Could HSBC’s jobs cull benefit contractors?

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HSBC’s decision to axe around 8,000 UK jobs is likely to create a “boom” in demand for contractors, according to a new study.

Recruiter Venn Group predicts that the bulk of opportunities will be within the bank’s Human Resources (HR) department, as it tries to manage change. There is also likely to be a flurry of vacancies for back office functions.

The job cuts form part of the bank’s “significant” reshaping strategy that will see it axe 50,000 employees worldwide. It comes following damaging revelations that the firm helped thousands of overseas clients evade tax in the UK.

Meanwhile, Venn’s study also found that demand for financial services contractors has surged in the last few months. The number of vacancies increased by 45% between April and May – with a particular focus on regulation, compliance and reporting specialists.

Jodie Finn, director at Venn Group, said: “Compliance is once again high on the agenda for financial institutions. Within investment banking, we are seeing particular demand for trade services officers with experience in managing complex transactions.

“Those with a strong understanding of risk and compliance are particularly sought after. The new UKGAAP financial reporting standard, which came into effect in January this year, is also creating unprecedented demand for accountants specialising in derivatives.”

Have your say

Are you a contractor specialising in the above areas? Have you noticed an increase in demand for your services? Do you expect the trend to continue? Join in the discussion on Twitter, or leave a comment below.