Interim pay soars
The ‘War for talent' is pushing up pay for interim managers working in banks by 50 percent. Rates are up to £1,500 a day, reflecting the growing power of "middle office" over trading and sales.
Financial services companies are engaged in a ‘war for talent' which has driven pay for interim managers who specialise in risk and compliance work 50 percent higher over the last two years, says Interim Partners, the leading provider of interim management solutions.
According to Interim Partners, interim managers with risk and compliance experience were typically earning up to £1,000 a day before the credit crunch, but many are now earning up to £1,500 daily as demand for their skills intensifies. Andrew McIntee, Head of Financial Services Practice at Interim Partners explains that this increase in rates for interim managers in risk/credit and compliance reflects a dramatic overall shift in power to the "middle office" part of banks.
Says Andrew McIntee: "Whilst all the headlines focus on multi-million pound pay-outs to traders this has obscured the growing status and authority of the "middle office" within the investment and retail banks." He continued, "before the credit crunch compliance and risk were sometimes seen as a necessary evil and were portrayed by sales and traders as a costly impediment to writing business - although they would have used stronger language!"
"Now the value of these previously unsung heroes is being recognised. They now have more say over what deals get done than at anytime since the last recession. The amount of US or UK government help that a bank has had to receive is largely put down either to the overall strength of their risk management or more specifically to the doggedness of their credit teams, their ability to argue their case convincingly."
27 November 2009
Created on: 27-Nov-09 13:36
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