City banks 'need HR staff'

City banks 'need HR staff'

19.9.2008

Human Resources (HR) professionals are set to benefit from banks in the City having to lose employees, it has been claimed.

Compared to last year the London Recruitment Monitor by Morgan McKinley found the number of job vacancies in the City has fallen by 34 per cent, Personnel Today reported.

However, HR experts are still in demand in the financial services sector as banks lay off workers, Daniel Naftalin, partner in the employment group at law firm Mishcon de Reya, told Personnel Today.

With so many banks collapsing, some employees are having problems receiving their wages. Staff at Lehman Brothers in the UK are owed around £40 million and it was originally uncertain whether the funds would be available to pay them.

"Companies will need experienced HR people to manage employment and redundancy situations for them," Mr Naftlin said.

Yesterday it was announced that HR staff at Lloyds TSB and HBOS may face cuts following the agreement of a £12.2 billion takeover deal, Personnel Today reported.

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