Alternatives for redundant retail bankers in Scotland

There's no doubt that the last year has been grim for retail bankers. One in six jobs have gone in Scotland's two biggest banks, with the bulk hitting rank-and-file staff at a branch level. So, what options do redundant workers have going forward?

The role of the retail banker has not been an enviable one of late. Redundancies have been rife, and those that remain (in Scotland at least) are supposedly being subjected to tough working conditions.

But there are reasons to believe things are looking up. For a start, ongoing concerns around a lack of competition in the industry north of the border have lead many to speculate of possible new entrants, which will obviously have to build their teams.

As well as Tesco Personal Finance and a possible expansion of Virgin Bank, HSBC has also been (modestly) recruiting for 18 roles for a new branch in Glasgow as part of its Scottish growth plans. Bank of China is also recruiting in Scotland's biggest city.

There's also increasing optimism that a bid for Lloyds TSB's 185 Scottish branches will come to fruition, essentially creating a new high street player north of the border.

Not surprisingly, though, many in retail banking are looking to make a career switch. Those that wish to remain in financial services should look towards a very buoyant area of recruitment in Scotland currently - investment operations.

As we've mentioned previously, Barclays Capital is considering applications from retail bankers for its recruitment spree in Glasgow, but other players north of the border would also find this background desirable.

"Retail bankers have many transferable skills, which would be attractive to our members," says Alan Thornburrow, chief executive of Scottish Investment Operations. "They have an understanding of the products and services we deal with as well as experience of customer looking after customers, from an ownership and facing off perspective."

He does concede, however, that retail bankers may be lacking technical skills and recommends the Investment Administrative Qualification (IAQ), or SIO's diploma in investment accounting as a good starting point.