St.George and Bankwest are getting swallowed up, and the media frequently raises concerns about the long-term viability of Australian’s remaining independent banks.
So has working for a regional bank become a catastrophic career move?
“For job security, candidates are more focussed on the Big Four. It takes some coercing for them to consider a regional,” says Tom Harrison, recruitment consultant, financial services at Michael Page.
John Coles, CEO, Executive Group International, says job seekers prefer taking opportunities with the major players.
“The Big Four are well placed to attract, but also to maintain the best candidates. However in this market, many candidates will still go wherever they can secure a job,” he adds
But not everyone joins a regional bank out of unemployment-induced desperation, argues Scott Cobine, had of people services, Bank of Queensland. Smaller firms can provide staff with more exposure to a wider range of banking functions.
“Regional banks are not as siloed as the majors, so individuals can potentially move more easily and faster across disciplines, which creates career opportunities. It’s also possible to move much faster from a back office to a front office role,” Cobine tells eFinancialCareers.
He also reckons a regional banking role won’t mean taking a significant pay cut. “We pitch our salaries at the same levels as the big banks.”
What are the pros and cons of working for a regional? Let us know below.