HBOS aside, there are now several things to be said for the North of England and Scotland. One: compared to the City of London, they’re a lot less dependent on financial services (with the exception of Edinburgh). Two: morose bankers are fewer. And three: there are jobs there, albeit of a different kind to those previously found in Canary Wharf.
For anyone who hasn’t ventured much beyond the confines of the Circle Line, the lands north of the M25 are vast and varied, so this is more of an indication of what might be available out there than a comprehensive guide to job hunting in unfamiliar territories.
Operations: Earlier this week, the Financial Times ran an article predicting that banks will go to places like Manchester and Leeds in an effort to reduce costs. Goldman, for example, is said to be contemplating a “large office” for operational activities in Manchester or Leeds. Deutsche’s apparently doing the same in Birmingham.
Corporate finance: Chris Parker, director of Hamilton Caine, a search firm with offices in London and York, says there are also corporate finance openings to be had at accountants and boutiques beyond the boundaries of the City – particularly if you’re junior. “The corporate finance skill set is more transferable at the junior to mid end where the focus is more on deal execution than origination and a local network is not as important.”
Fund management: Although the predicted 40k redundancies at HBOS are putting a substantial dampener on retail bank recruitment in Scotland, Scottish fund managers are still in the market for heads. Earlier this week, it emerged that Baillie Gifford had hired two fund managers from rivals in Edinburgh. Head of HR Stephen Leach says they still have a few more vacancies in areas like business risk, internal audit, and marketing and client relations. “We might consider people who’ve been working in sales and marketing in investment banks,” he says.
Oil and gas: Rumour has it there are jobs going in Aberdeen. “Pretty much every aspect of the business is looking for people in Aberdeen,” says Lynn Hunter, a spokesperson for PricewaterhouseCoopers in Scotland.