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Recruiting new talent is hampered by banking's tarnished reputation.
Dark clouds brought about by 2008's banking meltdown continue to loom over the sector. London banks are facing increased taxation resulting in key talent looking East. Risk professionals continue to be sought to prevent another meltdown but this war for talent is a global one and while experienced hires are in short supply, recruiting new talent is hampered by banking's tarnished reputation.
Last month's Budget heralded the 'march of the makers' and a rebalancing of the economy away from banking. The Chancellor introduced a corporate bank levy, a levy that's causing bankers to move to more "Westernised regions" such as Singapore and Hong Kong, says Mark Cameron, Astbury Marsden chief executive.