Tens of thousands of financial services jobs are going in London according to the CEBR. UBS alone is cutting several thousand people, Standard Bank is cutting a few hundred, Credit Suisse is cutting anything from 750-3,000.
But Ernst & Young is hiring.
We reported a few weeks ago that Ernst & Young was planning to hire 10,000 people for EMEIA (Europe the Middle East, India and Asia) for the next financial year. This turns out to have been an understatement: those 10,000 people are just E&Y's graduate hires. It also plans to recruit 10,000 experienced staff.
Who will these 10,000 experienced staff be? And more to the point, might E&Y be interested in recruiting some ex-investment bankers?
Shirley Jackson, global recruitment leader at E&Y, says 5,000 of the new hires will be for assurance services, which includes audit, accounting compliance and reporting and accounting advisory services. Within this area, new recruits will be directed particularly towards risk and performance management. "Heavy" recruitment is also expected for the advisory (consulting business).
How many of the hires will be for financial services-related roles? Jackson declined to elaborate, but in early October E&Y was looking for people with a product control-type background for its wholesale banking performance improvement team. Right now, it's also looking for a quantitative developer to provide quantitative risk modelling services to its financial services advisory business.
Last month, E&Y said revenues at its UK business had risen 11% over the previous six months- the highest rate in the past 6 years. Steve Varley, UK MD, said that this was partly due to the company's strategy of continuing to hire throughout the downturn.