Recruitment

Municipal banks launch record recruitment campaign

Thursday, February 24, 2022 6:00 a.m.

The UK’s biggest banks are looking to hire nearly 3,000 new candidates, according to research by recruiter Morgan McKinley and Vacancysoft (Photo by Dan Kitwood/Getty Images)

The city’s banking jobs market is booming as lenders rush to reverse job cuts launched during the pandemic, new figures released today reveal.

The UK’s biggest banks are looking to hire nearly 3,000 new candidates, according to research by recruiter Morgan McKinley and Vacancysoft.

A shortage of skilled workers is intensifying competition among the city’s banks to attract top talent.

Bankers are capitalizing on the worker-led recruitment market by considering leaving their existing company to get a pay rise from their new employer.

“The recruiting market is candidate-driven, with job seekers in 2022 being presented with several options,” said Ben Harris, managing partner at Morgan McKinley.

A bumper slew of banker bonuses announced by companies including Barclays, HSBC and NatWest during bank earnings season over the past week is likely to spur workers who previously did not consider a career in financial services to flood the area.

Yesterday Barclays announced that its bonus pool had increased by 23% to £2bn, while HSBC also increased its payout basket by a third per cent to £2.6bn.

“The start of bonus season will flood the market with talent not previously looking for, forcing institutions to move quickly to offer roles,” Harris added.

Banks are directing their recruitment activity to focus on strengthening their risk and compliance teams to familiarize themselves with the changing UK regulatory environment.

There are approximately 98.9% more vacancies in the risk and compliance sector compared to last year, Morgan McKinley and Vacancysoft said.

A shallow pool of skilled risk and compliance officers has led to a 25% pay rise for some workers as banks struggle to retain highly skilled talent.