Last week we brought you a blast of cold air on the real rate of re-employment in the City of London. Based upon the current whereabouts of 100 people who lost their jobs in fixed income sales and trading last year and 50 equities professionals who were let go from RBS in March, we suggested the rate of re-employment was somewhere between 40% and 56%.
Actually, this may have been overstating the case.
A look at the database of IMAS, the ever-useful firm which tracks FSA approved employees across all banks in London, suggests that when all departures of all FSA approved employees from leading banks so far this year are taken into account, the real rate of re-employment is only 25%.
In 2012 a combined 2,992 approved people have left Merrill Lynch International, Societe Generale, BNP Paribas, Barclays Capital, RBS NV, Nomura International, Credit Suisse International, UBS Limited, Citigroup Global Markets, JPMorgan Securities, Morgan Stanley International and Goldman Sachs International. Of those, only 753 have turned up as FSA Approved employees at other firms in London. The remainder are either still looking for roles, sitting it out, or have left the country.
Interestingly, the rate of re-employment varies by bank. Strangely, the bankers most likely to have found new 'approved person jobs' in London are at RBS. Those least likely to have found such jobs appear to be at SocGen. Of course, it's quite possible that ex-SocGen bankers are simply giving up on London and returning to Paris. Equally, it may help that many of RBS's bankers were let go in March when the job market was a bit more robust.
Here's the ranking.
Re-employability by bank:*
1. RBS NV: 46%
2. Barclays Capital: 29%
3. Credit Suisse International: 28%
4. JPMorgan Securities: 26%
5. Morgan Stanley International: 25%
6. UBS Limited: 24%
=6. Goldman Sachs International: 24%
=6. Merrill Lynch International: 24%
7. BNP Paribas: 23%
8. Citigroup Global Markets: 19%
=9. Nomura 19%
10. Societe Generale 15%
*Defined as percentage of FSA Approved persons who've left the bank this year and found new Approved Persons jobs in the City