Banking and financial services recruitment still not back to pre-crisis levels
6 February 2015
Recruitment in the banking and financial services sector has not returned to pre-financial crisis levels, according to the Morgan McKinley London Employment Monitor.
Fri, 6 Feb 2015
Recruitment in the banking and financial services sector has not returned to pre-financial crisis levels, according to the Morgan McKinley London Employment Monitor.
The number of new roles created in the sector peaked at 112,547 in 2007.
Recruitment then fell sharply in 2009 when just 46,353 new jobs were created.
There was a slight recovery after the G20 Summit countries committed a significant amount of money to the global economy but subsequently fell again to its lowest level in 2013 when only 33,653 roles were created.
The number of professionals seeking new roles since 2005 when the global professional services recruiter started publishing its report peaked at 203,687 in 2011.
Last year, almost half that number (111,515) was seeking roles.
Morgan McKinley financial services operations director Hakan Enver said in a statement that the last decade “has been one of two extremes”.
"This in-depth review of our data shows us how the financial crisis didn't just deliver a single blow to hiring activity in 2009, but has also continued to affect both numbers of jobs and those professionals seeking to move during the subsequent period.”
He continued to say that what the data doesn’t show is the “seismic shifts in priorities and skills required by employers.
“Regulation, globalisation and diversity are now changing the shape of the talent being sought and hired.”
It seems the crisis has also changed what candidates want in a financial job, as Royal Bank of Canada director of recruitment for EMEA [Europe, Middle East and Afric] Paul Murphy said in the same statement.
“Before the financial crisis there was a desire to move upwards as fast as possible. Now the motivation for joining the bank is more about balance sheet strength, our history. Culture is key. Pre-financial crisis, no one would have asked about the culture of the bank. Now it's the first question I am asked.”
The report concluded that an increase in the number of jobs created last year, as compared to 2013, suggested a return of confidence in the market. However, there was still some uncertainty around factors such as the recent crash in oil prices; geo-political risks, particularly Russia/Ukraine; ongoing volatility in the Eurozone; and continued cyber threats to the banking industry.
From 2005 to 2014, there were a total of 665,306 financial services roles and 1,515,017 professionals seeking roles in London. Those figures were based on Morgan McKinley’s own monthly and annual records of permanent and contract job vacancies and professionals registered with the firm seeking employment, and a range of comparative data from sources including the Office for National Statistics.
Recruitment in the banking and financial services sector has not returned to pre-financial crisis levels, according to the Morgan McKinley London Employment Monitor.
The number of new roles created in the sector peaked at 112,547 in 2007.
Recruitment then fell sharply in 2009 when just 46,353 new jobs were created.
There was a slight recovery after the G20 Summit countries committed a significant amount of money to the global economy but subsequently fell again to its lowest level in 2013 when only 33,653 roles were created.
The number of professionals seeking new roles since 2005 when the global professional services recruiter started publishing its report peaked at 203,687 in 2011.
Last year, almost half that number (111,515) was seeking roles.
Morgan McKinley financial services operations director Hakan Enver said in a statement that the last decade “has been one of two extremes”.
"This in-depth review of our data shows us how the financial crisis didn't just deliver a single blow to hiring activity in 2009, but has also continued to affect both numbers of jobs and those professionals seeking to move during the subsequent period.”
He continued to say that what the data doesn’t show is the “seismic shifts in priorities and skills required by employers.
“Regulation, globalisation and diversity are now changing the shape of the talent being sought and hired.”
It seems the crisis has also changed what candidates want in a financial job, as Royal Bank of Canada director of recruitment for EMEA [Europe, Middle East and Afric] Paul Murphy said in the same statement.
“Before the financial crisis there was a desire to move upwards as fast as possible. Now the motivation for joining the bank is more about balance sheet strength, our history. Culture is key. Pre-financial crisis, no one would have asked about the culture of the bank. Now it's the first question I am asked.”
The report concluded that an increase in the number of jobs created last year, as compared to 2013, suggested a return of confidence in the market. However, there was still some uncertainty around factors such as the recent crash in oil prices; geo-political risks, particularly Russia/Ukraine; ongoing volatility in the Eurozone; and continued cyber threats to the banking industry.
From 2005 to 2014, there were a total of 665,306 financial services roles and 1,515,017 professionals seeking roles in London. Those figures were based on Morgan McKinley’s own monthly and annual records of permanent and contract job vacancies and professionals registered with the firm seeking employment, and a range of comparative data from sources including the Office for National Statistics.
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