eFinancialCareers

First, the bad news: sadly, JPMorgan’s intention to cut between 1,000-2,000 staff in its investment bank will be focused primarily in technology and infrastructure. It is, however, likely to increase spending on electronic trading and IT within its prime services division.

And there’s even reason to believe that electronic trading still offers some job opportunities.

“The sector is by no means bullet proof, but a lot of organisations are still recruiting,” says Marcus Newman, director and specialist in the electronic, algorithmic and program trading markets at recruitment firm Riversdale Consulting. “Some investment banks are taking people on, and smaller agency-brokers who are seeing increased volumes are taking advantage of good candidates coming on to the market. There’s also some hiring from the multi-lateral trading facilities.”

He expects an increase in demand for staff with experience in smart order routing or direct market access as well as electronic trading expertise in asset classes other than equities.

For JPMorgan, enhancing its technology and e-trading facilities within its FX division is one of the top priorities for 2009. It also intends to invest significant amounts on IT within its prime services division to take advantage of the business it acquired from Bear Stearns.

“We aim to expand the business internationally, which Bear Stearns did not have as they could not afford the investment in technology but we can,” said Bill Winters, co-chief executive of investment banking at JPMorgan in an investor presentation.

Credit Suisse is thought to have bolstered its electronic trading sales team, and Deutsche Bank says it will “hire selectively, particularly in technology” within FX, according to Financial News.

Execution Limited, a UK agency-broker, also took on two ex-Lehman execs to launch its electronic trading platform and GMP Securities has hired a pair of e-trading specialists from UBS.

Paul Elworthy, associate director in the IT and banking finance division of recruitment firm Hudson, says: “I was speaking to a bulge bracket investment bank who told me electronic trading in FX is going to be a big area for them this year. Since February, we’ve seen a boost in electronic trading roles, as banks look to enter more markets and more asset classes.”