Archive for February, 2014

In 2007 Peyton Manning led the Indianapolis Colts to victory in the Super Bowl, and on Sunday, he led a different team, the Denver Broncos, to an “embarrassing” defeat.

During the 2007 Super Bowl, commercials for what would become the year’s top grossing movie Spiderman 3 played.  During this past Sunday’s game, commercials for Spiderman 2 played.

You’re probably thinking, “wait a minute, what??” 

So much has happened in those 6 years, between Peyton’s win and loss, between the recession and the return of a successful market, the Spiderman series has been rebooted.  It’s a cycle.

In this firm’s opinion we are currently in a very good place.  The job market in general is looking better and the job market specific to banking is blossoming and has been for the past 12-16 months.

2007 was the year the banking industry began its plummet into dark scary times.  Now, most people did not see the signs of the recession.  They only became aware of it around the end of 2008, beginning of 2009. In 2007, John and Adam were working for another firm.  The firm they worked for recruited for many industries and each industry was a different group.  As you may have already guessed, Adam and John worked for the banking group, the smallest one of the company, but one of its most profitable.  However, at the end of 2007, beginning of 2008, the team began to notice alarming trends.  Banks were no longer hiring, bankers were being let go, and recruiters were having a difficult time even finding openings to work on.  As a result, the few jobs that were available were usually underneath the skills and pay level of the person applying for them, and in a lot of cases, they accepted the job out of necessity.  It was a client driven market.  The clients were in control because the banking world was in chaos.  People were accepting less money to do the same or even harder job and it was almost implied that they were lucky just to have a job.

Within the firm, the banking group was the first to see that the market was going downhill because of their unique position as banking recruiters.  Banking recruiters work with two things.  Money and Jobs.  Therefore, it only makes sense that a banking recruiter is a good barometer for the marketplace of the consumer world as a whole.  The rest of the groups within the firm eventually noticed changes too.  There were no job orders coming in, candidates were not getting anywhere within the hiring process, and everyone at the firm felt the negative repercussions.

Adam and John decided to open their own firm, A J Consultants, in April of 2009, right smack in the middle of the greatest recession America has ever seen.  Fast forward to now: the state of the economy could not be more different.  We get questions on a daily basis about the state of the banking industry.  And the truth is, banks are hiring, actively and aggressively hiring.  (Especially for this time of year which is known to be slower than most).

The market is currently candidate driven, as opposed to the client driven market we saw just a few years ago.  Candidates are more educated about the hiring process and more willing to grill recruiters about positions and other candidates.  They want to know who they are up against and how they measure up, they want options and they now have them.   Instead of accepting a job out of necessity, they are choosing jobs based on their desires and goals.  They are also not afraid to take risks.

Big fish at big banks are making moves to smaller places.  Todd Rowley switched from a large bank background and accepted a position at Cardinal Bank.  Sam Schreiber left one of the biggest banks in the world to work for Chain Bridge Bank.  Why you ask?  The answer is simple.  The banking world is no longer an uncertain place where people should “feel lucky to just have a job.”  Entire teams are moving from one bank to another.  WashingtonFirst Bank just moved over a team from The Business Bank.  The fact that not only individuals, but a group of people who work at the same location are willing to discuss and act upon a move, (which let’s face it there’s a good chance their current boss could find out), and are not afraid to do so, solidifies the fact that bankers are no longer afraid of risk.  And to top it all off, many candidates are telling us that during exit interviews they are being told that they have the option to return.  If that does not prove we’re in a candidate driven market, I don’t know what does.

Thanks for reading, and Let’s Talk! – Rachael

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