exciting time for the prospects of the telecommunications industry in the UK
The UK budget for 2013 has been published with a postponing of austerity measures by the Chancellor George Osborne. This is a marked contrast to many other EU countries such as Greece and Cyprus who find themselves in a position where they are unable to do this due to their continuing economic crises. There has been a planned £3 billion increase in infrastructure spending and funding for housing which should feed through to a boost for the construction sector and an increase in demand for workers in this area. These should also provide a boost to the economy as a whole in the longer term.
The prediction of a 0.6% growth in GDP over 2013 in budget will be less than initially predicted in the Chancellor’s Autumn statement but does provide some reassurance in that it predicts that the country will not enter a triple dip recession. This is also reinforced by forecasts of 1.8% growth in 2014, 2.3% in 2015, 2.7% in 2016 and 2.8% in 2017.
The reduction of corporation tax to 21% and cut of the first £2,000 to employer national insurance should also provide incentive for companies to invest more and so create more jobs. The prediction is that this stimulus will translate into new vacancies particularly for experienced skilled workers in the private sector.
Covering Maternity 9 to 12 months initially possibly perm
A lively and growing specialist recruitment consultancy is looking for a bright, proactive and capable person to support their finance team. Reporting to the finance manager, you will be responsible for managing payroll, sales invoicing, bought ledger, credit control and management information as well as a variety of ad hoc duties.
The ideal candidate will be proficient in the use of Microsoft Excel and have previously used an accountancy package, Quickbooks would be an advantage. You will be self motivated, driven and a confident individual with excellent communication skills at all levels and have a keen eye for detail. You will have previous finance experience and will be excited by the opportunity to take on more responsibility as the business grows. This is a varied role and will suit a dedicated, professional and focussed individual that is looking to work in a hands on, challenging role within a specialist recruitment consultancy.
If you are interested in the above role, please forward your CV to firstname.lastname@example.org. Alternatively you may contact us on 0207 405 7500.
International and dynamic organisation based in the heart of central London are currently looking for an Administrator/ Finance Assistant. IMSworldwide’s client base is blue chip and major financial institutions.
Key responsibilities will include assisting with the monthly contractor payroll and invoicing to the highest standard within a key timeline. Liaising with consultants, clients and candidates on a regular basis. Writing contracts and ensuring all documents are collected to include passports, references, candidate and contact information. Assisting with a variety of ad hoc finance duties and collating management information.
As a key member of the back office team you will be highly organised with an ability to work under pressure, multi-task and meet deadlines. You will take ownership of your responsibilities and have an excellent attention to detail. You will be proficient in Microsoft Excel, Word and Outlook. Knowledge of finance procedures/ systems is essential.
If you are interested in the above position, please do forward your CV to email@example.com. Alternatively you may contact us on 0207 405 7500.