Unfortunately, public sector refugees will be mostly unable to get jobs in financial services

The cuts are coming, soon. Following tomorrow's budget, tens of thousands of the UK government's 660k direct and indirect employees are likely to find themselves in danger of losing their jobs.

Ambition, a recruitment firm, has attempted to quantify the number of public sector workers who may be eligible to look for alternative employment in the (still booming) financial services sector. It puts it at 16,500, with that number of 'permanent finance professionals' expected to be hacked from public sector positions.

While this may sound like good news for banks that are still suffering a severe shortage of accountants, it probably isn't. Recruiters say financial services employers won't sanction employing former public sector employees for the following reasons:

1) Culture

"Banks and City institutions don't want candidates with public sector backgrounds," says Tim Gilbert, UK managing director of Ambition. "They think they lack the cut and thrust attitude demanded by many of today's businesses. Whether this perception is true or not, it's an unfortunate reality."

2) Calibre

"My experience is that the public sector employs a lot of plodders," says the head of another financial recruitment firm. "My background is recruiting for banks, but last year I spent some time working in public sector bodies and it's like chalk and cheese. The lack of commercial acumen is stunning. Everything is done so slowly."

Predictably, the aversion cuts both ways. When bankers were in dire need of public sector employment a few years ago, they weren't exactly welcomed enthusiastically.

The FSA exception

People currently employed by the FSA may prove an exception to this rule. Last week, Financial News proclaimed an incipient, "hiring frenzy" for FSA staff.

Compliance recruiters say this is a bit of an exaggeration, but that - yes - there are some FSA people who are likely to prove appealing to banks.

"Anyone who's been looking at sanctions and who's monitored banks' policies and procedures for the FSA will be of interest," says Stuart Vine at recruitment firm PSD Group. "These people will know what the regulator is going to be looking into, and will be exceptionally value."