City firms in rush to hire contract workers to deal with regulation
Demand for contract workers within London’s financial services sector is soaring, new figures show.
The number of contract vacancies, which are short-term, jumped 45 per cent between April and May, according to data released today by recruiters Venn Group.
Demand is still high for compliance positions, with financial services firms adjusting to the new regulatory environment.
There has been a particular increase in demand for regulation, compliance and reporting specialists as banks strive to meet new accounting standards by a 2018 deadline.
“Compliance is once again high on the agenda for financial institutions and this is reflected in the roles we placed in May. Within investment banking, we are seeing particular demand for Trade Service Officers with experience in managing complex transactions with corporate customers. Those with a strong understanding of risk and compliance are particularly sought after,” said Venn Group associate director Jodie Finn.
“The new UKGAAP financial reporting standard, which came into effect in January this year, is also creating unprecedented demand for accountants specialising in derivatives.”