eFinancialCareers

Could an independent Scotland derail the country’s financial services jobs boom and force large firms to shift their business operations to London? Yes, according to recruiters, who unfortunately prefer to air their views anonymously. One, who declined to be named, says: "There is a fear that some companies will look at the option of moving their businesses, and with them Scottish jobs, south. Most of the financial sector's clients are in... Read more

Scotland's financial services growth is unlikely to be derailed by a skills shortage, despite finance firms being concerned about a dearth of key workers. In its latest snapshot of the Scottish financial services industry, covering the last quarter of 2006, SFE said most firms expect their business prospects to improve this year on the back of a strong finish to last year. But although the report, compiled with Capgemini, also revealed... Read more

Salaries for IT professionals in Scotland have jumped more than 9% over the last 12 months, according to one local technology recruiter. Rupert Bayfield, joint head of IT recruitment at Scots firm CyberTeam, says the increase reflects the abandonment of outsourcing abroad as banks and other companies take more of their IT work in-house. “Many companies have realized offshore outsourcing doesn't deliver the expected benefits in many instances, and as... Read more

Amanda Harvie, chief executive of Scottish Financial Enterprise (SFE), resigned last month. What does Scotland need from her replacement? Ross Leckie, director of communications at fund manager Martin Currie, says the chief executive position is a crucial role for Scotland. “The SFE job is more important than it may appear. The money managed in Scotland is sourced abroad. It’s the same with the likes of Ballie Gifford and Standard Life.” “I know... Read more

Unhappy? Disgruntled? Thinking of leaving? Now may the time to tell your employer – research suggests Scots finance companies are doing all they can to persuade people to stay. The survey, by recruitment agency Manpower, suggests talent shortages are encouraging Scots banks, fund managers, and insurance groups to try keeping their employees happy. UK-wide financial services headcount is expected to rise by 4% in 2007, and Manpower says this has pushed staff... Read more

As technology profilerates, Scots finance companies must be increasingly vigilant against shady characters indulging in dodgy practices online. Just how inextricably linked finance and technology are when tackling such risk was revealed at the recent Bill Gates gig in Edinburgh. Michael Walsh, Scots-based executive with State Street, surprised the audience by revealing that upwards of one quarter of all his company’s jobs are IT-based. Meanwhile, London-based recruiter JP Gray reports that it’s currently... Read more

The latest Scottish Business Monitor survey from Bank of Scotland suggests demand for temporary staff in Scotland is rising fast. The Monitor points to the financial services industry as particularly avaricious in its demand for temps. It’s a view confirmed by Margaret Dyer a director at Joslin Rowe, who says their own research suggests Scots firms are set to increase temporary headcounts by 10% this year – “One of the highest... Read more

The Chartered Institute of Bankers in Scotland (CIOBS) has launched a new competition to unearth the rising stars of Scottish banking. It’s being sponsored by Deloitte, the big four accountancy firm, and is open to all CIOBS members. The winner (who rises the highest) will get a two week foreign holiday. But the long term career benefits from being singled out from peers could last far longer than a fortnight in... Read more

Scotland’s financial services workers are seeking pastures greener (and less wet and windy). Recruitment firm ‘Think Global,’ says Scotland’s finance professionals are increasing moving abroad in order to gain CV points – rather than for the lifestyle benefits of living in – say – Sydney. “People are recognising that international experience is integral to gaining promotion,” says Think Global marketing manager Suzanne Laporte. The company’s latest survey shows that career development now... Read more

Scots who have built themselves successful financial careers in London are beating the drum homewards and driving inward migration in Scotland. So says research from the Bank of Scotland. The bank’s study suggests the returning Scots are mostly in their mid-to-late 30s. In the last decade, 53,000 more people have come back to live in Scotland than have left. Professor Allan Findlay, a lecture in demographics at Dundee University who’s done... Read more

What was hot and what was not in the Scottish financial services industry over the past twelve months? Here’s our considered opinion. Good year Fund servicing: Fund servicing jobs may not be as well paid or prestigious as front office roles, but they are plenty of them, and their numbers are growing. Figures from Joslin Rowe suggest there were 30 per cent more asset servicing jobs in Scotland in 2006... Read more

JPMorgan has announced plans to create another 200 software design and developments jobs in Glasgow. It’s partly down to penny-pinching, say recruiters. “JPMorgan opened their first site in Scotland in 1999 because they saw the savings they could make on salaries,” says Phil Notley, a consultant at Scotland-based recruiter Cyberteam Resource Management. “They also saw that by basing jobs in Scotland [instead of London], they’d have less of a problem with... Read more

A bumper year in financial services is helping drive earnings at Scottish recruitment companies. For the second year in a row, recruiters report no sign of a seasonal slowdown in hiring. Julie Bodger from the Edinburgh office of Change Jobs told us: “We have probably had one of our best year’s ever. As a team we are possibly dealing with 30 to 40 vacancies each, a few years ago it would... Read more

With Standard Life searching for at least four new non-executive directors, our research suggests Scots non-execs can now earn just as much as their English counterparts. Non-executive directors at Scotland's largest listed financial companies are paid handsomely. Those at Royal Bank of Scotland and HBoS receive a standard £55,000 and £50,000 respectively for their services. And last year, most RBS non-executive directors were paid another £25,000-£50,000 for sitting on additional group... Read more

The Scottish financial services market is home to a growing number of highly qualified temporary financial services employees - and not just in call centres. Recruiters tell us there’s a growing appetite for senior finance professionals willing to take on short term contracts. Margaret Dyer, a director at recruiter Joslin Rowe’s Scottish operation, says a survey by the company last year revealed that 42% of Scots financial services clients were preparing... Read more

Junior Scots finance employees have seen a mighty pay rise since the turn of the millennium. And they are well placed to ask for more. Alan Thornburrow chief executive of Scottish Investment Operations, tells us that starting salaries for investment operations staff have risen by around 40% in the last five years. Juniors are still far from rich, but they are marginally richer than they used to be. Thornburrow says typical starting... Read more

Clydesdale Bank will move more than 200 jobs to Clydebank in a major review of its back office operations. The shakeup will see 146 staff transferred from the group home loan centre in Glasgow, and 77 jobs transferred from the Westhill account management centre in Aberdeen, the Herald reports. “In addition to the jobs moving to Clydebank, we want to grow this centre in the longer term,” Simon Gaunt, head of customer... Read more

The Scottish executive is seeking to attract up to 12,000 skilled Chinese to Scotland over the next four years to plug skill shortages in financial services, IT and electronics. The Times says the move is part of the Scottish executive’s plan to strengthen links with China. “Chinese universities are producing large numbers of highly skilled graduates. I’m sure there would be a lot of benefit to the Scottish economy if some... Read more

Scottish payroll company Activpayroll is looking to hire in Edinburgh as it expands its servicing of financial sector clients including Aberdeen Asset Management, First State Investments and Petroleum Services Network (PSN). “We are actively hiring in Scotland for our offices in Aberdeen and Edinburgh,” says Julie Buchanan, international tax director at the firm. “We are hiring at all levels, from those with no experience whatsoever up to payroll manager level. Inexperienced... Read more