According to a survey by recruitment firm Astbury Marsden, there was a 7% fall in new positions created by large investment banks compared to the same period last year. This downward trend has continued with an almost 9% drop in new roles created from June to July of this year, falling from 2,190 to 2,000 respectively. Hiring in Compliance, Risk and Technology roles appears to have remained moderate, however, Sales and Trading positions have seen a fall attributable to the cost associated with regulatory capital requirements.
Interestingly, the survey points out that small and mid-sized financial services companies are in fact now driving City hiring, with high frequency and algorithmic trading firms particularly seeking technology and infrastructure personnel. Bank of England proposals to extend the bonus payment deferral period, in tandem with regulatory and public pressure on pay are also likely to make smaller firms, who are not subject to the same scrutiny or restrictions more appealing, especially for senior executives.
The competition for positions in the financial services sector is intense in the most benign of times and with more and more candidates jostling for the same position, success hinges on having the tools and support to navigate what is becoming a more complex recruitment market. Led by award-winning financial services recruitment veteran Victoria McLean, City CV’s professional CV writers and coaches have collective expertise for every stage, including graduates, junior candidates and senior executives. For more information on our CV writing, interview coaching or LinkedIn profile writing services, call us on +44 20 7100 6656 or email enquiries@citycv.com.