Melbourne feels the meltdown

A job on Collins Street might be safer than one on Wall Street, but the global financial crisis is still sucking some confidence from the local market. ìRecruitment is quieter than this time last year across all financial services markets and there is a preference for contracting in all but the most senior roles. When someone leaves, the firm will always try to use its internal resources first. Itís becoming more difficult to get sign-off, even for replacement roles, says Sara Gibb, manager, banking and financial services, at Robert Walters.

Hiring at the Melbourne offices of international banks, such as Merrill Lynch and Citigroup, is ìdeadî, while ANZ and NAB are generally restricting recruitment to junior jobs, according to one industry expert who asked not to be named.

Gibb adds that, aside from the international banks, the medium-sized local brokerage firms are the most active job cutters, especially in non-revenue-generating roles like research and marketing. Jules Stocky, associate director, Robert Half International tells eFinancialCareers that securitization, leverage finance and credit derivatives are among the most badly affected job sectors. By contrast, there has been little slowdown in compliance, risk (especially credit risk) and internal audit. Stocky explains: ìIt's asset management firms and super funds, rather than banks, that are doing most of the compliance hiring. Itís concentrated at a senior level, with roles for compliance managers and compliance directors.î Finance roles, particularly financial reporting and financial governance, are also still comparatively strong in Melbourne, even within the banking sector, says Stocky.

Independent insolvency consultancies are hiring, too. ìThere is a skills shortage of people with specific insolvency experience, so they are looking to bridge this gap with good-quality chartered accountants from Big Four accountancy firms,î he adds. Gibb says anti-money laundering is still a strong area following recent legislative changes. Trading jobs are holding up because trading volumes, if not values, are being maintained.

Expat Aussies are still finding Melbourne roles in the post-Lehman Brothers world, says Gibb. ìIf anything, we are seeing more returning Australians coming back from the UK.î