Firms such as JP Morgan, Macquarie, AMP Capital and Colonial, plus the Big Four Australian banks, are leading a renewed search for back-office staff.

The increase in recruitment comes a few months after front-office hiring began to recover, which is inline which the theory that ops jobs only start flowing when the revenue generators are making enough money.

But current demand is also linked to the severe cuts made to back-office teams at the height of the GFC. In other words, firms slashed too many employees and have been caught out.

“Staff numbers simply can’t support the increase in volumes and a lot of activity is for replacement hires for roles cut as a result of the GFC, and of course, some growth positions,” says Rachel Zerr, manager banking operations, Robert Walters.

New products and business streams are giving recruitment a boost. “The retail banks are focusing on cash products, which is driving the hiring of client-service and settlements staff, while investment banks are focusing on fixed-income markets, which require middle and back-office operations,” adds Zerr.

Kym Woolf, senior consultant at Bradman Recruitment Group, says Australia has an ongoing skill shortage in banking, which could even create opportunities for the top ops employees to break free from the back office.

“If you can excel in a back office role, this can open doors to front-office, analyst or compliance roles,” confirms Woolf.

But beware, vacancies might be on the up, but off shoring still looms as a threat in some sectors.

“Any large volume transactional function has the potential to offshore as the financial argument is compelling. I don’t think there will be a revolution in 2010, but a continued evolution as technology makes it more practical,” says Bob Olivier, director of the Olivier Group.