Banking & Financial Services trends in 2016
Despite a slow start to 2015, hiring levels increased markedly as the year progressed with an overall positive outlook for many professionals in the banking & financial services sector.
What were the most prominent trends in 2015 and what can we expect for the year to come?
We turn to our annual Global Salary Survey to find out more about the recent activities across the banking & financial services sector.
A more tightly-regulated climate than ever before defined the permanent recruitment market. Banks continued to face heightened regulatory pressure, particularly around the avoidance of too many loans on the balance sheet. This meant audit, compliance professionals and risk managers were in demand. Insurance companies spent much of the year finishing their preparations for meeting the Solvency II deadline in January 2016, so compliance professionals were very much essential hires in this area too.
Banking institutions faced a number of challenges including widespread digitalisation, attempting to gain market share in competitive markets and improving the cost-to-income ratio. As a result, ICT-experienced candidates and business developers were popular with permanent employers, and this trend will continue in 2016.
Expectations for 2016
As 2016 progresses, the banking sector will evolve further – mergers are on their way in private and retail banking, which will mean fewer support roles are needed in the sector. Continuing 2015’s trend, family offices and holdings will be very keen to increase their investment staff, recruiting equity and private equity investment analysts.
While salaries in 2015 remained relatively stable, 2016 is likely to see a rise in salaries for key professionals, particularly risk and compliance candidates who are in a strong position to negotiate higher salaries because of the shortage of specialists in this area.
Find out more
Request our Salary Survey for a full overview of recruitment and salary trends or contact us.