Banking & Financial Services Employment Market Update Q3 2014
The employment market in banking and FS through the third quarter was predictably quiet but did have a noticeable pick up in September. This is quite typical of the market at this time of year with key decision makers and hiring managers trying to work their recruitment needs around the holiday period. September though was extremely busy with a large number of new roles coming on stream across the board and confidence high in the market.
SOME MAIN AREAS OF FOCUS:
Retail Banking: This has been a key area of hiring for the majority of our clients this year as they look to put staff resources behind a new strategy focussed on their personal customers. Banks have identified this as key to profitability as most of the wealth in the country lies here.
Wealth Management and Private Clients: Closely linked to previously mentioned focus on personal accounts we have also seen banks and boutique players grow their Wealth offering and relationship teams. This is an extremely competitive area at present and people with a pre-existing contact base among high net worth individuals are in high demand.
Credit and Risk Analytics: There has been a significant push in this area around overall Portfolio Credit Risk management. This is quite a unique skillset and there is not a huge amount of supply so when good candidates become available they tend not to be on the market for long. Clients are eager not to make the same mistakes they made previously and while they are keenly driving new strategy they are also keen to do so with as little risk as possible and make sure any new business is done in the right way.
It is obvious to us that confidence is starting to return to the financial services market and that has been reflected by an increase in salary for key staff and long awaited promotions are starting to be worked through. We are expecting a busy end to the year with nearly all of our clients predicting increase in head count to happen.
By Eoin Blake