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Banks Eye Tried and Tested Traders

Apr 5 2007

Anonymous

You think investment banks are hot for trading talent now? Just wait.

The latest CBI/PwC financial services confidence barometer says the number of traders employed in securities has increased rapidly over the last three months, marking two years of uninterrupted job growth. It predicts the trading boom will persist into the summer, with recruitment levels reaching record highs.

Banks’ seemingly insatiable appetite for traders reflects rising trading volumes and the hefty profits to be made in the sector. For example, Goldman Sachs saw trading revenues jump 22 percent to $7.7 billion in the first quarter. PwC and the CBI confirm that profits have "advanced smartly despite rising total costs."

But while banks are undeniably eager to hire traders, they’re not recruiting just anyone.

Russell Clarke, a director at Mantis Partners, says all sell-side banks are looking to hire, “but they are looking to hire quality, not quantity.”

Shaun Springer, chief executive of Napier Scot, says prop talent is the top priority: "Demand is greatest for proprietary traders as a result of increased use of derivatives products and increased risk appetite.”

Comments (5)

  • How does one break into front office from back office? I know it is rare and very difficult, but can be done. Any advice?

    H 11 Apr 2007

    RECOMMEND Recommended 0 times | Alert Moderator

  • As a matter of fact, we posted a piece on this, which you can access here.



    Best,



    Mark

    Mark Feffer 11 Apr 2007

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  • I recently left a sell-side firm where I was a VP market maker for over six years. I have been looking for a trading position all over the place in NJ,NY, and CT and can't find anything.  Do you have any suggestions on the best way to land a position in trading?

    Alan 12 Apr 2007

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  • I'm in a Trader Development Program for a major oil company.  My current rotation is Risk Management Oil Products Derivatives.  I enjoy the sector and plan on remaining in Derivatives, but was recently told by an advisor that derivatives trades were all becoming automated. So should I avoid derivatives and stick to trading physical products or consider Crude or Nat Gas for derivatives trading?

    jacks02c 22 Apr 2007

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  • Jack, stay with oil derivatives. it is one of the most profitable business in the world. It is really hard to automize derivatives trading.  Especially for commodity derivatives, it is almost impossible. Your advisor does not know anything about derivatives.

    yoyo 17 Jul 2007

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