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May 5, 2010

Talent pool for City job vacancies halves

by Gill Montia

Story link: Talent pool for City job vacancies halves

A leading financial services recruitment firm has reported that the average number of qualified candidates for each new City job vacancy has halved from 5.7 in March 2009, to 2.7 in March 2010.

According to Astbury Marsden, a leap in demand could prompt a return to the “aggressive poaching of top talent” commonly seen in the financial services sector prior to the credit crisis.

The firm’s chief operating officer, Mark Cameron, says: “This time last year, few would have predicted such a dramatic turn around in the City job market.”

However, he warns: “Although this is good news for bankers, it causes problems for those banks who had hoped to push down employee compensation as a percentage of their revenue.”

In addition, the jump in demand could leave banks having to choose between losing staff because of pay restraints and facing the anger of politicians over the remunerations issues that contributed to the credit crisis.

To avoid such a dilemma Astbury Marsden suggests that sponsoring executive education programmes, such as an MBA or Masters in Finance, is a useful retention tool with the fees repayable by the employee if they leave the company.

 

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