Long term unemployed bankers may now be excluded forever

17 September 2009

2 minute read

Long term unemployed bankers may now be excluded forever

The market is picking up, but if you lost your job in 2007 or 2008, your chances of getting back in again may be slim.

Morgan McKinley's latest stats for (mostly middle and back office) financial services jobs show the number of new opportunities increased by 18% in August - a record this year.

Anecdotally, however, those jobs aren't open to anyone who's been kicking around the market for more than a few months.

"Some clients have requested we don't show them CV's of candidates who where made redundant in 2008 unless they've been in work and keeping themselves up to date with the market" says Ted Tracey at search firm Clifden Partners. "Anyone who's been sat at home or travelling since 2008 is going to find increasingly more difficult to obtain a position."

One banker who's hanging out on the beach takes exception to this, however. "I've been keeping my ears open and have really just been focused on enjoying my time off. I figure I'll time my job search with the bonus cycle and start looking soon with a view to coming back in early next year."

Heads of HR say the long term unemployed won't be disregarded entirely, but that there will inevitably be "questions" over what they've been up to.

"You're always going to want to know how they've kept their ear to the ground, how up to date they are with products and clients, what their motivation for leaving the industry was, and why they want to get back in again now," says one.

As we've mentioned previously, a depressing report from the City of London issued earlier this month predicts that hiring in the City won't properly recover until 2013, and that even then there will be 10,000 fewer jobs than in 2007.

AUTHORSarah Butcher

Global Editor

dd
dd
21 September 2009
again, depends on the person/company hiring. most will allow education stints (esp.MBA), but 99.9% will abhor unemployment, and most will abhor/reject people who've worked more than one role type.
i am extremely aware this is not rational. nevertheless, it is an overriding fact of the employment market.
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Jo
Johnny Moondog
21 September 2009
@old dog- I'm also an old dog but I think it is YOU that doesn't know what you are talking about. We have hired over a dozen people on my desk since spring, not a single ONE had worked in 2009. Most have some grey hair on their temples. Most had nothing to do with the credit sector.
@James- I think after 19 years, I know a little about "how the city works". Let me guess, you are a 24 year old "headhunter"? In case you haven't noticed, other PROFITABLE sectors of banks were taken out by idiot CDO/Toxic CMBS traders. Did you even read my post? You said they'll look at your CV "if you have an established track record and proven deal list, not just 2 years of credit boom experience"....you basically reiterated what I said in my post. Thank you for that.
The original article said "if you've been let go for ANY reason over the past year, you are done." The author did not delineate between sectors, nor why people were given the sack. I said in my post that that assertion is pure fantasy. FX, Fixed Income and Commodity people, for example, are getting hired every week.
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GG
GG
21 September 2009
What if you can justify your time, ie doing a full time Masters?
I've been doing a Masters for the last year. Im not that far off finishing, but certainly hoping that I've not gone and wasted 30k...!
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Ja
James
19 September 2009
Johnny Moondog, you sound like you don't know anything about how the city works. You have to understand clients not wanting to see CV's of people made redundant in Q1 2008 is their choice, a number of bankers where caught up in the credit boom, hired to handle the volume of deals and riding on the crest of that wave, CMBS & CDO's being a perfect example of that. Clients at that time hired from rating agencies, accountancy and leagal firms because the establsihed banking pool of candidates had been exhausted. These are the type of CV's of redundant bankers that clients don't want to see, they won't discount you just because your team fell apart if you have an established track record and proven deal list, not just 2 years of credit boom experience. Simples.
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ol
old dog
18 September 2009
Jo / Jonny Moondog - put simply you don't know what you are talking about.I have been a recruiter through three recesions. Its the same story every time.
Careers are ending in this industry every day. It's not recruiters who are the problem either. I'd will always put forward someone who is out of market as I know they are more likely to take the job and not squabble over the momey.
It's hiring managers who don't meet people with the gap. Why should they though when there are a stack of people in their inbox who have recent experience.
There will be some legends that get back in after a long break. There will also be many many many people who don't. You don't hear about the people that don't get back
Bottom line is if your gap goes beyond 6 months and you need to be worried. If you are not worried then you are either very confident (read arrogant) or very stupid or very not bothered about working in the industry again. All reasons why you won't get hired.
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