Bank jobs, finance jobs, recruitment in the financial markets, accounting and investment banking. Find jobs, post resumes and browse job market news

Fixed income, currencies and commodities (FICC) divisions of investment banks have been the main drivers of solid first half results, bumper bonuses are expected and even crisis stricken banks are recruiting in this area. Life is good, right? Well, perhaps not for much longer.

Credit Suisse analysts have suggested in new report that as the shock of Lehman's collapse begins to wear off, these markets will return to normal in the second half of 2009, which will inevitably mean banks' profits take a hit.

"The very strong performance in business lines such as flow interest-rate derivatives, foreign exchange and money markets (typically highly commoditised and low-margin products) has masked the true extent of the deterioration in underlying profitability of the European investment banking franchise."

This is not welcome news to the likes of UBS and Royal Bank of Scotland, which are looking to bolster their teams in this area. UBS has recruited 20 to its FICC team and intends to hire more, while it's thought that RBS is being increasingly generous to people in areas likes rates, currencies and credit trading.

Similarly, with most banks posting strong fixed income trading revenues, a recent report by pay consultancy Johnson Associates is projecting a 50% increase in bonus payouts for those within the division.

But the Credit Suisse research shows that margins are on the slide. Deutsche Bank's dropped by 45% less for fixed income trading in the second quarter than in Q1, while RBS has recorded a 58% fall in rates and 33% in FX.