According to an article posted on efinancial careers by Paul Clarke, headhunters and recruiters in the financial industries are performing really well for this year.
After a second quarter characterised by poor investment banking performance, swiftly followed by some redundancies, now might not be the best time to state how well you're doing.
However, with City firms able to release their pent-up desire for recruitment in the first half of 2010, some of the financial sector's leading headhunters have seen fee income jump by a rather impressive 30% this year, according to the Times.
The likes of Russell Reynolds, Korn/Ferry, Heidrick & Struggles and Egon Zehnder have all enjoyed a solid first half of this year. Heidrick & Struggles, in particular, has pointed to an 80% increase in billing within its financial services division, with big investment banks providing the bulk of activity.
Still, any recovery comes off the back of what was a torrid year for the recruitment industry, with a raft of closures, mergers and acquisitions in the sector throughout 2009 and most firms being forced to pare back staff numbers. Heidrick & Struggles for instance, still only employs 343 consultants globally compared to 380 at this point in 2009. But, as the recent bout of poaching among banking-focused firms shows, many have an appetite to recruit again.
Still, after the latest crop of downbeat quarterly reports, and subsequent job cuts at both BarCap and Credit Suisse last week, pessimism has already returned the recruitment market and there's now talk of an investment banking hiring freezegoing forward.
"We envisage robust growth for financial services going forward, but not at the same pace," said Jim Hinds, London managing partner at Russell Reynolds.
Source: eFC Editors -->Tags: Asset Management, Goldman Sachs, Morgan Stanley, Managing Director
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