Recruiters are benefiting from jobs cuts in financial services as smaller companies take advantage of the situation to hire good quality staff, according to one recruiter.

Martin Smith, managing director financial services recruiter AnsonMcCade, told Recruiter that different types of financial services companies, particularly smaller companies, were “being opportunistic” in snapping up “really high quality people at premium prices”. “The classic is investment banking into hedge funds,” says Smith, adding “there is comparatively little wastage”.

Smith’s comments come as a survey by Watson Wyatt found that 29% of UK financial services companies are restructuring across their organisation.