Industry jobs are going to go, but if you work in these areas, you're probably safer than most.
1: Regulatory risk manager
Regulatory risk manager can be a catch-all term for anyone who can help banks work out how they need to adapt to the new regulatory environment. The best placed people in this category will, however, be able to do one better and advise traders how to make money in the new regulatory environment, says Brad Hintz, an analyst at Sanford Bernstein
2. Centralised clearing specialists
Over-the-counter (OTC) clearing specialists are at the forefront of moves to make sure that OTC derivatives are traded as far as possible on exchanges. They need to understand the scope of the new Dodd Frank regulations regarding centralized clearing, along with the European Union’s EMIR (European Markets Infrastructure Regulations) and to help manage the shift to centralized clearing in big banks.
3. Eurozone regulatory expert
Anyone with experience of working on European banking regulation, particularly in Frankfurt, is likely to be sought after.
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4. Risk manager, electronic trading
As it says – a risk manager who understands about risk specifically in an electronic/algorithmic trading environment.
5. Emerging markets jobs
Anything to do with new emerging markets will continue to provide opportunities predicts Chris Wheeler, banking analyst at Mediobanca
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6. Equity researcher, oil and gas
Oil and gas-focused equity researchers are researchers who cover oil and gas stocks.
7. M&A origination
M&A will remain an area of focus for banks, predicts Wheeler. Deal originators with strong industry contacts will always be sought-after
8. Wealth management
The rich are getting richer. Wheeler emphasises the big need for wealth managers in Asia. Singapore now has 101,000 millionaires - up 10% from last year, for example.
9. Collateral management
Collateral managers are about to become a lot more important under centralized clearing [click to read more].
10. Collateral transformation/change specialist
The FT estimates that anything from $500bn to $10 trillion of new collateral will be required in the new centralized clearing world. Anyone who can convert ineligible collateral into eligible collateral will be hot.
11. LCR liquidity manager
The LCR ratio is one of the Basel Committee’s key reforms. Due to be phased in between now and 2019, it represents a whole new approach to banks’ liquidity.
12. European corporate DCM origination
Debt capital markets (DCM) originators help unearth companies which want to raise money by selling debt on the bond markets.
13. CVA quant risk analysis
What? Counterparty valuation adjustment (CVA) risk is also an area of increase emphasis under Basel III. Expect European banks to place much more emphasis on CVA expertise in future.
14. Python architects
Python architects are simply senior developers with long experience of programming in Python. J.P. Morgan is a long term user of the language and has based its Gauss counterparty credit risk calculator for its whole OTC derivatives operation on Python.
15. Compensation consultants
Banks are going to need to do more with less, and compensation professionals will need to work out how to keep staff happy
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