Message to the redundant: the perfect time to get back into the market is nearly upon you

If you're out of the market, intentionally or otherwise, it's time to try hard to get back in.

As we have noted, banks are never keen to hire in the front office at this time of year due to the cost of buying out bonuses.

After a dire second quarter and heavy hiring in April and May, this year they are even less keen to recruit than usual: it's all about protection of the bonus pool.

However, anecdotally recruiters say that if banks are going to hire anyone it will be people who are out of the market who have the dual advantages of being a) able to start immediately and b) cheap.

"It's become clear that there's a sheer lack of good quality people out there," says one recruiter specialising in junior M&A hires. "Banks won't buy out the bonuses of people who are still working because they're cash short, but if you come with a good background and experience, and you can start immediately, this is a good time."

It's a situation which is not restricted to M&A. "We see a notable increase in the number of our people who find roles in October and November," says Linda Jackson, managing director of the City practice of Fairplace, an outplacement firm which assists redundant bankers to find new jobs.

"Right now, banks are reviewing what they need, but in October and November they start to hire and don't always want expensive people who are already in positions at rival firms," Jackson adds.