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Don’t expect Nordic jobs boom from Europe’s sovereign debt crisis

Europe’s sovereign debt crisis could yet prove a cloud with a silver lining for Nordic banks, as it may lead to increased activity within areas such as risk, cash management, fixed income and foreign exchange.

The moot point, however, is whether such activity will in turn lead to more job opportunities, with both analysts and recruiters somewhat sceptical for now.

Nordic banks, despite some continuing woes from their Baltic investments, are being seen by many investors as something of a safe haven, with analysts predicting they could during 2011 be well placed to benefit from continuing worries that some weaker European countries are at risk from defaulting on sovereign debt.

The fact lending growth is likely to be muted could in turn lead to increased activity within some auxiliary businesses, with areas such as risk and cash management, fixed income and foreign exchange products all becoming more important, according to Nordea banking analyst Maths Liljedahl.

But don’t necessarily expect this to translate into more jobs in these areas, he warns.

“There will probably be more pushing into risk-type products but the teams are pretty much already in place. It will be more about getting the existing teams working better,” he predicts.

Despite predictions FI could offer opportunities and risk jobs could potentially bounce back this year after a relatively lacklustre 2010, recruiters are also remaining cautious.

“Banks still have a strong demand for highly specialised professionals but the trend at the moment is towards being less focused on headcount and more on building the business and expanding,” says one, who did not want to be named.

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