Despite Brexit openings, contract Financial Services Operations recruitment has been suppressed, whilst permanent jobs have been on the rise.
The number of permanent jobs has increased throughout Q2 following on from a strong Q1. Both the asset management and banking industries have been busy with hiring, the majority of positions being filled at mid-level. On a more negative note, frequency of jobs on the contract market was subdued, continuing on from a slow previous quarter.
Brexit continues to be top of the agenda, with more talk of jobs moving to mainland Europe, but this time outlining specific roles. Conversely, Brexit is actually creating more jobs in the short term; staff members are being deployed onto projects and therefore contractors are being drafted in to fill their positions, although this hasn’t made up for the reduction in roles.
We have noticed that a number of banks have been increasing their front office support. We have seen more Sales Assistant and Trade Assistant contract roles, where usually this is more of a permanent area. These roles are exciting and enticing for candidates as it offers front office exposure and a move away from the middle office.
There have been a few select skills that hiring managers have been requesting in candidates:
As policies slowly become clearer, and the leave date gradually draws closer, Brexit planning is reaching BAU level. We anticipate that this will result in a high number of short term roles becoming available whilst changes are put in place. There is likely to also be increased headcount in operations due to the setting up of new entities for Brexit.
Contributors to the Financial Services Operations Q2 update were:
Ross Sailes | Manager, Financial Services Operations - 020 7092 0203