The crisis drives finance specialists to return home

But this financial El Dorado has now been shaken by the international economic crisis. This shock wave was so strong that some voices say that the jobs of up to 10 percent of investment banking employees could disappear in the coming two months. Capital markets and bank loan departments are equally affected.

So, what is the plan? For some, it is a return to Romania. One of the problems is to find a job suited to their qualifications. The annual salaries of Romanians working in the City range from Ł60,000-Ł120,000 (some €75,000-€150,000), plus bonuses (which multiply the fixed salary by 3-8 times). “I know many Romanians in the City who are waiting to find out whether they will be laid off within two weeks. Some of them are considering returning if they find a good job, but those who worked here have savings, which will allow them to spend six months finding a good job,” said Valentin Ciobotaru, one of the City’s brokers. “If until recently I received 4-5 resumes a week from Romanians working in financial centers in the US, Canada, and Britain, now I receive 10-15, and the number is rising,” said George Butunoiu, headhunter in Romania.

A middle management position in the financial service sector requires a net monthly salary of €4,000-€6,000 while salaries for top management positions range from €8,000-€10,000.

According to Matei Paun, Managing Partner of the BAC Investment advisory company, there are not many vacancies on the market at present. The market is in a slight recession, where the rapid expansion registered in 2000 is no longer visible. “A qualified person will always find a job,” he added. The sector with the highest hiring rate today is the corporate segment, with positions as Chief Financial Officer or in Treasury departments.

“Romanians generally return home from the City because personnel cuts are massive there, the atmosphere is rather grim, and everybody is wondering whether he will be the next to be laid off. Living expenses are very high - monthly rents exceed Ł1,000 [€1,236.24],” said Arin Ion, Partner of the BAC Investment firm, who returned to Romania in March 2008. Mariana Gheorghe, CEO of Romania’s largest company, Petrom, said that the local market could benefit from the return of Romanians from large financial centers. “If we decide to hire people for positions corresponding to the profile of Romanians who desire to return, and if they apply, we will of course wish to take advantage of their skills,” Gheorghe told Business Standard. “There are Romanian specialists in the financial sector who want to come home, but we cannot yet talk about a mass phenomenon. Being laid off is very much luck of the draw for every person, depending on the department (s)he is working in, and the extent to which the crisis is affecting the respective segment or financial institution,” said the BGC Partners brokerage company Specialist, Bobby Colibaba.