Bankers: time to think of retraining?
The City jobs that disappeared after the credit crunch won’t be back any time soon. But bankers could always retrain for the next boom - as regulators
"You know the downturn is bad when even the headhunters are firing," said the FT's Lex column. Recruitment firm Michael Page said it had shed a third of its own staff in the last 12 months as UK fee income dropped by almost 50% year-on-year. Chief executive Stephen Ingham said he is still "anticipating a challenging third quarter" as demand for permanent staff keeps falling, although a smaller (2.8%) quarter-on-quarter fall hints some kind of bottoming out may be near, said Lex.
But don't get too optimistic if you're looking for a job in the City, said Alistair Cox, chief executive of rival Hays. "Those jobs are gone and they're not coming back anytime soon." His firm has placed half as many people in financial roles this year as last, and there are three times the usual number of applicants for each role. "There may be some recruitment to high-end roles in investment banking but it's very sporadic and very, very niche." Realistically, those who have lost their jobs should be thinking about retraining.
Of course, there's always another boom coming and this time it may be in watchdogs. As a result of the financial crisis, "there's going to be more compliance and regulation", said Ingram. "That's good for us because we specialise in compliance and risk. When I hear about more regulation, I think good more accountants." Still, a less glamorous job as a regulator may be a bitter pill to swallow for aspiring bankers.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap