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All quiet on the western job hunt

Financial job opportunities in Western Australia have been hit hard by the global recession, with back-office roles suffering the most.

The latest Olivier Job Index states that online advertisements for financial services positions in Perth have slumped by 47.83% over the last 12 months.

However, there are now at least some signs of stability. Index author Bob Olivier says banking and finance recruitment was flat in April. “Well to be precise, down .06%, seasonally adjusted against state figure of -12.33% for all online job ads in Perth,” he adds.

Jane McNeill, senior regional director at Hays in Perth, reckons front-office recruitment is steady and banks are still filling critical client-facing positions. “However some support roles have been cut,” she says.

In a classic case of size mattering, McNeil says Perth’s comparatively small banking sector has helped it avoid widespread redundancies. “Perth also tends to focus far more on domestic and commercial banking and doesn’t have big investment banking back offices like Sydney.”

The most buoyant sectors in WA continue to be financial planning, wealth management, commercial banking and insurance.

Clearly the joker in the Perth pack is Bankwest. The firm announced in late March that it is cutting about 250 back-office support roles on the west coast, alongside 150 others in the east.

These layoffs are still casting a shadow over the employment market, according to Ryan Hathrill, director of Robert Walters, Perth.

“We have Bankwest employees walking into our office looking for work. We have come across candidates from finance, technology, audit and compliance. It will be hard for another bank in Perth, with the right volume of finance roles that they had at Bankwest, to fill the gap,” adds Hathrill.

Comments (4)

  1. It looks more like consolidation is happening because there will be more requirement for jobs in operation, IT, risk management, compliance, new breed of financial planners (specialising in risk and investment), more research analyst within a dealer group, more analyst in credit agencies, documentation analyst, product disclosure risk analyst, etc. This can all evolve from the new regulatory reforms in the financial industry. Please refer to the latest update in the US. Of course this reform is not yet happening in Ausralia but ASIC might follow this path. The banks seems like positioning to share synergies.

    New types of licensing can also evolve from regulatory reforms in the industry giving more jobs to educational trainors.

    There is a need for the banks to capitalise on business risk management. It is going to be more of a requirement for them in the future.

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  2. regulatory reforms and new way of policing the financial industry is the only way to gain investors confidence

    It may cost capital but hey you will have a sustainable long term banking operation…this is also good for employment and recruiting…good news for the government and workers because there will be more jobs.

  3. more jobs in the public regulatory and financial market exchange will come out from these reforms…..this may happen globally

    Other developed countries might follow what US is doing in regulatory reforms.

  4. also be aware that the western global asset managers are looking at re assessing their product offering across emerging markets, Asia, Erope and America…..this means more jobs for product managers……

    this is why this can be a blessing in disguise for the industry everyone may come out as a winner and with more wisdom thsi time

    I hope we all learn from it

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