Barclays Capital’s trade support deficiencies may prompt banks to strengthen their teams in the area.

BarCap’s failings were nothing if not comprehensive. Yesterday it was fined 2.45m by the FSA after it emerged that 100% of its reportable transactions across every ‘core asset class’ (except cash equities where a mere 84% were affected) were reported either inaccurately or not at all between 1st November 2007 and 31st October 2008.

Although this amounts to a fine of just 4p a trade, other banks may take heed due to the reputational damage and bad publicity now being heaped upon BarCap. Hiring may yet ensue.

“What usually happens in this situation is that we get more temporary roles,” says Guy Emerson, associate director at recruiters Badenoch & Clark. “It wouldn’t surprise me if this happens in the coming weeks.”

Mike Hartwell of recruitment firm Hartwell Buck says demand for product controllers and trade support persons was spiking even before BarCap’s shortcomings were unearthed.

“90% of the jobs I’m seeing at the moment are about reporting and control. There’s a feeling that if you don’t use up headcount shortly, it may go,” he says.

Trade reporting roles aren’t particularly remunerative. Robert Walters’ most recent salary survey suggests pay in the area has been falling, with a trade support supervisor in equity derivatives now on a base of 55-65k.

Product controllers are better rewarded. And as demand for their services rises, Hartwell says some are moving for salaries 20-30% higher than those they received previously. As well as product controllers and trade support specialists, he forecasts that the BarCap debacle may lead to extra hiring in operational risk.