Skilled PAYE Umbrella Contractors Affected by RBS Jobs Cull Will Find Opportunities Elsewhere

It’s no secret that PAYE umbrella contractors, especially those specialising in the IT skills market, have taken a drubbing in the banking sector over the last few months. The recent announcement of a new jobs cull at RBS can hardly have lifted their spirits, but there may be a silver lining behind that steely cloud.

RBS is shedding 3,500 jobs from its investment banking division but that, hopefully, is not the end of the story. Following the bank’s announcement, it will cease share trading and stop advising companies on takeover deals. Profits in these areas are being dented across the industry as tough new rules and continuing financial crisis combine in something of a perfect storm. The new round of job cuts will bring the total number axed by RBS since 2008 to a walloping 35,000.

According to Steve Yendell, the Executive Director of the City recruitment firm Selby Jennings, growth in the financial sector is expected to be strong enough to absorb the flood of refugees from investment. Skilled bankers amongst this latest purge will, he believes, find new opportunities relatively effortlessly. Mr Yendell added that there were more buoyant financial markets in Latin America and Asia in particular, and the more adventurous opportunity seekers might want to consider relocating.

For those who wish to remain in London and Europe, the challenge is likely to be a lot tougher, Yendell warned. The outlook of other banks, however, in conjunction with growth in non-banking financial organisations, suggests that projected growth in the sector will be sufficient to absorb the latest round of job cuts.

Source:

http://www.recruiter.co.uk/rbs-job-losses-can-be-absorbed-says-selby-jennings/1012452.article