Last The start of the delayed Euro 2020 tournament was not the only reason for a lift in spirits across the European market. There was a real sense of the start of a thriving job market as clients were starting to re-open previously closed positions and discussions last quarter about potential roles were coming live.
There was a theme in hires across Europe in Risk and Compliance within the banking industry. We started with the AML/Financial Crime positions that had experience within capital markets environments, the majority of these roles were coming out as contract positions mainly based across Paris and Frankfurt. This area was quite challenging as Paris and Frankfurt aren’t traditionally thriving in the contract market, whilst there are people active the market is small.
Lots of banks were shaping their Operational Risk teams with big push on the more senior candidates of 7+ years experience. A big element of these roles were to find candidates that had good hands on experience of making the frameworks more robust internally and being to able to challenge and face off with senior internal stakeholders. There has definitely been a huge push in the market for candidates likes this and it looks to continue across Luxembourg and Frankfurt especially.
Most recently there has been a huge demand in Market Risk candidates with ALM and Treasury expertise. Lots of new hires as many Private Banks and Investment Banks have looked to expand within this area. The main demand has come from Dublin and Luxembourg.
Asset Management/Private Equity:
Like Banking there had also been a big push on Operational Risk hires within Asset Management. Speaking to a wide range of CRO’s in this area they have admitted that a need to improve on previous frameworks and develop them, a big issue has been the technology side something that is a big part of the future of how Risk is culture throughout an organisation. The focus of having good funds exposure across UCITS and AIFMD funds, especially across Dublin, Frankfurt and Luxembourg. Throughout the last few months Frankfurt based Asset Managers have steadily increased their hiring and look to do so further this year.
Investment Risk hires have been developing, most of the part the main element in these were to be well rounded across risk and have a broad product knowledge (Lux Specific). However, we are getting asked more to introduce more technical candidates, with exposure to several programming languages. This is a trend that happened in London years back and it seems the growth in the Luxembourg market and how quickly it is developing, candidates will need to become a lot more technical to compete.
- Senior Operational Risk Manager – Dublin (Asset Management)
- Senior Operational Risk Manager – Frankfurt (Asset Management)
- Senior Operational Risk Manager – Luxembourg (Corporate Banking)
- Market Risk Manager – Luxembourg (Private Banking)