Unless you're a resources analyst, there aren't many jobs on offer at the moment
It's a patchy job market at both the local and foreign banks, say recruiters.
The decline in M&A activity has left investment banking recruitment treading water, according to John Coles, chief executive, Executive Group International. "Unless you're a resources analyst, there are not a lot of job opps on offer at the moment."
Coles says it's steady as she goes at the start of the new financial year, given continued problems in the global economy. "Most of the banks are pretty cautious at the moment and I don't expect too many Christmas-in-July parties this year," he adds.
Sharmini Thomas, director, financial services, Michael Page International, says some investment banks are struggling with flat revenue lines, hence she doesn't think they will accelerate hiring any time soon.
The job market for domestic banks is "patchy" and focused on replacing critical staff, say Kym Woolf, senior consultant, financial services division, Porterallen. Sales recruitment is more active than the back office.
But there are some reasons to be cheerful. Wealth management positions, both advisory and support, are popular with local banks, while temps with experience of year-end reporting processes are also in demand, says Thomas.
"Not all the Australian banks use June 30 as year end, although many are at the half-way mark of 2011 and are looking at their numbers and whether they can press the go button on hiring," she adds.
