Will Back and Middle Office Staff Move Up To Replace Costly Front Office Employees ?

Once in back office, always in back office. Or so they say, and there's no doubt it has been very difficult to make the leap from back or middle office to front office these days (although less so from back to middle office). But that might all be about to change.

In an environment where costs are king, many firms are said to be on the look-out from bright young things from among their current back and middle-office workforce with a view to giving them opportunities to progess into front office.

You see, as banks review their cost base they have come to realise that they may have some very talented people on their payrolls already - folks who would jump at the chance at some career progression. And the thing is, of course, they are relatively cheap (in fact, probably as cheap as chips). 

The view is, it might make sense for banks to start training up junior staff with potential in order for them to replace more expensive employees in due course. Over the long-term, of course, this may be good for business as it will encourage employees with potential to join firms where they see that there are likely to be opportunities to move up, and it may well serve to set the compensation bar a bit lower (which is, after all, the aim of most firms in the industry these days in any case).

So, these tough times in the markets could bring opportunities for some after all. And, fancy, Wall Street actually thinking of bringing staff up through the ranks! Who would have believed it ? But needs must.