Investment banks are taking a hard look at their suppliers at present with the aim of generating savings and making sure that they are getting best value. IT procurement is a big priority for investment banks due to their heavy spend in this area and they also have an eye on their professional services costs, particularly legal fees and marketing. Procurement professionals are vital to larger banks’ business strategies. Meanwhile, smaller investment banks, which didn’t previously have centralised procurement functions, are starting to set them up and are recruiting as a result.
Cost cutting remains a major theme within retail banking so banks are looking to their procurement professionals to help them make significant savings and get additional value from suppliers. Particular demand exists for IT category managers since technology is banks’ biggest area of spend. Banks are also looking for more specialists in supplier relationship management who can maximise relationships and build efficiencies with existing suppliers.