Wall Street crisis hasnít hit hiring at Aussie retail banks

Despite the dramatic upheavals in US investment banks, at Australiaís retail banks itís steady as she goes. Hiring activity has calmed a little but that goes back several months so isnít because of the US disintegration, says Edmund Gill at recruiter Hays.

ìAny hiring slowdown really began in July. Liquidity is tight, so thereís been an awful lot of prudence in the past three to six months. Banks are not speculating on staff. If they have a need, theyíll hire,î adds Gill.

CBA spokeman Steve Batten says: ìItís business as usual and certainly there is no hiring freeze. Weíre always keen to attract and retain good talent.î

But equally, retail banks are not picking up unemployed investment bankers. ìIím not aware of any drive to pick up such people,î adds Batten.

Gill agrees: ìI havenít seen any retail banks picking up investment bankers – there havenít really been layoffs here.î

Westpac and St George are already exercising hiring restraint because of their projected merger. Meanwhile, ANZís plans to shed ìseveral hundredî management jobs is the result of its restructuring announced earlier this month. The US financial crisis did not affect ANZís intentions, according to a spokeswoman for the bank.

NAB has quietly gone on hiring, with new chief executive Cameron Clyneís appointment bringing a bit of rearrangement and hiring activity.

The main change in the Australian market, says Tim Haren at recruiter Jon Michel, is that both candidates and banks are more risk averse.

Haren explains: ìCandidates particularly are more wary of taking roles that involve any variable aspects to them achieving their objectives. Generally, the domestic banks are still pushing on with hiring and this can be attributed to the establishment of several new lines of business within the retail banks, restructures, and the general activity that comes with the appointment of two relatively new CEOs. Itís definitely not all doom and gloom.î