Hays Banking - January 2009

Hotspots

With a heightened focus on assessing the credit worthiness of a bank's customers and the health of the bank's credit portfolio, credit risk and credit analysis have continued to perform well and candidates with these skills are a hotspot of demand. In addition, as the banks face tougher challenges in accurately valuing their instruments, valuations control and risk will remain in demand throughout 2009. For example, in Japan, mid-level risk and compliance professionals are highly sought after due to constant need to comply with local government bodies and global mandates.

Strong Asian experience in areas of structured and trade finance is also in demand by financial institutions and banks that are looking to gain a greater market footprint.

Private banking remains a hotspot for Asian senior private bankers; the same can be said of CFP qualified financial advisors with a strong network within the Asian community.

Operations candidates with a strong career history will also find opportunities over the next 3 months, as will candidates with skills in derivatives.

The coming quarter

Role creation will slow over the coming quarter except for those roles that are seen as business critical, for example bankers with a large book size. For this reason the focus will be on refilling existing roles, with recruitment expected to pick up again in the New Year.

Demand has also increased for temporary and fixed term contract roles, as banks look to create flexible resource pools.

Executive recruitment

While market conditions have deteriorated, senior level hiring remains strong with a number of banks taking advantage of their competitors' relative weaker state to attract specialist talent. Senior candidates experienced in delivering during an economic slowdown are in demand, particularly within risk and regulatory control and profitable specialist front office units. Seasoned corporate and institutional bankers with good client list and contacts will also be in demand.

Salaries

Salaries will remain static for the foreseeable future, as internal budgetary pressure persists. Peripheral elements such as bonuses will receive more attention, and perhaps restructuring. Candidates themselves are taking a more realistic approach to salaries, instead focusing their attention on role duties, team prospects and stability. In spite of this, specialist business or technical knowledge will still command a premium.

Candidate trends

A new trend has emerged as the previously candidate short market adjusts to a greater level of candidate availability.

The number of international candidates in Singapore has increased, as many banks see the market as an attractive proposition to escape local headcount limitations.

In Japan, the contract market has slowed considerably, but is expected to pick up again early in the year as workloads become to heavy for existing staff to manage.