How the UBS Takeover of Credit Suisse Impacts Recruitment in London’s Banking Sector
Harness the Power of Vacancy Analytics to stay ahead in these uncertain times.
The banking sector has been facing a wave of uncertainty lately, with Credit Suisse being bought out and saved in a takeover by UBS. This twist in the European economy has had a significant impact on share prices across European banks, causing concern among banking recruiters in London.
The impact
So, how has this impacted recruitment in the banking sector in London? The answer is not straightforward, as week-on-week activity has been fluctuating throughout 2023. At the end of February, recruitment activity dropped, but it started growing again at the beginning of March, with vacancies mostly hitting or surpassing the weekly average of 7.7%.
Peak week
The second week of January marked the peak week, with vacancies rising by almost 54% from the previous week. While this past week has seen a 15% increase in vacancies, it’s worth noting that the London data overall saw a drop of 6.6% in the same period. As a result, five of the last six weeks have seen a decrease in vacancies.
Further slowdowns
The UBS takeover of Credit Suisse might not be the last chapter of this story, with Italian banks and Deutsche Bank looking vulnerable as well. Banks are likely to exercise more caution in lending to protect capital ratios, which may result in further slowdowns.
Liquidity in the market is drying up, and ongoing M&A activity is slowing down. What does this mean for recruitment in the sector going forward? It’s hard to say, but one thing is certain: it’s more important than ever to understand the trends and hotspots in your market.
Staying Informed and Adaptable
To find out which areas have been growing or which parts of the market are holding up best by sector or functional area, book a free demo for an interactive insight into your recruitment trends! With an understanding of the market, you can better prepare for the future and make strategic hiring decisions that will take your agency to the next level.
