While macro uncertainty and rate rises are adding caution to hiring decisions, activity levels remain strong overall. The difference is in the detail: demand has slowed in product and distribution, but accelerated in credit. This is particularly in the non-bank lending space with high demand for residential lending skills, particularly in specialised lending and non-conforming debt.

At the corporate and institutional end, hiring has returned, but selectively: Infrastructure finance and private credit are driving most of the activity.

Transformations and restructures continue to influence the timing of hiring. AI and digital transformation are also starting to reshape skill and headcount requirements, particularly across product and credit functions.

What we’re seeing on the ground

• Permanent roles are still the priority, particularly in client-facing distribution roles where continuity matters
• Contract hiring exists across product and credit, but remains difficult due to candidate preferences for permanent roles

Where the market is heading

Growth is expected to continue in commercial lending, where margins remain attractive for both major banks and smaller players.

Demand for specialised lending skill sets within residential lending and the non bank sector is expected to continue, whilst private credit continues to expand.

The practical takeaway

For candidates, being intentional matters more than ever. A targeted job search, clear motivations, and alignment with an organisation’s values are increasingly important in a more selective hiring environment.

For hiring managers, be aware that lengthy processes, unrealistic expectations and hiring with a “perfect candidate” mindset are costing businesses strong hires.