RBS has been quietly recruiting for certain technology roles
The words 'RBS' and 'expansion' have not often been used in the same sentence recently. However, the bank is still pouring more money into certain technology functions and has a desire to recruit permanent employees in this area.
The bank has been improving its equities execution platform that it inherited from ABN Amro since 2009 and, according to Financial News, it's invested a lot of money into technology in this area.
It's building a bespoke platform for both Europe and Asia, and Assad Amin, global head of execution at RBS said that technology was a "key component" in the system build-out. Meanwhile, Jon Butler, head of equities and structured retail technology and change at the bank said that it was "building for the future".
RBS is one of the banks in the City that relies heavily on contractors, and it's also been employing an army of consultants to work on various technology change projects related to the ABN Amro acquisition.
According to one RBS insider, who has been working on change initiatives within the bank's equities division for some time now, there's an increasing desire to recruit technologists for permanent roles within its equities division.
"There's definite pressure from senior management to reduce the banks' reliance on contractors and consultants," he says. "Obviously, RBS has been rationalising where necessary, but it's also investing in key areas of priority within its technology function. Equities is considered to be a key area of expansion."
As is now commonplace, RBS recently implemented a 10% rate cut for it contractors as well as enforcing a mandatory two-week holiday in December.
Other banks have followed suit, and working as an IT contractor in the City is currently not an overly-desirable vocation. RBS is therefore hoping some working on equities technology projects to move across to a permanent role, suggests the insider.
Recruiters suggests that RBS is also taking on technologists to work on projects related to its FX business, as it looks to implement changes to its market access, order management and client pricing applications.
