Banking ‘repair jobs’ largest wage increase

19 November 2019

The financial services sector ranks third for wage growth nationally for 2020, following the Royal Commission placing an unprecedented focus on risk, remediation and compliance projects, according to a survey.

The Robert Walters Salary Survey for 2020 predicted that NSW as a state would see the greatest salary increases with property, infrastructure, and the energy sectors dominating the wage growth leader board.

The survey labelled the financial services roles as ‘repair jobs at the banks’.

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Commenting on the financial services sector, Robert Walters, managing director ANZ, James Nicholson said: “The Royal Commission has placed an unprecedented focus on risk, remediation and compliance projects across the banking, financial services and insurance sectors.

“Experienced professionals who can deliver on the reforms and programs are relatively scarce and so demand, and salaries, are likely to remain high.”

The survey found that the fifth largest wage increase of 24% nationally was a permanent role in NSW in the retail, commercial and corporate banking sector as a managing director – project finance.

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These are mostly temporary jobs funded by the banks' urgent short term need to repair their brands. Many of these people will be unemployed in a year or two and unlikely to ever work in financial services again.

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