By Sinead CruisernrnThe European financial services industry has seen a rapid redrawing of the jobs map this year, with banks in the region opportunistically targeting high-flyers affected by the impending takeover of Switzerland’s second largest bank by its domestic rival UBS. Recruitment firms report receiving more resumes from finance staff concerned about being ousted by such new hires.
Applications for financial services roles globally rose by 67% in the first quarter of 2023 against the same period last year, according to eFinancialCareers. Recent high-profile moves include veteran Credit Suisse dealmaker William Mansfield, head of M&A in EMEA, who is joining Deutsche Bank, while his ex-colleague Cathal Deasy, took a role as co-head of investment banking at Barclays.
Smaller financial firms are also expected to benefit from the rise in jobseekers, with some priced out of the hiring market in recent years by competitors with bigger pockets. The jobs shake-out is expected to put pressure on salary and bonus growth over the medium term but for now, ambitious banks will likely pay up for big-name hires, cutting back-office or non-client facing roles to find the cash.
Worries about possible contagion triggered by the frailty of the U.S. regional banking system have also put some bank staff on a quest for more secure employment. Duncan Finlayson, managing director of the FinTech & Financial Services practice at Raines International, said some wanted meetings with chief financial officers to better understand the financial health of prospective employers.