HSBC, Barcap and any other major bank you can think of are shedding staff be it in IBD, retail or boring old back office. Essentially, to reduce costs banks need more technology to replace humans who are accountable for unpredictable performance and gross operational risk.(Computers don't take 5 minute cigarette breaks every 10 minutes nor do they need 30 days off every 12 months do they)? But remember MR CEO they do break down when you least expect them to (much like your libido).
Despite Credit Suisse announcing cuts in finance, most recruiters are optimistic about middle office hiring. But then most recruiters in London are thick. Very few possess market insight let alone foresight.
As finance change projects are being updated and re-implemented left right and centre in the mad rush for 2012 global ledger convergence it makes sense to think contractors and their recruiters are in the money.
That may be the case now but come 2013 (allow at least 12 months for major delays in implementations) when global general ledgers have been put into place (shoddily) processes will become leaner. Thus there will be less need for product controllers, regulatory reporters and financial accountants. The machines that are creating the jobs now will take all the jobs in two years time. Unless of course recruiters are encouraging contractors to deliberately jeopardise implementations with unknown "disruptive occurrences" in order to lengthen the number of days at which they can charge £800 per day. No never. The chances of that happening are like the Murdoch empire crumbling, right?!
However, if that is true banks will have to make redundancies and invent computers that can implement computers. But who will implement the implementers? And what will us recruiters do?
Troubled times ahead indeed.
In other news- I've found out some pretty interesting things about some corrupt recruiters and there dodgy dealings with certain banks. WATCH THIS SPACE. If you are reading this and are worried better call your lawyers and get that defamation claim written up!
Until tomorrow...
Despite Credit Suisse announcing cuts in finance, most recruiters are optimistic about middle office hiring. But then most recruiters in London are thick. Very few possess market insight let alone foresight.
As finance change projects are being updated and re-implemented left right and centre in the mad rush for 2012 global ledger convergence it makes sense to think contractors and their recruiters are in the money.
That may be the case now but come 2013 (allow at least 12 months for major delays in implementations) when global general ledgers have been put into place (shoddily) processes will become leaner. Thus there will be less need for product controllers, regulatory reporters and financial accountants. The machines that are creating the jobs now will take all the jobs in two years time. Unless of course recruiters are encouraging contractors to deliberately jeopardise implementations with unknown "disruptive occurrences" in order to lengthen the number of days at which they can charge £800 per day. No never. The chances of that happening are like the Murdoch empire crumbling, right?!
However, if that is true banks will have to make redundancies and invent computers that can implement computers. But who will implement the implementers? And what will us recruiters do?
Troubled times ahead indeed.
In other news- I've found out some pretty interesting things about some corrupt recruiters and there dodgy dealings with certain banks. WATCH THIS SPACE. If you are reading this and are worried better call your lawyers and get that defamation claim written up!
Until tomorrow...
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