The picture is blurred, but two things are clear. Firstly:London financial services recruiter are losing their jobs. Secondly:London financial services recruiters will probably be earning a lot less this year.
As we said yesterday, Michael Page cut 99 staff in the UK over the past quarter. This was 7.3% of its total.
Hays also cut consultants, trimming 5% of its UK and Irish staff in the first quarter.
Robert Walters didn’t break out what happened to headcount in the UK, but said it had hired 53 people since the end of December. This may be related to its new technology-focused San Francisco office.
If you want to try your luck working for Robert Walters in the UK, you can click here to see all the internal jobs it’s advertising. Notably, none of them are for banking specialist recruiters for permanent roles, although it has been looking for a contract recruiter since October 2011.
Historically, financial services recruitment has been a way of becoming moderately rich.
This year, however, recruiters will be earning less. The three recruitment firms above are unanimous in their verdict that 2012 is proving a bad year for financial services recruitment. Michael Page is a little more specific: gross profits in its UK banking business are down 50% year-on-year. Across the UK business, average profit per consultant is now a mere £24k.
Nor is it possible to escape the dire UK recruitment market and reinvent yourself in Asia. Asian financial services recruitment is not good either. Hays said activity was ‘subdued’ in Hong Kong and Singapore. Michael Page assented.
Instead of Asia,Germany is the place now. Every recruiter identified Germany as a big growth market. Hays’ German fees grew 36%. So, coincidentally, did Michael Page’s.
It’s all due to disintermediation in the German market: German companies used to do all their hiring directly, now they use recruiters instead.