Jobs Outlook for Finance Departments? No Change
The job market for finance-department employees is not expected to change in the first quarter of 2003. This according to the Robert Half International Financial Hiring Index.

Although 86 percent of the 1,400 CFOs surveyed anticipate no change in hiring, 8 percent plan to expand their accounting and finance departments, while 4 percent expect staff reductions.

The net 4 percent hiring increase is the same as the fourth-quarter forecast and is one point above hiring projections for this time last year, Robert Half noted.

"Many companies are resolving their pent-up need for finance and accounting staff by strategically adding professionals with in-demand skill sets, who may be more difficult to recruit once the market improves," said Max Messmer, chairman and CEO of Robert Half International.

CFOs who do plan to add additional accounting and finance personnel in the first quarter of 2003 said the main reason for the new hiring is that they expect business growth (67 percent) next year. Of note to Sarbanes-Oxley fans: a fair share of executives in the survey (15 percent) said their companies are adding accounting staff as a precautionary measure to ensure the integrity of their companies' financial reporting.

Broken down by region, finance executives in the South Atlantic and Pacific states expect to see the greatest hiring activity during the first quarter, with a net hiring increase of 8 percent projected for each region.

"Businesses in the South Atlantic region are experiencing demand for financial analysts and senior and staff accountants," said Messmer. "The Pacific states are seeing increased need for job candidates who are skilled in forecasting, budget control, and collections, as many firms continue to focus on cost control and cash-flow improvement."

Financial executives in the business-services sector project the highest net increase in hiring for the first quarter. This is also the first time a double-digit increase in hiring activity has been forecast for the business-services sector since the second quarter of 2001, according to Robert Half.

According to the survey, solid gains are also expected among finance, insurance, and real-estate firms, as well as retail businesses.

The Rebirth of Bonds
The corporate market revival continued on Monday.

At least three large companies combined to raise $1.2 billion.

• SunTrust Bank issued $500 million of 15-year global subordinated notes, priced at 132 basis points over comparable Treasuries. The notes were rated Aa3 by Moody's and A-plus by Standard & Poor's The offering was led by Lehman Brothers and Salomon Smith Barney Inc.
  
  

• Campbell Soup Co. priced $400 million of 10-year notes at 88 points over Treasuries. The issue was rated A3 by Moody's and single-A by S&P, and was led by Banc of America Securities, J.P. Morgan, and Lehman Brothers.
  
  

• The Limited Inc. issued $300 million of 10-year notes at 200 basis points over comparable Treasuries. The notes were rated Baa1 by Moody's and BBB-plus by S&P. The issue, increased from $250 million, was led by J.P. Morgan and Salomon Smith Barney.
  
  

Short Takes

• SEC corporation finance division director Alan Beller told securities lawyers Saturday that the commission's review of financial reports filed by Fortune 500 companies has been a success, according to Dow Jones. About 130 of the 500 largest U.S. public companies didn't get a thorough SEC review in the past three years, he said. Beller said the SEC has asked for changes from a large number of the companies it reviewed and is waiting for corporations to respond, a process that could take months, the wire service noted.
  
  

• RMS Titanic Inc. said in a regulatory filing that the SEC has raised questions about a resolution that received shareholder support. RMS said the SEC believes the actions taken by the company may be deemed to be a solicitation under federal securities laws and, therefore, the company may have been required to file and distribute to shareholders a proxy statement, and shareholders who supported the resolution may have been required to file a 13(D) in connection with their stock ownership and their position regarding the board's resolution.
  
  

The resolution regarded the voluntary surrender of the company's status as salvager-in-possession of the wreck of the Titanic. You can't make this stuff up.

• Honeywell International Inc. registered 45 million shares of common stock that it will contribute to the Honeywell International Master Retirement Trust, according to an SEC filing. The trust may sell the shares from time to time on the open market, according to the filing.
  
  

Honeywell contributed $100 million in cash to the trust on September 30 and is authorized to contribute another $900 million in cash and stock, according to the filing.

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