Trying to stay ahead of the axe ?
The number of people seeking jobs in London’s financial industry more than doubled in August, perhaps suggesting greater confidence in their prospects of finding better-paying positions, according to a recruitment firm.
Bloomberg News reports that banking professionals seeking new roles jumped to 15,212 in August from 7,404 a year ago, recruitment firm Morgan McKinley said in a statement on Monday. Job vacancies rose to 10,365 last month from 7,995 a year ago, the survey shows.
Another theory that attempts to explain the large increase in bankers seeking a move, however, doesn't put such a positive spin on the state of the current industry job market. The theory goes that more bankers may be seeking a move in a bid to try and avoid getting laid-off.
A number of banks, of course, are going through periods of transformational change, mainly due the cost of regulation and capital ratios. Recent events in the bond markets, Russia and China are also having an impact, as banks shrink their investment banking activities, ditching non-core or unprofitable businesses.
Deutsche Bank, Barclays, Standard Chartered, Credit Suisse and HSBC, to name just a few firms, are at various stages in their restructuring, and bankers seeing the writing on the wall might be mulling over moves in order to get ahead of the chop.
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