Forget the i-banks: The big four start to target senior returnees
Senior-level searches to attract overseas-based Australians are becoming more popular in the retail banking sector, even as investment banks seek fewer returnees than last year, say headhunters.
Jamal Khan, director, Carmichael Fisher, says global searches were "previously more common on the institutional side but we are now seeing them within the retail banks as the talent pool becomes tighter and candidates become more globally mobile".
Australian retail banks are seeking skills from countries with larger and more mature banking markets so they can keep up with international best practice. "They need senior hires because there is a limited pool of candidates locally and in certain functions the skill sets are not available," says Khan.
ANZ is the most active of the big four when it comes to searching for experienced expat Australians, says another headhunter, who asked not to be named.
By contrast, the investment banks recruited a lot of their leaders last year, so demand for high-level returnees has declined slightly because of this overall softening in senior hiring.
The right jobs for returnees
Big Four or i-bank regardless, which job functions are more likely to give the warmest welcome to Australians coming home? "I see senior returnees in trading - particularly prop trading and cross-boarder salespeople - who have experience in selling products into London, Asia and the US," says Oliver Darkes, managing director, Wellesley Partners.
COO and CAO roles can often be sourced overseas. "Someone with experience of running a large part of a global organisation will be looked upon favourably in Australia," says Darkes.
The anonymous headhunter says Asian expertise is becoming more important as banks look beyond the traditional markets of London and New York for talent. As ANZ expands in the region, it is especially keen on people who have worked in Asia.
The downsides
Darkes warns that senior returnees, especially those in front-office roles, might struggle to find work if they have been out the Australian market for too long. Khan says some professionals are put off coming home because "salaries still lag behind other countries, plus the cost of living is increasing".
