Canadian Banks Remain Strong, But 2012 Recruiting Seems Slow

Canada’s Big Six banks continue to be viewed as the safest in the world, and yet for some reason they’re not doing very much in the way of hiring these days outside of technology recruiting.

This week, it was reported that Canada’s top banks all rank among the top 25 most credit-worthy banks in the latest semi-annual list compiled by Global Finance Magazine and appearing in its upcoming April edition.

Royal Bank of Canada leads the Canadian pack in 10th place, the Globe and Mail reports, with Toronto-Dominion in the 11th spot and Bank of Nova Scotia ranking Number 14. Bank of Montreal and the Canadian Imperial Bank of Commerce come in at number 23 and 24, respectively.

“As the European debt crisis slogs on and a handful of too-big-to-fail American banks face a seemingly unending litany of woe stemming from their near-death experiences in 2008 and 2009, it’s intriguing to check out the ranks of the world’s safest banks,” says Canada’s Globe and Mail, seemingly enjoying the status of its own local banking institutions.

Still and all, hiring is slow at best, says Janice Detta Colli, a Boyden managing director in Toronto heading the recruiter’s financial services practice in Canada.

“Our banks continue to perform well,” she says, “but I don’t see them hiring a lot right now.”

Based on the top banks’ second quarter strategies for the year, she sees them making just a few strategic hires, but they’re more focused on the task at hand: Continuing to generate revenue and maintain their global reputations in a highly regulated environment.

Though it's true that “large scale recruiting and onboarding of people can be distracting” to an organization with other priorities, Detta Colli says she’s not entirely sure why banks are not recruiting more aggressively just now.

One exception to the rule: Mid-management level bank technology experts.

Titles like Manager of Software Development or Manager of Mobile Banking Applications are still in demand, she says, for professionals with five to 10 years’ experience.

“Banks are still recruiting heavily on the tech side, but it’s more among mid-management level, with customers demanding more support online,” says Detta Colli, noting that increasing focus on technology requires substantial infrastructure and upkeep.