The international banking market has proved a hive of activity in 2005, and that activity looks certain to continue during 2006 and beyond. Internationalisation is the order of the day at both the wholesale and retail level, with interesting developments taking place around the world. Many emerging markets are witnessing an expansion in the presence of a growing number of foreign-headquartered banks, opening up new opportunities on a global scale. Who could possibly have forecast ten years ago, even five years ago, that BNP Paribas would be acquiring a 51% stake in a Ukrainian bank? Or that JP Morgan Chase would be announcing its intention to have a total of 9,000 Indian staff by the end of 2007, one-third of whom will work for its investment bank? Or that Morgan Stanley would be opening a branch in Dubai, its first on-the-ground commitment to the region?

Mega-bonuses are back in fashion in investment banking, and hogging the headlines, and while for this year at least the really plum prizes are being reserved for the people who actually generate extra income and there profit, the trickle-down effect means that it's not only those in the thick of the fray who are benefiting from increased prosperity.

These musings, first prompted by the early winter issue of Quarterly Business Forecasts: London, a regular publication from the centre for economics and business research (cebr) were borne out in December as the US investment banks began to report stellar profits, largely thanks to the large-scale renewal of mergers and acquisitions in a number of markets, most notably the USA and the UK. The report says that the number of City-type jobs in the UK capital ecovered to dot.com boom peak levels this year, and that the Square Mile's payroll is forecast to average 328,700 in 2006, up 3,000 from last year, and 330,500 in 2007.

"London has strengthened its position as a financial sector hub for Russia, Eastern Europe and Asia as well as Western Europe," says the cebr. "Meanwhile, we estimate that M&A activity has risen by 32% after a rise of 64% last year (though the value is still less than a third of the peak level in 2000). A rising equity market has driven activity in this while activity in the derivatives sector will have more than doubled since 2001."

But wherever there's a silver lining, there will generally be a nasty looking cloud attached. 'Next year we expect the pace of world economic growth to slow and for this to be reflected in financial activity, so jobs growth is likely to be much lower," warns the cebr. 'The City, defined broadly, is doing well at the moment, particularly on the back of new fast growing sectors like derivatives and hedge funds. But over the coming years, as business growth slows down we expect that there will be more people chasing after the same business, and we expect that there will be a more competitive environment.'

Against this backdrop, the recruitment numbers at JP Morgan have not changed in the recent past, says Helen Bostock, Vice-President, Head of Graduate Marketing, JPMorgan. The investment bank, the second-largest bank in the world, always recruits in excess of 200 graduates a year in the UK. Its pan-European recruitment plans include the hiring of 300-350 graduates, compared with 350-400 in the United States, as well as the 3,000 new staff that the JP Morgan Chase holding company is hiring in India.

Recruitment in the financial sector is intensifying, especially in London, Paris and Frankfurt. Says Charles Watkin, GE Commercial Finance Organisation and Staffing Manager, Corporate Financial Services. Recruitment in the financial sector goes in cycles and none of the pressures are particularly new as such. The health of the European finance industry, combined with new product development and the introduction of niche players, has contributed to the current recruitment climate. Companies that offer a defined career path and in-depth training programs will continue to attract top graduates in Europe.

GE Commercial Finance is focused on doing just that. GE has a reputation for developing business leaders and by providing real career direction, continuous learning and education programmes and access to leaders from day one, graduates can see what GE has to offer them. In addition, GE Commercial Finance has a range of different options available to recruits, including part time and home working arrangements to make sure that we attract the most suitable candidates.

From a recruitment standpoint, there is more confidence around than in the recent past, he believes. Graduates typically look for challenging and rewarding careers. As a company, GE offers employees multi-geography, multi-function and multi-business opportunities and this is an attractive proposition for both university graduates and MBA students.

At GE we offer graduates and post-graduates a range of direct entry programmes (a mixture of two-year, rotational assignments and training) such as:
Risk Management Leadership Programme;
Financial Management Leadership Programme;
Human Resources Leadership Programme;
Information Management Leadership Programme;
Experienced Commercial Leadership Programme.

GE employees thus experience the full breadth of the offering, with exposure to senior business leaders with work on live, real-time projects. In addition, GE Commercial Finance provides graduates with a tiered training schedule to reflect each stage of their development. And, as you would expect, equal opportunities and diversity are paramount across the whole organisation.

The company plans to continue to attract and hire top European talent to support growth in all areas of its business ­ such as real estate, corporate finance, leasing, lending and asset management, he continues. "As a business, GE Commercial Finance in Europe recruits local market experts and local management teams to provide solutions to local customers. As a consequence, there are career opportunities for graduates throughout Europe. We work closely with a number of leading universities and business schools across Europe, giving presentations and attending seminars with graduates, to show the scope of the opportunities within GE. We are keen to attract the best graduate talent wherever they come from."

"GE Commercial Finance recruits from all over the world to support growth in a business,function or region. Within GE Commercial Finance in Europe, we typically recruit 100 graduates and post-graduates every year to our leadership programmes. In addition, graduates and post-graduates will be recruited directly into businesses where opportunities exist. GE Commercial Finance has grown significantly in Europe in recent years and this is reflected in the number of European graduates we've recruited. GE has a well-defined set of values and leadership traits that describe the qualities that we are looking for in individuals and this helps employees advance through the organisation. These traits include integrity, commitment, openness, teamwork and curiosity that help drive GE forward."

"We are also focused on creating a company-wide, customer-centric culture and potential employees should embrace this approach and think of ways to deliver value to customers. Ability, enthusiasm, curiosity, external focus and someone with imagination who is receptive to innovation and change are all qualities that would suit a career at GE. "

Elsewhere in financial services, 'speed recruitment' - a new recruitment concept that has taken inspiration from the speed-dating phenomenon, is being used by Deloitte to bag the most talented graduates. Speed recruitment brings together graduate job seekers and a Deloitte representative for a ten-minute face-to-face introductory meeting. The graduate candidates, selected by Reed Graduates which has also designed and organised the company's first event in London, will have an opportunity to hear at first hand about Deloitte and the full range of career opportunities that could be open to them. Not only will Deloitte present its credentials to the candidate but graduates will also be able to talk through their experience and credentials.

Commenting on the new recruitment method, Sarah Shillingford, Graduate Recruitment Partner at Deloitte, said: With Deloitte recruiting an extra 30% more graduate candidates this year due to significant growth across the firm, we believe this new initiative helps us reach the many graduates that are not starting the job hunt until after final University exams are completed."