Sital Ruparelia

As a job searcher within financial services, this week’s banking crises is the last thing you could do with. The papers are full of strories about banks collapsing, banks merging and talks of wholesale job cuts across the sector.

But despite all the uncertainty and craziness, you can still find a job - after all you are only looking for ONE position right? One position is out there – you just need to adjust your approach to meet the changing shape of the industry and ramp up the level of effort you put into the search.

Here are 5 tips job for finding work in the current market:

1. Be ready for more competition
In addition to competing with employees from Lehman Brothers, both Merrill Lynch and Dresdner are likely to lose people later this year having been absorbed into Bank of America and Commerzbank respectively. With rumours of further job cuts on the way, you must differentiate yourself from the competition whilst also ramping up the level of activity and effort to market yourself.

2. Be more flexible
You may need to go and work in a role or company that you don’t want to. You may need to think about leaving the sector for the next couple of years. You may need to take a pay cut and reduce your outgoings. So keep an open mind – you never know where it could take you and your career.

3. Go where the opportunities are
Private banking & wealth management, parts of asset management, commodity houses and energy firms are, generally, a far better bet than investment banks. Job markets in Asia and the Middle East have been stronger than in the west. What other sectors can your skills translate into?

Yes, all these areas are feeling the slow-down, but they are still better options than the large investment banks at the moment.

4. Think small
The larger players are likely to go through a series of mergers and restructuring in the coming months as the sector consolidates. Within these houses it’s fair to expect depressed earnings and poor bonuses. So focus on smaller, niche houses with a strong track record and (relatively speaking) strong balance sheets.

Whilst it appears that the consolidation will result in a small number of huge banking groups – in the short term they will be coping with merging, stablising and cutting costs to ensure there is a return on the acquisition costs. So recruiting in large numbers is unlikely to be on the cards for the big banks.

5. Prepare for the long haul
The banking job market will get worse before it gets better. So prepare yourself mentally and financially for a longer than expected search.

If you’re focussed on the value and benefits you offer potential employees, differentiate yourself from the crowd, become more flexible about roles - then there will be opportunities for you.

You just need to stop subscribing to the “there’s no jobs” and “the world is ending” type thinking and instead stay focussed on the search.

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