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About In House Tax

About In House Tax

This weblog is a news and views site for tax professionals within the UK and international in-house tax community.  You will find information about appointments and people moves in and around the in-house tax market, issues affecting the in-house tax professional, opinions on the state of the tax job market, updates on tax technology, and other general thoughts of the day.

Hope you find it useful.

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Location: St Albans, United Kingdom

This site has been developed by Simon Godley, who also runs the niche tax recruitment company Talentpool Selection . Simon spends a lot of his time placing tax specialists into FTSE companies, large in-bound groups and some professional services organisations. He also recruits and is well networked around the UK tax technology and VAT markets.

Tax News

Credit Crunch - Impact on in-house tax jobs?

Wednesday, 26 September 2007

I am now hearing from a few independant sources of recruitment freezes affecting the large corporations and global banks in London that are looking to recuit. This is all quite worrying, and it would seem that this time the banks are not being slow off the mark to bring down the recruitment shutters. Although I guess this time the potential financial crises is happening in their back yard, rather than being sparked by an Enron or dot-com crash, and so they should know when to stop hiring.

Bob Reynolds, editor of Tax Careers, comments in their latest issue that recruiters are in somewhat of self-denial about what may happen to jobs in financial institutions, and that their attitude seems to be stay calm, your jobs are safe, everything will be OK. Bob responds with 'The banks will make some cuts and then, if the global economy improves, attempt to recruit again'. I would tend to agree with Bob on that.

If this potential crises does end up hitting us all hard, then in terms of in-house tax jobs, I suspect that it will be the major top tier banks and corporate giants that will need to cut in some areas, but generally in-house tax teams tend to stay fairly resilient in down turns. Tax teams within second tier banks and most other FTSE companies should stay at roughly the same size through a turbulent time. Some stand-alone tax roles may be at risk, but I think it will depend on their particular corporate sector.

The current nervousness in the market could all blow over in the next few months, and us recruiters will be smiling again, but I sense that the next couple of years could be a bit more difficult.

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posted by Simon Godley


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