UNSURPRISINGLY, recruitment in the banking and finance sector has slowed rapidly in the first quarter of the year. Online advertising firm Broadbean Technology report a steady decline in banking roles compared with 2006, when there were three times the number of finance jobs advertised.
The news follows the announcement of redundancies at several City banks, including UBS, Merrill Lynch and Morgan Stanley.
Talia St.Clayre, finance and banking recruitment specialist at Spinnaker says that “Both clients and jobseekers in the Ship Finance world agree that recruitment potential in the developed regions has been compromised due to the Credit Crisis. This is frustrating for those working in ship finance, an industry which is largely unaffected by the slow down; several of my clients have had to shelve growth plans for their successful teams because of their employers tightening purse strings generally. In some more severe cases, worrying cuts have been made from profitable Ship Finance departments as an attempt to balance write-downs in other areas.
“Finance recruitment in the Middle and Far East remains relatively buoyant compared to Europe and the USA,” says Talia. Opportunities exist for relationship managers, analysts and other finance professionals, provided that relocation is an option for them.”
“We may see bonuses this next year affected by the ‘company performance’ element of bonus awards. On the flip side, this could of course be a good time for shipowner, fund and finance intermediary clients to pick up experienced bankers for their teams.”