Like hard-up housewives forced to downgrade from Waitrose to Lidl, a few very desperate ex-front office bankers are allegedly thinking the unthinkable and contemplating jobs in the back and middle office. They are not being well received.
The problem appears to be that back and middle-office hiring is just as depressed as the rest of the market. "The amount of operational and middle-office hiring is very, very limited indeed," says Mike Hartwell of operations recruiters Hartwell Buck. "Organisations are still off-shoring and near-shoring operations functions to Hungary and India, and some banks are pulling out of entire product areas and making redundancies as a result."
Steve Forro, finance manager at recruiters Indigo City, says banks aren't hiring anyone - product controllers included. "It's just a dead, dead market at the moment. There's not a lot going on anywhere."
Forro says there aren't a lot of front-office bankers and corporate financiers queuing up to become bank accountants anyway: "It would be like flaying themselves with a birch. We never see it really."