Is there life after banking?

The meltdown in banking is well documented – as are the stories of previously high earners struggling to pay the mortgage, never mind the Maseratti. Without wishing to shed crocodile tears, whatís to become of all of these people? Well, they are unlikely – except for the fortunate few – to step back into a similar banking role in the near future. But all is not gloom and doom; there are companies still hiring.

In something of a paradox, the pressure on the banks, with M&A activity, down-sizing and re-structuring, is forcing them to look more closely than ever that the systems on which they rely. Itís fairly common knowledge that banking infrastructure has been creaking for years in the struggle to cope with rapidly changing markets and increased regulatory activity. But thatís good news for the vendors selling into the finance market. They are not yet feeling the pinch.

ìAs a result, a substantial number of vendors are actively recruiting,î says Patrick Looney, CEO of marketvendorjobs.com, the specialist recruitment website for the financial technology & information vendor space. ìWe have seen a significant increase in the number of jobs available over the last few months.î

So, why is this of interest to bankers? The markets will come back at some point; they always do. In the interim, specialists face the challenge of keeping up with changes if they are ever to get back to anything like their previous positions. A job with a vendor is one way of achieving that – and of earning a decent living. ìWe are witnessing strong demand for candidates with a banking background and experience is a number of areas, including specific asset classes, trading, payments, risk and compliance,î adds Stephen Goldby, Sales Director, MarketVendorJobs.com. The site currently features numerous vacancies in areas as diverse as sales, marketing, client support, HR, finance and IT.

Whilst salaries with the vendors are unlikely to match investment banking levels, this still looks an attractive option for those with an uncertain future. The packages are decent, the work/life balance is likely to be better and skill levels can be maintained during the hiatus. Perhaps most importantly, itís easier to keep up those invaluable contacts when youíre in the markets than when youíre in the wilderness.

Who knows, you might enjoy it so much, youíll want to stay on the other side of the fence.