UK Treasury vacancy reveals bankers' interest in public sector jobs
Jobs in the public sector are looking increasingly attractive to investment bank staff these days, as the economic downturn hits their career prospects. One job on offer, a managing director role at the Treasury in the UK, has had plenty of applicants.
The position is in the government department's finance, regulation and industry directorate and headhunters say investment banking candidates with a good network of contacts in the City of London look well placed to fill it.
The role involves interacting between theTreasury and the financial services sector and spans everything from the regulatory environment to the completion of the single EU capital market.
Neil Holmes, a recruiter at Veredus Executive Resourcing, which is managing the vacancy, said several bankers had already applied. Half had been made redundant from the private sector.
"I have had an interesting call from a senior managing directors of global products in an investment bank, as well as some less interesting calls from traders," said Holmes. He said traders were unlikely to have the managerial experience necessary to manage a directorate with 400 staff.
Holmes said applicants would be attracted by the intellectual challenge. The pay, at a maximum of 124,000 (€186,000), would be less of a draw.
Promotional prospects look good: the outgoing MD of the Finance, Regulation and Industry Directorate, Jon Cunliffe, has gone on to a Treasury position as head of macroeconomic policy and international finance.
Such a job would not hinder a move back into the private sector, however. Steve Robson, another former MD, was appointed a non-executive director of Cazenove last year.
In the past, Treasury positions were not always advertised. A spokesperson for the Treasury said the advertisement of the new vacancy reflects the Treasury's new enthusiasm for bringing in outside expertise.
It may also be related to a court case brought against the Lord Chancellor when he failed to advertise a vacancy for a special advisor in 2000.
