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LIVING WILLS CREATING TALENT FEEDING FRENZY IN BANKING TECHNOLOGY SECTOR

LIVING WILLS CREATING TALENT FEEDING FRENZY IN BANKING TECHNOLOGY SECTOR
 
The potential implementation of Living Wills, the Governments plans for the stability of the banking system to avoid another Lehman crisis, is creating a feeding frenzy for talent within the financial services technology space. Thats according to Edward Ekins, Managing Consultant of the financial services technology division of Twenty Recruitment.
 
The living will concept is for banks which have both investment and retail arms its a recovery and resolution plan to wind up banks and dissolve toxic assets in a matter of days rather than the long drawn out Lehman administration process (which is still taking place today), says Ekins.  While there is still discussion around the fine detail, it is clear that there will be some form of regulation around resolution planning and the banks are already pre-empting that regulation.  In hiring terms, this is reminiscent of MiFid but on a much larger scale. Additionally some of the big mergers we have seen since the global financial crisis means that there are huge systems migration and change management projects to be undertaken. These are massive tasks requiring business analysis and project management skills and people who can manage the diagnostics, analysis integration and implementation of proposed regulation.
 
Ekins says that banks are setting up completely new project teams which are focusing on the development of recovery and resolution plans to meet both current and anticipated regulatory requirements.  This is driving exceptionally strong demand for project and programme managers at VP/Director level and obviously that demand will trickle downwards once the department heads are in place.
With a limited technology talent pool, Ekins says the pressure on salaries will only be upwards as banks fight to retain their key talent. Demand is exceeding supply with obvious consequences and we are already seeing counter offers and buy backs.
 
Consequently, adds Ekins, Anyone with experience of diagnostics, project planning and implementation around Mifid, SOX  Basel  or exposure to regulations around liquidity management can consider themsleves pretty hot property at the moment.

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