Few investment banks are hiring risk professionals in any great volume at present although there is some movement of candidates between them. With banks focused on cutting costs and undertaking restructuring programmes, they have looked to offshore or nearshore every activity that is deemed sufficiently distant from the front office. This includes risk reporting and basic information gathering.
Private Banking and Wealth Management
There is growing demand for credit risk skills within the private banking and wealth management sector. London attracts considerable sums of money from foreign private investors (particularly investors from Asia) so many banks have major expansion plans for their wealth management practices. In addition, private investment in prime London property remains buoyant so the private banks want risk professionals with strong real estate knowledge.