Banking headlines make waves across financial recruitment
Two of the most notably affected recruitment areas have been compliance and anti-money laundering.
Recent news like the forthcoming establishment of the B.S.R.C (Banking Standards Review Committee), a body for British bankers tasked with championing better banking standards in the UK, are likely to have a big impact on the kind of roles that the major banks focus on in their recruitment in the coming months.
InterQuest division IQ Executive have so far in 2014 already experienced the impact that developments like these have on employment within the Banking sector with IQ Executive’s director Simon Hockridge commenting, "Working with some of the UK’s major banks, the impact of recent developments in areas such as fraud and compliance has been felt almost instantly. Across the market, many have reported increases in salaries in certain areas almost overnight as demand increases for certain skills– with the announcement of factors such as FCA investigations and sanctions placed on other banks.
"It was very interesting to see, for example, the demand for compliance professionals increase at an incredible rate in the first Quarter of 2014 as one of the major banks responded to big internal changes in this area this had a knock-on effect across numerous banking organisations in their own hiring in this area."
Compliance was the driving force at the start of the year, though we are now seeing a big increase in demand for professionals in the AML area. An increase in demand like this for roles with such niche skills is commonly followed by major changes to the salaries and packages attached to the roles, as the banks vie for the pick of the best candidates. Recruitment is something that the Banking sector as a whole takes very seriously, and these recent developments illustrate just how volatile a sector it can be.’