Date published: 01.09.08 - not release date

DOWNTURN IN BANK HIRING ‘OVERBLOWN’ SAYS TOP RECRUITER

With recent reports that investment banks may cut 10-15% of their workforce as a result of the credit crunch, specialist financial recruiter FSS has suggested that in some cases recruitment activity may actually increase.

“It is true to say that investment banks can turn off their hiring taps very quickly,” says Zachary Meade, Manager of the FSS Banking Division, “But we should remember that September is always a time to reassess recruitment strategies for the next six months, so things will naturally slow. But there’s a possibility that we may actually see an increase in financial hirings this month. That’s because HR departments may well want to clear their books and get in the key appointments in case their superiors give them the signal to stop.”

He goes on to say, “we are seeing interesting signs that investment banks are better protected than some reports indicated. The majority have international and local operations that haven’t been hit by the crunch and in those areas, they’re still eager to build talented teams – in many sectors and certainly in mid level appointments, there’s been no slowdown in recruitment at all. There are also institutions out there that will have been well placed to take advantage of the subprime crisis and just this week, funds have begun positioning billions of dollars for just that. So whilst professionals may be concerned about their roles and bonuses, their prospects in the short to medium term could be far more positive than reports imply.”

“Contrary to popular belief,” he explains, “the figures we are seeing show that the war for talent hasn’t let up. That means any forward thinking and financially stable company, may well see this as the perfect opportunity to hoover up any talent that could unexpectedly find itself on the market in the coming months.”

“Right now,” he says “this as a storm, not a hurricane; and the crunch has actually further shown the value of risk and strategy managers. Far from being a bad time to hire, now might be the perfect time to get the best talent.”

Rory Blyth
BlueSky PR
Tel: 0845 130 8291
Email: rory@bluesky-pr.net