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Archive for October, 2014

Banks are hiring to grow. Many of the positions we are working on this year have been brand new, not backfills. Banks are expanding in ways we haven’t seen in years. Mergers and acquisitions are more prevalent. Banks are purchasing individual branches from each other in new markets. Bankers are being brought in to forge new territories and divisions, and most noticeably, team lift-outs are on the rise.

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Some Examples:

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-National Penn Bank bought Third Federal, Univest bought Valley Green Bank, and FNB bought half of Maryland. 🙂

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-In the last year, we can think of seven teams in the Greater Washington and Maryland Market that have moved on from their former employer together. Severn Savings, NWSB, the banks formerly known as VCB and most recently OBA have lost entire groups. Additionally, a certain big time player in the super regional world has lost 3 entire teams to competitors. If you do not know who we are talking about, you need to put your ear to the ground a bit more. Interestingly, five of the seven teams are in brand new markets for their new employer.

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New positon hires:

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-Diane Zanetti was hired by Capital One to spearhead their new look in the GovCon division, while Phil Quintana was moved from Capital One and hired by Fauquier County Bank to do something similar.

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http://www.fauquiernow.com/index.php/fauquier_news/entry/fauquier-bank-hirs-new-prince-william-executive-2014
http://www.abladvisor.com/news/4892/capital-one-bank-hires-government-contractor-lending-expert-for-metro-dc-team

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-Scott Meves was hired by Webster Bank as a Regional President to expand into Pennsylvania.

http://www.prnewswire.com/news-releases/webster-bank-names-new-regional-president-in-greater-philadelphia-area-272911731.html

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And we aren’t the only ones seeing this. It’s happening in many different industries and markets. According to the July 2014 Fordyce Letter, which is the #1 executive recruiting periodical in the industry, and a recent Career Builder forecast, 47% of the world’s largest network of recruiters state that newly created positions are the main source of job orders coming in. The article goes on to say that with the subsidence of the recession, employees are more willing to search for new opportunities. This is a big pendulum swing from the last few years.

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Banks are trying to purchase away business and people as their first priority, rather than being focused on growing talent from inside the bank. We are seeing the importance of a candidate having a current active portfolio being greater now than in the last five years. The way banks make decisions is changing. (For better or worse is another topic for another time).

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