This time last year, there was talk of a revival in front office recruitment within investment banking. Now, as firms continue to be weighed down by slumping trading revenues, hiring is instead focused on support functions – but here, at least, it’s incredibly buoyant.
Recruiters Morgan Mckinley, which tracks the financial services job market on a monthly basis, says that there was a 32% month-on-month uptick in new jobs across the City of London in July and a 40% increase in the number of candidates willing to apply for them. In fact, July was the strongest month for over a year.
The recruiter pins the candidate surge on various reports of a more buoyant financial services job market, fewer people taking time off to actually go on holiday and instead using ‘staycations’ to apply for a new role and a general dissatisfaction with their current position.
However, these are the jobs where demand is on the up, according to Morgan Mckinley, and there is definitely not a focus on the front office:
• Product control
• In-house compensation experts within investment banks
• In-house recruiters in investment banks
• Regulatory reporting
• Internal audit
• Data management
• User experience professionals
• Mobile and digital technology experts
• IT/cyber security experts
Below is the breakdown of jobs and candidates by month – July presented the highest number of financial services jobs for over 12 months, but the number of candidates applying for them is still below that of the early part of 2014.