Far fewer people want to work in investment banks than in the past. In the three months to March 2013, figures from recruitment firm Morgan McKinley suggest that 15,225 people registered as financial services jobseekers in London. In the three months to March 2011, Morgan McKinley says 35,240 people did. In the past two years, therefore, some 20,000 people who might previously have looked for financial services jobs, have disappeared.
Where are they all?
Most are likely to be sitting tight, holding onto the jobs they already have. “London is in limbo,” said Robert Walters, chief executive of the eponymous recruitment firm in January. “There are people who want to move jobs but they don’t feel confident enough to do so.”
Others are likely to be doing something completely different. Google trends shows an inexplicable peak in searches for the term ‘quitting banking’ in January 2013. Ex-bankers are to be found doing everything from brewing gin to making condoms.
For those jobseekers who do brave the current market, there is some good news: pay is rising. Morgan McKinley says jobseekers are typically moving for pay increases of 17% and that hiring is strong in risk management, compliance and internal audit. Less promisingly, Morgan McKinley says new financial services jobs in London fell by 14% in March 2013 versus March 2012, and by 7% in March 2013 compared to February 2013. Maybe this is why jobseekers are staying away.
Citigroup has hired David Chubak from McKinsey & Co. to help oversee cost-cutting. (Bloomberg)
The head of the Financial Institutions Group has left DC Advisory. (Financial News)
Stuart Poyser, a senior director in Citi’s UK investment banking arm, has left the bank and wants to pursue an operational role in the media industry. (Financial News)
JPMorgan is deploying ‘massive resources’ to compliance. (WSJ)
Tobin Tax: “France is shooting itself in the foot,” said Paul-Henri de La Porte du Theil, head of French finance industry AFG. (Telegraph)
Fatigue isn’t a trivial issue; it is implicated in most industrial accidents of which the banking crisis is the latest. (Financial News)
Investment bankers demanding pay rises after taking online MBAs. (Financial Times)