Even in a recession, the financial services industry is still hiring but patience is a virtue

Toronto Star
June 27, 2009

Nadeem Anwar knows how difficult it is to land a job in Toronto’s financial services industry during this recession.

He, along with his wife and three children, migrated from Pakistan last year. Despite having more than a decade of foreign experience in the industry, finding suitable work in Canada’s financial capital was nothing short of a challenge.

Not only was Anwar new to the country, but the final leg of his job hunt coincided with the economic downturn. He quickly realized that securing his first position here would require more than just patience; he would have to rise above the growing competition for hot banking jobs.

“Reaching Toronto, I started targeting major banks and financial institutions looking for an appropriate job,” Anwar said in a recent interview. “But several months of effort didn’t really produce any results.”

In fact, it took him eight months to get a job. He works as an account manager, small business trainee at the Bank of Nova Scotia in Markham. During that time, Anwar made every effort to make himself more marketable to potential employers.

As part of that endeavour, he joined ACCES Employment. The non-profit organization runs a “financial services connections” program for internationally trained professionals.

There he soaked up tips on refining his resume and interview skills among other guidance. With his job search organized, Anwar says he was “mentally alert” for any opportunity.

In early November, he posted his rewritten resume on Scotiabank’s website. The next morning he got a telephone call, which led to a series of interviews. Within a month, he was offered a job.

“It is difficult these days. It is nothing on a platter,” Anwar said. “If you are persistent and you are looking for it then opportunities, they do (arise). People are still getting jobs.”

While the global financial crisis and ensuing recession did not begin on Bay Street, Toronto’s financial services industry has not been immune to the turmoil.

As profits slump, the industry is focused on reining in costs and that has resulted in some layoffs at banks, brokerages, insurers and mutual fund companies. In late May, for instance, Bank of Montreal announced it would cut about 3 per cent of its workforce.

Even so, other industry players say they are still hiring.

Cory Garlough, Scotiabank’s vice-president of global employment solutions, says there continues be good careers in financial services despite the tough labour market.

“And Toronto being the hub of that, that’s good news in some regard,” he said.

Scotiabank has opportunities “key support functions” like audit, human resources, finance and information technology. Moreover, normal attrition at its branches also results in postings for customer service representatives, personal banking officers and financial advisers.

While some jobs require licensing or other regulatory prerequisites, certain entry level positions do not require a banking background because those employees can be trained. That’s also the case at Royal Bank of Canada, says Michelle Braaten, senior manager international recruitment and strategy.

“You could have no degree or a liberal arts degree, or what have you, to come into many of the entry level roles as long as you’ve got experience somehow doing some sort of client interaction,” she explained. That “affinity for the client” could come from a wide variety of sectors including retail or food service.

Overall, RBC is hiring in a variety of branch roles. There are also some technology positions, in addition to those for experienced financial planners and private bankers.

TD Bank Financial Group, meanwhile, is hiring at an “accelerated rate” in certain growth areas, said Leslie Quinlan, vice-president of talent management.

The bank is adding net new positions in its wealth business, in roles such as investment advisers, financial planners and private bankers. At its discount brokerage, it is looking for investment representatives to take the calls on the discount brokerage line.

TD is also “rapidly recruiting” commercial bankers, small business advisers, agricultural account managers and real estate account managers. Its corporate office is also looking for people with backgrounds in information technology, risk management and audit.

Elsewhere in the industry, financial services firm Edward Jones recently announced plans to hire 250 financial advisers and 250 branch office administers in the Greater Toronto Area and the Golden Horseshoe over the next five years.

Gary Reamey, principal at Edward Jones Canada, said the company has chosen to expand its workforce because there is a growing “need” for good financial advice during the recession.”

Reference: Toronto Star