eFinancialCareers

Scotland’s private banking poaching war intensified this month, with the news that Barclays has lured Douglas Noble to head its Scots private banking team. Noble previously ran the Aberdeen office of Scots boutique Adam & Company. His appointment is all part of Barclays' push to expand its Scots operations after adding 22 bankers last year. Globally there is a general shortage of experienced private bankers right now and Scotland is no exception.... Read more

Our recent poll suggests Edinburgh's finance folk are perfectly happy where they are. Asked if they would be willing to relocate, 84.6% of those working in the Scottish capital said they didn't want to move. For the small minority who did fancy heading elsewhere, Dublin and London were equally appealing – each polling 8% of the vote. Unsurprisingly, given Auld Reekie's many attractions, work/life balance is the main factor keeping them... Read more

Scotland's financial services employees are in hot demand, but they're not being paid much more than before. The latest salary survey by recruitment firm Morgan McKinley shows pay rising much faster in London than north of the border. Alex Phillips, manager of Morgan McKinley's Edinburgh office, says: "Scotland has not stood still. The financial services industry continues to grow and salaries also grow, but not as markedly as they might in... Read more

Scottish Financial Enterprise's much touted Fast Forward forum is set to focus on combatting potential skill shortages in the financial services sector. Scotland’s employers are facing a shortage of appropriately skilled workers and the financial services sector is no exception. So the Scottish Financial Enterprise (SFE) forum is to be charged with expanding and improving the country's available pool of talent. The forum, launched a couple of weeks ago at Edinburgh’s... Read more

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

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 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

Citigroup’s purchase of Quilter from Morgan Stanley could be a recipe for job creation in Glasgow. Citigroup purchased Quilter, a UK private bank, in early December for £230m. Similar acquisitions have been known to trigger job cuts - but not this one (or so it seems). A spokeswoman for Citigroup tells us: “Our initial focus will be on a smooth integration of Quilter into our global wealth management platform. We expect to... 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

Want to break into Scotland’s growing private banking scene? It helps to be multi-lingual. Thanks to allure of Scottish castles and shooting estates to the world’s ultra wealthy, a growing number of very (very) rich people are either buying property or taking up non-domiciled resident status here. And they want to talk to private bankers who speak their own language. Marianne Hay, chief executive for Europe at Citigroup’s global wealth management... 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

Last week’s launch of a new Islamic finance qualification could offer Scottish bankers opportunities for higher salaries, career advancement and even international relocation. The UK has around 2 million Muslims, 80,000 of them based in Scotland. They are forbidden under Sharia law from earning or paying interest which means many mainstream banking products such as mortgages and savings accounts are unsuitable. Lloyds TSB Scotland, which began offering separate Islamic banking products to... 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