APRIL 2014 M A R K E T U P DAT E C o rp o rate B a n ki n g & S tructured F i n a n ce - E ur o pe
INTRODUCTION As part of our commitment to provide our clients and candidates with regular, up to date, industry specific market intelligence, we are delighted to present Selby Jennings’ April Market Update for Corporate Banking and Structured Finance within Europe.
SIGNIFIC ANT RECRUITMENT DEVELOPMENTS Within Structured Finance there is an increasing hiring pattern in Project Finance throughout the UK and Europe; particularly in Natural Resources and Power. Germany is also becoming a very strong focus point with expansion from the likes of BNP Paribas, HSBC, Unicredit and ING in the Structured Finance arena. More now than ever, clients have more complex financing needs, and 2014 is seeing a surge in hiring within the Leverage Finance space as banks are providing comprehensive financing solutions to below investment grade clients. This has led to an increase in demand for candidates from the top US banks, Japanese banks and Swiss banks notably.
HIGH GROWTH HIRING AREAS ACROSS MARKETS / PRODUCTS The Project finance EMEA area saw the highest amount of hiring in Q1 2014; predominantly in Natural Resources Energy and Power.
There has also been an increase in hiring from the Japanese houses; SMBC, BTMU and Mitsui, and significant hiring from NIBC, Macquarie and CA on the Infrastructure side. As well as this market there has been a lot of hiring at the junior level within Leverage finance and leveraged syndication.
GEOGRAPHIC AL HIRING TRENDS On a geographic basis, Dubai and London saw the highest amount of hiring in Q1.
HIGH DEMAND SKILL SETS/ EXPERIENCE The most sought after role in the market was Analyst and Associate level candidates with skills in modelling LBO and acquisition deals, general leverage finance skills and project finance cash flow modelling skills. Many banks in London were searching for analysts due to the increased activity in the leveraged markets. There has also been a significant rise in clients requesting German speakers and those with Scandinavian language skills to be based in London. Cash Management, Transaction Banking and Project Finance have seen considerable demand across the Middle East, particularly in Abu Dhabi, Qatar and Saudi Arabia.
ROLES IN HIGH DEMAND Analysts and Associates in Project Finance positions were highly sought-after in Q1 2014. Analysts and Associates in Leverage Finance and Leveraged Syndication have also seen significant hiring, alongside Cash Management in the Middle East.
SENIORITY LEVELS IN HIGH DEMAND With regards to seniority, Analyst or Associate level positions were the highest in demand.
HIRING FOREC AST FOR THE MARKET IN Q2 2014 Q2 will likely see the Middle East to be dominant in Cash Management, Trade Finance and Corporate Banking, as many of the local banks ramp up their teams in Qatar, Saudi Arabia and the UAE countries. Additionally, continued growth is expected in the Transaction Banking space; with International players such as SCB, HSBC and BNP Paribas.The UK is expected to see continued interest in Leverage Finance and High Yield teams; and would hope to see a knock-on effect in hiring in other areas of Debt Capital Markets and increased pick up in the FIG and Corporate Markets.
JOB SEEKER ADVICE Candidates should note that it is becoming a very candidate driven market, as many strong candidates are looking for new roles post bonuses. Therefore, it is important to make sure bets are placed with a number of firms to increase the likelihood of gaining offers.
HIRING ADVICE Hiring companies should take their time when looking to hire, but be prepared to pay well, as the market is getting more competitive and candidates are getting more strategic about their choice in positions.
NOTEWORTHY MARKET TRENDS There has been a strong hiring trend in Germany as the European banks are investing a lot of capital into hiring within Corporate Banking, Project Finance and Leverage Finance. This has ultimately led to the expansion of teams in Munich and Frankfurt. There is general optimism and high interest in the Middle East for Senior Corporate Bankers and Transaction Bankers with a strong portfolio of clients in the regions, and skills across Cash Management, Trade and Relationship Management.
ABOUT Selby Jennings
Operating as part of Phaidon International, Selby Jennings is a multi-award winning global recruitment organisation focused on servicing the financial industry. By breaking down financial markets into individual niches and micro-specialisms, Selby Jennings powers a knowledge-led model, delivering global solutions into local markets. Every consultant is an expert in their field. Structuring our teams to mirror the demands of our clients and candidates, we identify, qualify and present the highest calibre candidates, as well as identifying the best market opportunities for leading finance professionals. From our offices in London, Singapore, New York and Zurich we recruit beyond international boundaries, proactively sourcing the best talent in the industry across both contract and permanent hires.
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