November News in Brief
21st century skills shortage
A recent study from Deloitte has revealed that 60 per cent of new jobs in the 21st century require skills that are only possessed by 20 per cent of the current workforce. Dwindling populations mean competition for labour is becoming increasingly intense. To address this issue businesses are realising the importance of implementing strategic learning programmes to attract and retain talented individuals.
Chuck Prince of Citigroup steps down
In early November, Chuck Prince took the “only honourable course” and resigned from his position as CEO and chairman of Citigroup. The news made a further dent in banking sector confidence as the company revealed it was facing between $8bn and $11bn in losses in its holdings of mortgagerelated securities. He is another casualty of the subprime mortgage crisis which has, this year, seen the heads of Merrill Lynch and UBS step down.
B&Q lose CEO
Kingfisher, the home improvement retail group behind DIY brand B&Q, is on the hunt for talent at the top as chief executive Gerry Murphy announced that he is to step down early next year after five years at the group. Murphy is credited with focusing the group on its DIY stores. In September, Kingfisher warned the last half of the financial year would be tough in the UK due to interest rate rises and the turmoil in the financial markets.
