The Highs & Lows - Continuing to grow in a Temperamental Market

October was a very strong month for Projects and Change at Morgan McKinley.

Projects and Change: Contracting

The contract division had the best month for 2015 placing more contractors than any other month this year. This follows a similar trend for the year where the team has increased contract placements by 40% compared to this time last year.

The spike in volume and demand has been occurring in the Asset management business where recently a large contract of work has bolstered the demand for Business Analysts and Project Managers. This pipeline of work will continue until December and gain further momentum as we head into 2016.

The skill sets the contract team are seeking are Business Analysts and Project Managers where experience gained with legacy system upgrades and/or application of the new regulations in MIFID II.

On the flip side to the Asset Management business we have seen a slowdown in job volume across the Investment Banking clients as budgets have come under a little pressure which is not uncommon for this time of the year. Furthermore, several new CEO’s in the banking market are tackling cost pressures prior to the yearend resulting in head count freezes for non critical business units. There is still a need to hire within Risk Change. Business Analysts to work on FRTB (Fundamental review of the Trading Book) continue to be a source of demand and this will quicken in Q1 2016.

Job of the Month

Business Analyst required for large scale global system implementation project of an enterprise entitlements platform .The incumbent will be implementing the BaNCS application into the existing architecture; integrating income, corporate actions and withholding tax. This will be a high level assignment with senior stakeholder engagement.

Projects and Change: Permanent

The permanent Project and Change team have been challenged by costing and budget pressures within Investment banking where the majority of the work flow stems from.  As mentioned above the Changing of the guard with new CEO’s entering the frame has seen a slowdown in hiring for the last few months of the year.

Bright spots we can see on the not too distant horizon are the strategic review of Risk Programmes. The pressure of regulation deadlines will be ever present as we start 2016 so some companies need to be thinking about good Project Manager hires now before the rush starts in the New Year. Strong Business analysts with risk FRTB experience will be sort after and those with SME (Subject matter expertise) across risk will be in demand.

In Operations Change, the activity has been circa Transaction Reporting experience, with Mifid Programmes beginning to ramp up. While many of the Investment Banks will be more active in January, the broad reach of Mifid means that the Asset Services and Clearing Houses are driving the market forwards in this space. Project management is still the in-demand skillset, with many programmes still in early phases.

Finance change roles have taken the biggest hit in the budgeting pressures within investment banking. There has been some traction around Project Manager positions in treasury/treasury data at VP level and this is expected to become more in demand looking to 2016. IFRS9 is another area which has been spoken about a lot in Q4 – expect some segments of work sporadically pop up in this area early next year. Other than that we can expect most of the work in finance change stemming from regulatory pressures – looking to experience within LCR, NSFR, and Basel 3. It’s also worth noting that Basel 4 is peeping out at us in the distance – watch this space develop in 2016.

Job of the Month

Project manager required for a large-scale strategic Credit Risk Programme within a Tier 1 US Bank. The Programme is concerned with rationalisation of Front Office Risk systems, as well as Regulatory delivery of Basel/IMM requirements. Strong stakeholder management experience.

Project Manager position to work within an EMEA Operations Change Management team for a leading bank. Experience required: Strong track record of regulatory delivery and global exposure as a PM, experience in mentoring, up skilling and motivating BA’s.

Job of the Month

 

Victoria Walmsley's picture
Managing Director
vwalmsley@morganmckinley.co.uk

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