The ultimate career hedge: an organisation hiring up to 30 people in London this year, that stands to become increasingly important as the crisis in Europe worsens
If you are looking to hedge your financial services career, may we suggest: the European Banking Authority. It's in London. It's hiring. And under putative plans for a European Banking Union it has the potential to become more important, not less.
Right now, the EBA has 65 people in London, explains communications officer Romain Sadet. By the end of the year, it plans to have up to 95. It's not actually advertising for many (except a procurement assistant and admin assistant) at the moment, but it will be soon.
The EBA's master plan suggests none of its employees are actually bona fide full time proper employees. Instead, they're all on temporary contracts, or are national experts on secondment. For a flavour of the sorts of people the EBA looks for, in the past it's advertised for:
Temporary agents :
Policy expert credit risk/market risk
Junior Policy expert investment services
National Experts on secondment :
Policy expert - credit risk/market risk
Policy expert - crisis management
Policy expert - macro-prudential buffers
Romain tells us that a lot of the people working at the EBA come from national regulators. However, he says there's nothing to say they wouldn't hire from banks too.
The EBA even appears to pay quite well. Its total budget for 92 people is around €11m, suggesting average compensation per head of €120k (£96k).
Needless to say, there are downsides. Most notably, David Cameron has said the UK won't be taking part in a European banking Union. In the circumstances, it's hard to see the EBA staying in London. That's not to say all the people hired to work for the Authority in Tower 42 won't be moved wholesale to Frankfurt in the next 24 months.