If you're a pessimist you might presume it will be hard to find a banking job in London in 2019. After all, what with Brexit and the difficult fourth quarter, banks are surely reining in their spending. In some areas this may be so - recruitment firm Morgan McKinley estimates that new finance jobs in London fell 39% year-on-year in November 2018. But as we pointed out last week, banks should be shielded from the effects of Brexit (hard or not) until 2021, and recently advertised London jobs on their own websites suggest there's no attempt to shift core jobs out of London yet.
Accordingly, if you're a junior looking for a new investment banking division (IBD) job in London now, you could apply to Goldman Sachs, which has a vacancy for an associate on its natural resources team. Or, there's JPMorgan, which has vacancies for both an analyst and an associate on its technology media and telecoms (TMT) team. If you're looking for a vice president (VP) role, you could try Morgan Stanley, which this week began advertising for a VP on its London power, utilities and renewables team.
However, some of the most interesting London banking jobs in the dying days of 2019 are those in the teams that have come to the fore in the past 12 months: data and machine learning.
Accordingly, Goldman Sachs is looking for an analyst or associate to work as part of a 'front-office machine learning strats team.' It's also looking for someone to work on an 'Edge data engineering team' which aims to structure and systematize Goldman's use of its 'data assets.' And it has a vacancy for a natural language processing expert to work on the FAST team which aims to, 'convert data-driven insights into action' by creating analytics tolls for salespeople and traders.
Similar efforts are afoot elsewhere. JP Morgan is currently hiring a data analytics and machine learning associate or vice president for its rates team. The intention is, 'to bring data-driven decision making and automation' to the rates business. So far, the bank says it's built a recommendation engine for sales and a natural language processing system for client and broker interactions. JPMorgan is also looking for a data professional to work on DealWorks, a team helping to automate the investment banking dealmaking process.
Not to be left out, Citi is hiring Java developers for its London innovation lab, which aims to 'design, build and enhance high-performance, data-intensive applications and services for our clients.' And Citi has a vacancy in its PhD-staffed 'Scientific Implementation Group' which applies a 'systematic, quantitative, and scientifically informed thought process around execution, portfolio management, and risk management.'
2019 maybe be Brexit year for the City of London. It will also be the year of the data-led job and the quantitative-focused PhD.
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