There was a significant increase in demand for permanent equity operations staff in the UK in the six months to March 2001, according to the recruitment company Robert Walters.
Amy Butler, a consultant at Robert Walters, said: "Greater accessibility through internet dealing is being offered by the investment banks. This increased trades, which has in turn increased the need for support staff."
She said operations staff salaries have marginally increased in other areas too, such as corporate actions and derivatives. High quality candidates were in particular demand.
Salaries increased slightly in the six months to March, Butler said. A March 2001 survey by Robert Walters shows upper tier heads of equity operations, for example, earning between 80,000 (€28,000) and 120,000, compared with 80,000 - 110,000 in August 2000.
The March survey shows that upper tier heads of fixed income operations earned between 75,000 and 115,000, compared to 75,000 - 105,000 in August..
The largest increase was in derivatives. Operations heads earned between 85,000 and 120,000, compared to 85,000 - 95,000 in August 2000.
The impact on the job market of the current economic uncertainty remains to be seen. "At the moment we see that recent downturns in the stockmarkets have not majorly affected salaries within banking operations," said Butler.