The traditional first quarter hiring frenzy on Wall Street has been more of a damp squib. What will happen in the next three months? This is where recruiters think the hiring will be.
TMT, energy, healthcare and fintech in IBD
As far as hiring on Wall Street is concerned, Brianne Toole, sales manager in the investment banking practice at recruitment firm Selby Jennings, says she has a seen quite a bit of activity in energy, metals and utilities. The bulge-bracket and boutique investment banks are all battling people in this sector.
Healthcare has also remained active, particularly at middle-market investment banks, she said. Even though deal value decreased in this space, the number of deals remained very high.
"There has also been a lot of hiring within technology, media and telecommunications (TMT) at middle-market investment banks, which is another sector that has had high deal volume. Fintech and software-as-a-service (SaaS) are two areas in particular where we have seen a high level of hiring activity," she says.
Cybersecurity and data protection
Banks are desperate to hire cyber-security professionals and a shortage of talent means they’re looking outside of the financial services industry.
“Banks are looking for expertise in mobility, digital technologies, as well as cybersecurity and data protection expertise, and they are hiring for a range of functions that support putting those technologies in place,” said Anne Crowley, managing director at recruiters Jay Gaines & Co. “Data science, how to use data more effectively, is also hot.
This year the hiring on Wall Street has been more fixed income-focused, with a particular emphasis on sales roles, which many banks and other firms are rebuilding after a year of being quiet or even cuts to sales teams across business lines, according to Dylan Pany, managing principal and the head of sales, trading and research at Selby Jennings.
“It starts with sales, with the goal of bringing in revenue,” Pany said. “The vast majority of our [recruitment] business is oriented toward sales at the moment, and our searches are currently very much credit-focused."
Electronic, systematic and algorithmic trading are huge growth areas on both the buy side and the sell side.
For example, SocGen is a breeding ground for technical traders with a strong grasp of models, a deep understanding of derivatives and experience with coding and scripting languages.
“At least being able to communicate with the programmers coming up with the algorithms and the models and being able to contribute trading expertise is important,” Pany said. “C++, Java and Python are all common, whereas a basic understanding of Matlab is not cutting it anymore."
Senior technology jobs
In IT, Wall Street firms are hiring heads of development, heads of infrastructure, quality control and testing, and quality assurance (QA), according to Gina Schiller, managing director at Jay Gaines & Co.
“For IT recruitment, banks and other firms want people who can head up large-scale systems development for high-volume processing as business is increasing and there is more of a transaction flow, and how do you protect yourself and clients across multiple channels.
There is also increasing demand for risk management expertise, including more enterprise operational risk management driven by scrutiny from regulators.
“We’re seeing those functions moving more to the front office, rather than having a separate risk organization,” Schiller said. “Regulators are pushing for first-line risk management, having risk teams embedded in the businesses, although there’s no one single standard.”
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