The number of job vacancies in the financial services sector has jumped 65% over the past year, according to data by APSCo compiled by Staffing Industry Analysts.
According to the report, banks are ramping up their hiring to meet increased business volumes and new regulatory requirements, such as Basel III, which will require banks to hold more capital in reserve, are also fuelling demand for compliance staff.
According to APSCo, insurers are taking on additional staff in preparation for the Solvency II requirements, due to come into effect 31 December 2012. The Solvency II regulations will impose new capital adequacy and risk management requirements on insurers, which will require them to update their internal risk models, databases and reporting systems.
Ann Swain, Chief Executive of APSCo, comments: “The financial services sector has bounced back strongly over the past year. We are hearing reports of bidding wars and candidates getting multiple job offers – something not seen since before the credit crunch.”
“Buy-backs, when candidates get counter-offers from their employers to stop them leaving, have also made a reappearance.”
“In areas such as commodities trading banks are hiring strongly as prices for commodities, such as copper and oil, continue to strengthen.”
She adds: “Increased regulation of the financial sector is fuelling demand for candidates in both the banking and insurance industries. Many financial institutions are bolstering compliance teams in response to this pressure.”
