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In-house financial services

So far in 2013 there has been a big emphasis on hiring at the junior end of the market, particularly the 2-5 PQE bracket. The reason for this is probably twofold; firstly when senior people leave an organisation it is seen as an opportunity to cut cost via paying lower salaries and secondly it removes promotion/top heavy team issues. It is worth noting that this trend is creating a bubble in the recruitment market and there is a shortage of Tier 1 candidates at this level across the following areas: funds, derivatives, financial services regulatory and commercial lawyers with either consumer credit or payment services experience.
Since April there has been a clear pick up in hiring across banking and fund management which seems to be driven by increased workloads coupled with teams being under-resourced/limited hiring through 2011/2012.
For the next two quarters we predict that recruitment will follow a similar steady pattern to the year so far. While we are not immune to further economic shocks, particularly from Europe, if the market continues to improve then hiring should at least stay at the same levels or possibly even start to pick up as we head towards 2014.