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Horrific state of banker re-employment: only 30% are getting new jobs

If you lose your job in banking, you may need to resign yourself to running a delicatessen, or a fish farm or a microbrewery or a custom-fit condom company, because you probably won't get another job in the City of London.

Our research suggests that only 31% of the registered bankers in the City of London who've left their jobs this year have turned up in new registered roles elsewhere in the UK. The other 69% are either working in non-registered roles, have left the country, are doing something completely different, or are still trying to get back in.

Interestingly, the rate of re-employment in UK registered finance roles varies from bank to bank. We've added a league table of the most and least employable bankers by institution below. Nomura bankers have been most successful at finding new roles, followed closely by bankers from UBS. Unexpectedly, JPMorgan and Goldman Sachs ex-bankers appear to be among the least appealing. Alternatively, they may have made so much money that they don't really need to find new jobs at other FCA Registered firms in the City anyway.

Re-employment rate by bank in the UK, January-November 2013:

Nomura International: 46%

UBS AG: 44%

Credit Suisse Securities Europe: 39%

Banc of America Securities*: 35%

Royal Bank of Scotland PLC: 34%

Morgan Stanley International: 30%

Merrill Lynch International*: 28%

Goldman Sachs International: 26%

Barclays Capital: 25%

JPMorgan Securities: 22%

* There may be movement between these two firms.

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AUTHORSarah Butcher Global Editor
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  • Sa
    Sarah Butcher
    18 November 2013

    @JetzArbeit - The article points out that some of the 70% might have gone into hedge funds/left the country/gone off to do something else - it's not all depressing...

  • Je
    JetztArbeit
    18 November 2013

    Usually ignore the depressing junk that comes e-financial, but felt that I had to chime in on this one as it struck a personal chord........

    Last year, I left my job in sector advisory at a large investment bank in London to go to business school. The decision was intensely difficult largely due to fears from the rumour mill around the difficulties of being rehired from places like efinancialcareers, and I was nervous leaving a solid front office role.

    I've now returned from b school and started working on the deal team at a private equity fund. I do agree that it was far harder than I had imagined to get rehired through the traditional routes via applications to investment banks, however I did manage to source a lot of opportunities on both the buy and sell side through networking across the city.

    My advice for anyone reading this would be to largely ignore this kind of drivel and not to feel either held hostage by your job (if you're considering moving on) or despondent (if you are unemployed) as honestly, the situation isn't so bleak if you network aggressively and build the appropriate relationships. These kind of articles focus on generalities rather than specifics and at best will always lag what is actually happening right now - don't ignore your current options.

  • th
    thesmallerhalf
    16 November 2013

    I doubt anyone, other than bankers will shed tears for this sector of the unemployed.

  • an
    anonymous
    15 November 2013

    Just what an unemployed person wants to read - Efinancial careers really is an incredibly negative website at times

  • Ma
    MattN
    15 November 2013

    Fortunately I am still in...but for the life of me cannot fathom why such quality people are still on the street while I work with absolute pickleheads.

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