The truth is, we don’t know what the norm is or will be. The banks are recruiting more than they have done in the last three years. Is this replenishment? Is accountability coming back to London? Did the banks cut and offshore too much in the hope to save money? Or is there still far too much emphasis on controls and risk from external regulators?
We are certainly not seeing huge investment in the front office, even though most banks are reporting stronger numbers. Investment appears to be focused in infrastructure, so if you are a Risk, Compliance or Audit professional then you are probably getting calls daily, if not hourly. The recruitment firms are franticly busy to fill their desks with governance recruiters, but like candidates, there is a shortage on experts in this field.
Accounting professionals are still having a hard time – overworked and underpaid, and lack of opportunities to move both internally and external. Teams are far smaller than they were compared to even two years ago. Whilst some are trying to move into alternative investments for broader roles, others move into areas as mentioned above, that or Treasury or Change Management. Some are just keeping heads down and hoping they don’t get a tap on the shoulder to move their desk to another part of the UK.
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