Norwegian financial services professionals returning home find jobs hard to come by
A growing number of Norwegian financial services professionals are returning home as global financial firms continue to reduce their headcount, but many will find that their domestic counterparts are doing the same.
Dagens Næringsliv reports that headhunting firms have seen a u-turn in the market since the beginning of 2011, which has resulted in a significant slowdown in the number of appointments they are being asked to fill.
“The start of 2011 was fantastic, with many appointments and a lot of movement in the market,” said headhunder and partner Monika Dypeng of Hermes Headhunting.
But the market stopped. The drought in the corporate market and few jobs for the brokerage houses since Easter have made daily life tougher for the Norwegian financial industry, the paper writes.
“Since the middle of the second quarter, brokerage houses have put their hiring plans on ice. We do not have the impression that they are planning to terminate staff, but if that does not happen then bonuses will be leaner this year,” Dypeng said.
It has been even tougher elsewhere in Europe and the rest of the world than in Norway this year, Dagens Næringsliv added. Banking group HSBC recently announced that it is to cut 30,000 staff. The Swiss banks UBS and Credit Suisse are respectively terminating 5,000 and 1,600 staff, while Barclays is cutting 3,000 positions through the year. UK bank RBS announced in its quarterly report that it is to make 2,000 cuts this year.
“We have noticed increased interest from Norwegians in good positions abroad, especially London. There the financial market is more upset than here at home, and several of the big investment banks are signalling layoffs,” Dypeng said.