Transactional banking skills are coming back into fashion in Australia. Functions such as cash management and custodianship are weathering the financial storms better than more glamorous financial jobs.

As lending and fancy financial structuring falters, deposit-oriented bankers are becoming more sought after and less likely to get laid off. The Big Four banks are still doing replacement hiring for transactional bankers, mixed in with small amounts of growth.

“Experienced transactional bankers are an example of a resilient role – they are required to bring in additional funds and focus on deposits,” says Jane McNeill, senior regional director of Hays Banking.

Front-office sales and business development professionals are most in demand because the banks want people who can get new corporate deposits, says Ryan Webster, a senior consultant at recruiters Robert Walters.

Bankers from other job functions could potentially move into transaction roles, but only if they have sales experience because they must be able to compete for clients with rival commercial banks, adds Webster.

Specialist custodian banks are also looking in comparatively good shape. Bank of New York Mellon – the world’s largest custodian – is planning to expand its local headcount at a time when global i-banks are cutting back down under. The firm hopes to be granted branch status in Australia and to expand its document custody business.

Should you go back to basics with your career and become a transaction banker? Let us know below.