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Insight into the financial services recruitment
SUPPORT CONSULTANT
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2. 02 – Foreword
03 Experts & Methodology
04 Survey results
05 Survey results
06 Industry reputation
07 People focus
08 Pay and bonus
09 Pay and bonus
10 Attitudes to employment
11 Threats in the industry
We are tentatively emerging from one of the darkest We have also examined the hopes and fears of
periods the global financial services sector has employer and employee in terms of pay and bonus
ever seen. expectation, the threat of jobs going overseas
and whether the media has to shoulder some
Thousands of job losses, the collapse of some of the responsibility for sensationalising certain issues.
biggest names in banking and Government bailouts
have dominated the headlines. By examining all of these issues from two
perspectives we have secured a valuable armoury
It wouldn’t be surprising if those who choose to of insight which should help prospective employers
make their living in the financial services sector were gain a deeper understanding of what will motivate
clinging to their current position with both hands the candidates they are trying to recruit.
– happy with any rung on the career ladder.
Similarly, employees dusting off their CVs and
In some areas candidates clearly feel there are updating their LinkedIn profiles can prepare
signs of recovery but, the jury is definitely still out themselves for interview with a greater
on whether those are genuine green shoots or not. understanding of what is going through the
There are too many issues unresolved to suggest collective mind of HR directors as the recovery
that the sector is truly in recovery. kicks in.
Against that backdrop, BRUIN Financial has It is too early to apply any kind of long-term
conducted some significant research; surveying prediction on the recruitment sector based on
nearly 2,000 people from both sides of the interview this report but there is definitely a lot to be
table to get a dual picture of the opinions, emotions positive about.
and aspirations of employees and employers.
We hope you enjoy finding out why in the
The results – and the contrasts – are fascinating, following pages.
and we have compiled a panel of five experts to
Colour key
help us extrapolate these findings with their own
insight and opinion.
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City Horizons drills down into a number of issues
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which will be on the menu for anyone looking for a
Em
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job, or recruiting, in the next few months.
Robert Thesiger, Chief Executive Officer
How important is job security? Who feels adequately
paid? What do the once glorious reputations of
our biggest financial institutions mean to potential
employees post recession?

3. Foreword 02
Experts & Methodology – 03
Survey results 04
Survey results 05
Industry reputation 06
People focus 07
Pay and bonus 08
Pay and bonus 09
Attitudes to employment 10
Threats in the industry 11
OUR CITY HORIZON EXPERTS
AND METHODOLOGY
Meet the industry experts who agreed to share their thoughts on our
survey and the methodology we used to collect the data they examined.
Commentary from everyone below is included throughout the report
accompanying to relevant graphs.
David O’Brien James Wellesley David Cubitt Katie Folwell- Robert Thesiger –
– recruitment & Wesley – partner, – head of Employment Davies – director, CEO, BRUIN Financial
smaller companies Wyvern Partners Law, Osborne Clarke corporate finance,
analyst, Shore Capital Deloitte & Touche LLP BRUIN Financial
James specialises David has over 20 Robert Thesiger
David joined Shore in Human Capital years’ experience Katie is a partner has over 18 years
Capital in 2010 after Services and has advising clients on within the finan- of financial services
previously working advised on many employment law. He is cial services team recruitment experience.
for Altium Capital, landmark transactions particularly interested focused on banking Prior to founding
CreditLyonais, Credit in the recruitment in advising financial transactions. She BRUIN, he was the
Suisseand Beeson sector over the past institutions in the City leads the firm’s EMEA Chief Executive of
Gregory. He has 20 years. He owns on matters including response to bank a leading financial
been researching a number of specialist discrimination and deleveraging and services recruitment
the recruitment recruitment compa- bonus claims. specialises in cross business which he
sector for 8 years. nies. border M&A. ran for nine years.
Conducting two surveys – one focusing on of the industry, the threats it faces and how
candidates, the other on HR Directors – has given renumeration and taxation will be structured in
us an insight into the current mindset of those sat on the glare of Government and public scrutiny.
either side of the interviewing table.
We’ve added another layer of interest to analysing
How aligned are employers to the thoughts and the results by asking a panel of experienced
opinions of the next generation of candidates industry professionals to interpret different elements
looking to gain a foothold in the financial services and give us their views on what these patterns or
sector? Are employee expectations regarding pay anomalies can tell us.
and bonuses unrealistic in this uncertain climate?
Over the next few pages you can see graphic
Colour key There are some fascinating points raised by the representations of the findings and the commentary
research about key issues such as the reputation which helps bring them to life.
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4. Colour key
02 Foreword
03 Experts & Methodology
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04 – Survey results
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05 Survey results
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06 Industry reputation
07 People focus
08 Pay and bonus
09 Pay and bonus
10 Attitudes to employment
11 Threats in the industry
KEY TOPICS FOR DISCUSSION
An at a glance view of the topics and trends our experts will discuss over the next few
pages. The colours relate to the key above.
Industry reputation People focus
There’s no denying that the financial services sector has been in the How are employees actually feeling in the
spotlight for all the wrong reasons in recent years. High profile current climate? Is confidence in short supply?
collapses, scandals, bailouts – how has this affected perceptions Do employees feel secure?
and support from Government?
Not
confident
Insecure
Do you think the level of government support for the financial 26% Less
services industry has increased or decreased over the last year? 43% secure 33%
30% 41%
Secure 31% More
secure
Confident
Increased Stayed the same Decreased
23% 33% 44%
How secure are you Do you feel more How confident are
9% 34% 57%
in your current role? secure in your you of securing a
current role than similar or better role in
you did last year? the next six months?
Pay and bonus
A hot topic in the wake of the financial crisis was how the new landscape would impact on remuneration. We asked:
How do you think compensation culture in the City will change over the next two years?
Greater use of deferred
Smaller bonuses and bonus payments and
higher basic pay shred bonus schemes
27% 25%
Colour key
30%
33%
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5. Foreword 02
Experts & Methodology 03
Survey results 04
Survey results – 05
Industry reputation 06
People focus 07
Pay and bonus 08
Pay and bonus 09
Attitudes to employment 10
Threats in the industry 11
Attitudes to employment
One of the most damning indictments of an era in which big name banks collapsed was that
fewer employees now care about the reputation of an organisation when looking for a job. We
asked: Which of the following is most important to you at the moment in regards to a job?
4% 10% 4% 27% 14% 10% 27% 14% 27% 14%
10% 4% 20% 62% 20% 62% 20% 62%
Company reputation Career progression Job security
opportunities
Two more themes which emerged from our study were ‘attitudes to employment’ and ‘threats
to the industry’ both key factors not necessarily under the control of financial services
companies themselves, but are they issues which will affect the employment market?
Threats to the industry
75%
Most industries are facing
threats but financial services
feels particularly beleaguered.
Greater taxation is a major fear.
We asked employers: ‘Do
you think taxation on financial
services companies will increase
or decrease in the next 5 years?
19%
6%
Colour key Taxation on financial Taxation on financial Taxation on financial
services companies services companies services companies
will increase in the will stay the same in will decrease in
e
next five years the next five years the next five years
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6. 02 Foreword
03 Experts & Methodology
04 Survey results
05 Survey results
06 – Industry reputation
07 People focus
08 Pay and bonus
09 Pay and bonus
10 Attitudes to employment
11 Threats in the industry
AN INDUSTRY UNDER
THREAT OR MEDIA HYPE?
The media attention on financial services has been pretty relentless and
new issues continued to come to light as this report was being published.
However, there is still a sense that this has been sensationalised to a
degree. Has it left employer reputations of little value to candidates?
What’s important to you in regards to your job? Have politicians and media
sensationlised issues of
pay and bonus?
Several years of negative
media attention for the sector.
Has it affected attitudes?
58%
53%
4% 10%
Company reputation Yes Yes
David Cubitt James Wellesley Wesley David O’Brien
Colour key
The job for life at one of the big The last few years have shown I’m not surprised that both sets
names is gone. Candidates are that reputation can be trashed of respondents feel that the
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now focused on securing the best in an instant. It matters a lot reputation of the City has been
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package and it is becoming less. Employees have grasped sensationalised by media.
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far less relevant to them who this and employers aren’t far The sector has been used as
funds it. Some of the biggest behind. It’s a very different a scapegoat for a lot of ills and
reputations in the business have landscape. there has been plenty of political
proved that no organisation is posturing. These people aren’t
immune to recession. receiving the big bonuses that
are under fire yet they feel
tarred by the same brush.

7. Foreword 02
Experts & Methodology 03
Survey results 04
Survey results 05
Industry reputation 06
People focus – 07
Pay and bonus 08
Pay and bonus 09
Attitudes to employment 10
Threats in the industry 11
BALANCED LIFE, MONEY
OR SECURITY?
Does anyone really go into financial services Robert Thesiger
expecting work and life to have a healthy I expect to see a far more
peripatetic bunch of recruits
balance? Is this changing with a new breed coming through in the next few
of recruits with different priorities? years. It will be interesting to
see if the City can adapt to a
workforce that conforms less
Has your work/life balance improved or deteriorated to the model it has now and
in the last six months? demands a better work/life
balance. The change will
certainly not be as radical
if the job market doesn’t
Stayed the same Improved Deteriorated improve though.
41% 31% 28%
63% 16% 21%
David Cubitt
There is a clear disparity between
how important job security is to
candidates and how important
employers think it is. That should
What is important to you in regards to your job?
dispel a few assumptions.
Candidates obviously don’t think
Job security that kind of security still exists.
Job security is nowhere
near as important as James Wellesley Wesley
employers think it is.
Outdated concept? I think candidates are hard-wired
for optimism. If you’ve decided
20% 62% you want a new job, you have to
go for it. The results show that
even if people don’t have huge
confidence in the wider market,
they do have confidence in their
own skillsets.
Colour key Competitive compensation
Robert Thesiger
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The expectations on pay and
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bonus we see in the survey are
a fatal mismatch with what will
21% 11% be reality for many people in
their 20s and 30s. Compensation
increases will still be available but
not for anyone. It’s going to be a
lot more competitive.

8. 02 Foreword
03 Experts & Methodology
04 Survey results
05 Survey results
06 Industry reputation
07 People focus
08 – Pay and bonus
09 Pay and bonus
10 Attitudes to employment
11 Threats in the industry
CROSS MY PALM WITH
COMPENSATION
Has your compensation level increased, decreased or stayed the same?
Do you expect them to increase, decrease or stay the same?
Cash in their pockets or
67% career progression?
Employees want both.
54% 57%
50%
31%
27%
19% 23% 19% 20%
25%
8%
Increased Decreased Stayed the same
We are still in recession aren’t we? So why are expectations regarding salary
so high? Less than a fifth of employees reported a decrease yet there are
expectations of greater government scrutiny.
Colour key Katie Folwell-Davies David O’Brien Robert Thesiger
What has become clear is I’m very surprised that so many The attitudes prevalent here
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that money was one of the key employees are reporting that indicate a lot of expectation
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things keeping people at banks, pay and bonus has increased regarding career progression.
p
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and banks now need to replace in the last six months. I’m not Post recession, I’m not sure
the promise of money with sure if there isn’t a degree of people will be able to plan their
something just as valuable: bravado because this isn’t careers in the same way,
career progression. Otherwise being born out by employers particularly those still in the
the talent in the financial that I have spoken to. under £30k salary bracket.
services sector will move
away from banking.

9. Foreword 02
Experts & Methodology 03
Survey results 04
Survey results 05
Industry reputation 06
People focus 07
Pay and bonus 08
Pay and bonus – 09
James Wellesley Wesley Robert Thesiger David Cubitt Attitudes to employment 10
Threats in the industry 11
There’s still optimism that The way pay and bonus is Good people will always get
higher pay is there for the distributed will change because jobs. It is how employers stop
best candidates but the the industry is under pressure people moving around after
message from employers is that for it to do so. We can see that each bonus, constantly in search
you are going to have to work both candidates and employers of the best package, that will
harder for it and stick around expect this to happen but exactly be interesting. Deferred bonus
longer to collect bonuses. Both how is unclear. Joining bonuses payments will have a part to
sides seem to accept that this are risky. More will probably be play in this but I think we will
is the future of remuneration. fed into base salaries and there also see a counter-reaction of
will be greater flexibility for first year guaranteed bonuses
deferred payments. to tempt people.”
How do you think the compensation culture in the city
will change over the next two years?
1
2
Higher basic
salaries? 27% of 3 1%
2%
employers think so.
1% 4 2%
5
6
10
7 2%
%
12%
9%
19%
%
25
30%
%
33%
25
27
%
A third of employers expected
greater use of deferred bonus,
slightly higher than more
optimistic employers.
1 Smaller bonuses and higher basic salaries
2 Smaller bonuses and lower basic salaries
3 Higher bonuses and higher basic salaries
4 Higher bonuses and lower basic salaries
5 Greater use of deferred bonus payments and share-based bonus schemes
6 Greater scrutiny by the media and politicians regarding pay and bonus
7 No change

10. 02 Foreword
03 Experts & Methodology
04 Survey results
05 Survey results
06 Industry reputation
07 People focus
08 Pay and bonus
09 Pay and bonus
10 – Attitudes to employment
11 Threats in the industry
OPPORTUNITIES FROM
THE ASHES?
There is definite optimism evident in the results from employees regarding
the availability of jobs and how this will increase over the next six months. It
isn’t an optimism matched by employers though.
David O’Brien How do you think the How do you think the
What you have to put into number of opportunities number of opportunities
context is that six months before in your chosen field has will change over the next
this research, the sector was at a changed over the last six months?
nadir. People have been working six months?
in understaffed environments.
Many think it simply can’t be 28% 40%
sustained so their optimism
is also fuelled by hope that 26%
more roles will be filled across
the sector.
Robert Thesiger 37%
A lot of people seem to be
looking for jobs with a false belief Increased Increase
that the grass is greener on the
other side. It isn’t but there is a
definite belief from individuals
that a move will equal a payrise. 53%
Much of this stems from a lack
of career progression on offer
with their current employer.
29%
31% 39%
Katie Folwell-Davies
There are currently huge Stayed the same Stay the same
Colour key
opportunities for the best
candidates. In a time of 32% 21%
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challenge, such as we are
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21%
currently enduring, organisations
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begin to review the talent they
currently hold and this can lead
to the best candidates being
recognised and securing
better positions.
43%
Decreased Decrease

11. Foreword 02
Experts & Methodology 03
Survey results 04
Survey results 05
Industry reputation 06
People focus 07
Pay and bonus 08
Pay and bonus 09
Attitudes to employment 10
Threats in the industry – 11
INTERNATIONAL BRIGHT
YOUNG THINGS?
Any conversation about threats to the financial industry inevitably leads to
discussion over whether jobs may still move overseas and what factors may
drive this to happen at different levels throughout the sector.
David Cubitt David O’Brien James Wellesley Wesley
Some of the consolidation we Jobs moving overseas are still I have been of the view that
have seen has been inevitable a clear worry. It isn’t surprising the City of London has had
for survival but candidates are when there is talk of salary caps its financial peak as an
definitely swimming in a smaller and reduced tax breaks that employment location but it
pool of employers than 10 or people are still worried that this will always be important.
15 years ago, and the fears about shift might begin to apply to some Some jobs will still go overseas
certain jobs going overseas are of the higher paid departments at a certain level but we won’t
still justified. Although some as well. I think 54 per cent is see wholesale relocation.
banks are now bringing certain over-exaggerating the issue a Companies like UK regulation.
operations back to the UK. little though.
Are you concerned that more financial services jobs will
move overseas over the coming years?
Colour key
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4% 2%
54% 49% 16% 14% 16% 20% 10% 15%
Yes Stay the same No Opposite Unsure

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London EC4M 7BA
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