Employment woes begin
A mortgage group has warned of the employment troubles facing lending staff in the coming months, saying a “glut of labour is looming” for the financial services sector as lenders put off staff in response to funding and liquidity issues.
Loan Market Group’s chief executive Jennifer Neilson said with Australian lenders scaling back their operations, retrenchments are likely to continue in the coming months.
Neilson said the effect of the sub-prime crisis had “effectively shut down the residential backed mortgage market in Australia”, with the potential for “an exodus of talent” from an industry where “it was already difficult to build expertise”.
Meanwhile, according to recruitment firm eFinancialCareers.com.au, the staff of troubled firm Babcock & Brown (B&B) are in high demand.
The recruitment firm reports that international banks are “keen to take on B&B refugees who jump ship or get laid off”.
The recruitment firm has found that global banks in particular are looking to take on quality B&B employees, particularly those with knowledge of infrastructure and mining.
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