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Internal treasury: immune to job cuts and enjoying hiring

Thanks to Basel III, roles for treasurers within investment banks are massively going up in the world.

Internal treasurers provide finance advice to banks' business units, optimise banks' liquidity and capital base, manage their FX and interest rate exposure, and coordinate their relationships with ratings agencies, regulators and creditors.

Earlier this week, RBS hired Moorad Choudhry treasury veteran, former structured finance VP at JPMorgan, and author of the definitive book on asset liability management in banks, as its head of business treasury.

According to Financial News, Choudhry will be responsible for optimising returns and improving the links between the treasury unit and RBS's global banking and markets business.

While Choudry's arrival at RBS is akin to the appearance of Lady Gaga in treasury circles, across the industry treasury functions are also adding non-celebrity headcount.

RBS currently has more than 100 treasury-related roles open across the group. Morgan Stanley has eight in London.

"There's been a huge amount of activity and demand in the treasury space this year," reflects Gavin Bonnet, managing director at Correlate Search. "It's being driven by regulation and the need to shore up the balance sheet. There's an acute shortage of good people and hiring will continue - this falls outside the usual pattern of annual recruitment."

Karen Rayment, a recruiter at Marks Sattin Banking and Financial Markets, says banks are creating new teams to look at their regulatory exposure. This is creating new roles in 'treasury execution', or effectively project managing the changes needed to meet regulatory reforms.

"We're looking for people who've got a structuring or securitisation background," says Rayment.

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AUTHORSarah Butcher Global Editor
  • D.
    D.Feng
    16 December 2010

    some also call it repo trading or financing desk as well...

  • Tr
    Trader and Treasury
    29 October 2010

    Careful, a lot of departments hijack the name Treasury, including operations, unless you are in charge of funding/rating agencies/securitisation etc. then your not in the real Treasury.
    @ Reality, it does vary completey by bank, some banks double up STIRT/FX/Treasury desks while others divorce them completely. I think units in hedge funds act like corporate treasuries, and just do efficient returns on short term cash, rather than the interesting treasury stuff at investment banks (i.e ALM, secured/ unsecured funding, OIS/IRS/futures hedging, issuance)....

  • Re
    Reality
    18 October 2010

    ..RE: Trader and Treasury

    This is what I was alluding to. Do you think it just varies from bank to bank? Any views on units in quant hedge funds which are effectively aiming to juice returns on their cash holdings?

  • Tr
    Treasury
    16 October 2010

    Is'nt treasury a part of operations, or does it depend on the bank? I'm joining the grad program of a BB bank in their treasury management team, which is within Ops. so is this something i should cheer about?

  • DC
    DCB
    15 October 2010

    .HBOSs treasury function used to also double up as their client facing securitisation unit, and they were actually very good at it, as they understood their clients far better than most of their competitior investment banks.

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