APRIL 2014 M A R K E T U P DAT E SALES & TRADING - EUROPE
SIGNIFIC ANT RECRUITMENT DEVELOPMENTS Commodity trading revenues have jumped from figures last year, up 23% in some cases. This has been particularly prevalent in the US and Asia, even despite several of the major banks pulling back and withdrawing from the market.
HIGH GROWTH HIRING AREAS ACROSS MARKETS / PRODUCTS The Power and Gas market saw a considerable increase in hiring in Q1 this year, particularly considering the minimal level of activity and challenging marketing conditions over the last 2-3 years. Additionally, the markets which have seen the highest amount of hiring include; Real money FX sales and corporate bond sales, with particular demand for European High Yield sales people.
GEOGRAPHIC AL HIRING TRENDS Hiring levels in the Middle East (particularly in Dubai) has shown the strongest increase in demand in Q1. However, the US and Continental Europe also saw the high levels of hiring.
HIGH DEMAND SKILL SETS/ EXPERIENCE Mandarin speakers in London are still highly in demand, particularly within the metals sector, as Chinese volumes continue to increase. Additionally, Russian language skills seem to be a skill that many European clients across commodities are looking for.
ROLES IN HIGH DEMAND Sales and flow driven traders, with genuine client relationships that can directly influence deal flow were the highest in demand in Q1. Oil operators and Distillate traders were also in high demand.
SENIORITY LEVELS IN HIGH DEMAND Q1 and Q2 2013 were dominated by Executive Director and Managing Director level hires, with more quality senior people out of jobs following cuts at Barclays and UBS. Q1 this year, on the other hand, has seen far more Associate to VP level demand. Furthermore, less quality staff have been cut, besides some low numbers towards the end of 2013 at the likes of Credit Suisse in Emerging Markets. That being said, said staff were quickly hired by emerging banks in London.
HIRING FOREC AST FOR THE MARKET IN Q2 2014 General growth across the sector is expected to continue in Q2. It is likely to be the first hiring period for several banks; there is potential for rebuilding or strategic additions to some of the remaining banking units. Although, many banks are still uncertain with mid-year hiring; the issue of buying people out and paying guarantees is a major stumbling block.
JOB SEEKER ADVICE Candidates should look to focus and remain specialised in their particular product or market. It is proving harder to transition to new commodities, so it is important to do this early on in their career and start to build relationships within that particular sector.
HIRING ADVICE It is good to start the interview processes as early in the quarter as possible, even for potential Q3 hires. Most high performing candidates will start to consider their options at this time of year and start to have exploratory interviews. It is
important to note that clients should be flexible with regards to candidate interview times; the active candidates who are working won’t necessarily be available to interview during working hours.
NOTEWORTHY MARKET TRENDS It will be interesting to see how the transition begins for the Mercuria purchase of the JP Morgan business. It is expected that not all JP traders would want to make the move, so there could be some talent available within the London market. Additionally, the political situations in Europe are affecting hiring. A lot of need in the Black sea is being affected; and also the local referendum in Switzerland may prevent clients hiring candidates from outside of Switzerland in the coming months.
ABOUT SELBY JENNINGS
Operating as part of Phaidon International, Selby Jennings is a multiaward winning global recruitment organisation focused on servicing the financial industry. By breaking down financial markets into individual niches and microspecialisms, 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, pro-actively sourcing the best talent in the industry across both contract and permanent hires.
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