Why London banking recruiters won't jump at your application

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London banking recruiters

You're just a blur

Brexit may not be throttling London banking recruitment yet - but the City's hirers still have good reason not to leap at the opportunity to take you on. - They're inundated. Totally overwhelmed.

The chart below, based upon figures from Morgan McKinley, illustrates the problem. Every month, Morgan McKinley calculates the discrepancy between newly posted financial services jobs and new registered financial services job seekers.

Between January and October 2016, Morgan McKinley calculates that 65,000 more people in the London finance market started looking for new jobs than the number of new finance jobs available.

Things have the potential to get worse in future. UBS said today that it has no intention of moving out of London soon, but by 2024, a 'private report' from EY suggests that London could lose 83,000 jobs as a result of Brexit. 31,000 of those are expected to go from sales and trading desks if euro-denominated clearing moves elsewhere.

This isn't to say banks aren't hiring now: they are. It's just that the backlog of people chasing each job is huge and that only a handful of contemporary vacancies are 'client facing.' J.P. Morgan is looking for a London-based leveraged finance analyst after changes to its London finance team.  Goldman Sachs has a vacancy for a sales person in its 'Franchise New Business Group (FNBG)', which it says is client facing, but is mostly about on-boarding. That's about it.

As is typical at this time of year, most of the best banking jobs in London now are in the middle office. J.P. Morgan has just begun looking for a London-based head of FX eCommerce technology. Credit Suisse has just begun looking for two electronic trading 'engineers.'

One of the most curious new roles is on offer at UBS. The Swiss bank is looking for a 'coach' to assess current conditions in the bank from the perspective of metrics, mindsets and behaviours. UBS says it's finished cutting costs in its investment bank (despite a cost ratio of 88%) but the new hire is wanted to "identify pain points and root causes of inefficiencies,"

Source: Morgan McKinley 

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