If you want a new banking job in 2023, you will have to go through an interview. You will have to do a lot of interviews. With banks becoming increasingly suspicious of hiring decisions, recruiters say multiple interviews are increasingly being deployed as a delaying tactic. Sometimes it is a precursor to an employment decision. Sometimes, they aren’t.
Some candidates will go through a series of interviews to find out that “The company is not actively looking to bring in anyone in the near future. Headhunters in the UK have similar tales of woe.One says, “I have an insanely many people doing interviews, but there’s not much going on.”“Processes have froze” and “decision-making has slowed,” says another recruiter in London. Recruitment happens, but no one screws up the nerve.
The exception to the slack seems to be when it comes to hiring from Credit Suisse, where something like a feeding frenzy is going on. “The influx generated by Credit Suisse has created its own momentum in hiring,says Russell Clark of Figtree Search. Around the world, rival banks are dotting all of Credit Suisse’s staff, trying to figure out who’s good and who’s not – but that too involves a lot of interviewing without showing much for it (yet) .
The key to the recruitment business is – needless to say – the collapse of Credit Suisse and SVB and concerns about future price hikes, both of which have added indecision in the process. However, headhunters on both sides of the Atlantic stress this out We are Cross the line.
Yesterday’s results from Jefferies (discussed below) provide reasons for optimism. Even if investment banking revenues fell, things weren’t so bad for US bank sales and trading businesses in the three months to February 2023: Fixed income sales and trading revenues were up significantly from a year ago. The real question now is what has happened since mid-March.
Jefferies results for the first quarter:
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