One hundred hires at JP Morgan
JP Morgan has already expanded its Treasury & Securities Services business in Australia this year, and it still wants more workers. Ok, so the roles aren't exactly in investment banking, but at least they're at JP Morgan.
The firm has taken on more than 50 new employees for its local taxation, business analytics and client servicing teams in the past several months in response to client demand.
And in a new hiring drive, it is looking for 100 additional staff across Australia and New Zealand to join its 900-strong TSS department. The expansion follows JP Morgan's recent purchase of ANZ's Custodian Services operations, which saw 170 former ANZ staff moving to the US bank.
Division boss Jane Perry says some of the 100 new Aussie TSS staff will be internal relocations, in particular expatriates returning home. But even for a market leader like JP Morgan, recruiting in the treasury sector isn't always easy.
"As with all markets at the moment, there is certainly a skills shortage across the treasury space, but even more so due to very specific expectations surrounding qualifications, background, experience and industry knowledge," says Sara Gibb, associate director of banking, Robert Walters.
As an example, says Gibbs, it is challenging for generalist commercial treasury professionals to secure positions within financial services, despite an increase in vacancies.
"Niche skills and experience are hard to find in the domestic market so global movements between the UK, Asia Pacific and Australasia are looked upon favourably by employers," she adds.
The rise in treasury vacancies started about six months ago. "This has mainly been due to the increased emphasis on risk management across liquidity and cash management, and the volatility being experienced across global markets," says Gibbs.
The most sought-after treasury roles in Australia are in finance and accounting, front-office business and corporate banking, and risk management.
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