PRLog (Press Release) –
Jul 22, 2008 – According to the latest Joslin Rowe research, pockets of high volume banking operations recruitment still exist within the City, despite wider doom and gloom. Jobs in corporate actions, in particular, are booming - similar to the demand for derivatives professionals in 2007.
Natalie Eshelby, a senior consultant in Joslin Rowe's banking operations jobs (
http://www.joslinrowe.com/operations/browse/ ) division, stated: "The number of corporate actions jobs has actually increased on last year's levels. This is unusual because the slower market has generally meant reductions in job volumes across the operations world. The demand has been fuelled by the nature of the corporate action jobs themselves. Roles within corporate actions have become increasingly intricate in recent years as products have increased in complexity. There is a real skills shortage."
According to Joslin Rowe research, the evolution of corporate action jobs (
http://www.joslinrowe.com/operations/corporate-actions-jobs/ ) has meant a shift away from process orientated roles to more client service focused and project based positions with a real requirement for supervisory and managerial skills.
"This has had a knock on effect on the calibre of operations professionals that hiring banks will consider," warned Eshelby. "Most corporate action job (
http://www.joslinrowe.com/operations/corporate-actions-jobs/ ) specs are calling for the very best of the best - although because of the severe skills shortage, banks are open to interviewing candidates from asset managers and custodians. Some banks are even turning to the EU, in particular Dublin, Belgium and Luxembourg as a possible pipeline of talent."
Salaries have been affected positively as client requirements drive corporate action salaries up. Job seekers moving from outside the investment banking sector are enjoying strong pay increases, whilst those moving around from bank to bank are also being competitively rewarded.
Eshelby points to excellent career progression as the investment banks compete to get the best corporate action people on board. "We're seeing lots of interesting opportunities in the market at the moment with the chance to move into prime brokerage, securities lending and even middle office. Banks are also trying to improve work life balance within this area – with some incidences of unofficial rotas to allow earlier finishes/later starts."
