| Some banks still hiring aggressively |
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| Wednesday, 02 April 2008 | |
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Pockets of high volume banking operations recruitment still exist within the City.
Investment banks who have weathered the credit crisis, or who are confident about the speed which they can come out of it, are taking an aggressive stance to banking operations recruitment. They are using the opportunity to snap up the very best people, whilst their competitors are forced to take a more cautious approach. Redundancies Matthew Regan, a consultant in Joslin Rowe's banking operations recruitment division, said that there seemed to be this misguided belief that everything was slow and stagnant. “Whilst it's true that many players in the market are watching their headcount more carefully, and some redundancies are occurring, other banks are taking advantage,” he added. With some clients he has received mandates to recruit for over 80 banking operations jobs across all product areas. “It seems that a few of our clients believe that attack is the best form of defence,” Regan pointed out. Salaries spiking upwards According to Joslin Rowe research, some clients are recruiting across the board within banking operations from trade support/middle office jobs, asset servicing/corporate actions/dividends vacancies and compliance jobs, and within derivatives and securities products. In addition, job specifications are not just focusing on procedural duties instead they are client focused project management roles which involve liaison all the way through the banking chain from operations to front office. As a consequence, salaries are not stagnating but rather they are spiking upwards depending on the client. Regan explained that those that can pay were doing so. Some clients are choosing this as a time to build their reputation in a slower market, for being an employer who will pay the most competitive salaries. Actively promoting career progression He was adamant that the market for banking operations jobs remained healthy and said that rewards still existed for the very best. Most encouragingly, the Joslin Rowe research shows that the hiring banks are actively promoting career progression opportunities. Regan claimed that it was not about simply hiring into a banking job to fill a gap. "Instead, in the strongest sign that hiring banks are confident their strategy will work, much is being made of the training and career opportunities on offer,” he concluded. Related articles
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