Two-hundred thousand. That's roughly the number of financial markets professionals who lost their jobs last year, and some analysts predict another 150,000 could join them before 2012 is over. Persistent unemployment, whether in the financial sector, or in any industry, is, according to a new United Nations study, the biggest issue standing in the way of resolving the current global financial crisis. The report says that massive worldwide unemployment, including a 64 million person jobs deficit, along with the Euro debt crisis and premature fiscal austerity, have slowed global economic growth to the point where the world may be headed for a new recession.
With such a dire outlook, an out-of-work financial pro might just consider throwing in the towel. "Not so fast," says George Mentz, International Attorney and CEO of the Board of Standards. "The world is in a state of great flux," Mentz tells eFinancialCareers, "and this may be a great time to look for jobs globally."
Mentz, who heads an international financial organization in which 95 percent of its members are international recommends financial professional job seekers widen their nets and look beyond their borders. He points out that job sites like eFinancialCareers offer postings for jobs around the world and that now may be the time to take your search global.
"People are retooling on a global scale for new jobs and acting on new ideas," says Mentz, "and with the world's largest banks expanding throughout the world and into emerging markets, you have to go where the money is. You may have to relocate or even consider a virtual telecommuting job. Either way, it will be those people who become global job-oriented who become the success stories of the 21st Century."
To help in your global search, here are some suggestions on where some global opportunities may be found:
- Foreign Exchange fixed income trading could be attractive according to UBS.
- Prime broking is another area that looks fairly bulletproof going into 2012. Various banks, from RBS to Credit Suisse and J.P. Morgan, have declared an interest in expanding their prime broking businesses next year, while Cantor has announced its intention of launching a prime services business in Europe.
- With prime broking looking attractive, central clearing could also offer opportunities, since it has been agreed by the G-20 leaders that all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counter-parties by the end of 2012 at the latest.
- Also hot will be electronic trading, as well as compliance, with new regulation being enacted in 2012.
- Some UK firms plan to expand their debt capital markets operations.
- Financial Investment Group bankers are going to be very, very busy. Expect private equity funds and hedge funds to develop a sudden interest in individuals with FIG investment expertise as they buy up banks’ assets.
- There will be an on-going demand globally for financial technology professionals along with project and program managers.
- Hiring in the emerging markets will continue but at a slower pace.