Pockets of high volume banking operations recruitment still exist within the City, despite the wider scale doom and gloom within the banking industry. 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 and are using the opportunity to snap up the very best people, whilst their competitors are forced to take a more cautious approach.
Matthew Regan, a consultant in Joslin Rowe's banking operations recruitment division, stated: "There seems to be this misguided belief that everything is 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. With some clients we have 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."
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.
Mathew Regan explained: "Those that can pay are 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. The market for banking operations jobs remains healthy and rewards still exist for the very best."
Most encouragingly, the Joslin Rowe research shows that the hiring banks are actively promoting career progression opportunities.
"It's not about simply hiring into a banking job to fill a gap," claimed Matthew Regan. "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."
Notes to Editors:
About Joslin Rowe
Established in 1982, Joslin Rowe is one of the leading UK financial services recruitment firms in the UK and Ireland. In April 2006, international staffing services company Vedior (headquartered in Amsterdam, the Netherlands) raised its stake in Joslin Rowe's parent company, The Blomfield Group, from 18% to 70%. Joslin Rowe recruits for banking HR jobs across London, Edinburgh and Glasgow including long-term contracts, temporary and permanent roles.
For further information contact:
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