New lifeline to redundant Scottish bankers

Redundant retail bankers and unemployed graduates are to be offered the chance to work in the investment operations sector under a new scheme funded by the Scottish government.

Obviously, Scotland's retail banking sector has been hammered over the last 18 months and the previously buoyant investment operations sector has also suffered. But while the former still languishes, the bulk of investment operations firms north of the border are recruiting again.

A new training scheme from Scottish Investment Operations (SIO), funded by Skills Development Scotland, is set to through a lifeline to those currently struggling to find employment.

The venture will offer the chance to undertake Chartered Institute of Securities & Investment qualifications before being hooked up with recruiters within the major investment operations firms in Scotland.

Morgan Stanley, Bank of New York Mellon, Franklin Templeton, Citigroup, State Street and BlackRock are all on board, says Alan Thornborrow, chief executive of Scottish Investment Operations.

"A lot of our members are recruiting again - I know of one firm which has 50 vacancies which aren't being filled any time soon. The scheme gives a chance for employers to meet qualified candidates who wouldn't otherwise have had the chance to work in investment operations," he says.

The numbers aren't huge - SIO expects to train 40 students over the course of the next year, with the first intake to start in mid-June. Competition is likely to be tough; similar training schemes were over-subscribed by 10 to 1, even in buoyant times.

The scheme is likely to be promoted to unemployed graduates and financial services professionals who have been made redundant. Obviously, there's no shortage of those.