Magazine article American Banker

Career Tracks: Recruiters: 1999 Slow for Hiring-Unless You're a Tech Specialist

Magazine article American Banker

Career Tracks: Recruiters: 1999 Slow for Hiring-Unless You're a Tech Specialist

Article excerpt

By BRETT CHASE

Technology specialists will be among the hotter commodities in what is expected to be a flat year for hiring in the financial services industry.

Whether for year-2000 projects or electronic commerce, banks and other financial companies are in hot pursuit of technology staff members, recruiters say.

Despite the high layoff numbers announced last year-at least 62,400 in financial services, according to the outplacement firm Challenger, Gray & Christmas of Chicago-there are openings.

Sales and marketing, investment management, home equity, and investment banking are other areas recruiters say could see job growth. But expectations of a slowing economy could curtail hiring in the second half of 1999, they added.

People familiar with the Internet, as well as with electronic commerce, and computer systems specialists will be in demand, said Kevin Connelly, a director at the executive search firm Spencer Stuart's Chicago office.

On the other hand, consolidation among credit card issuers is slowing hiring in that business and traditional commercial bankers continue to be less sought after, Mr. Connelly said.

Mark Esposito, managing director for financial services in New York for the search firm Christian & Timbers, said senior positions are being created to deal with technology issues. In addition to chief information officers, companies are creating chief technology officer positions to set direction for products.

Mr. Esposito said he also expects some Wall Street and New York bank executives to go to work for small to midsize regional banks or hedge funds. …

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