Trade talent is becoming a scarce commodity
Banks must address the nature and quality of trade finance roles to address staff longevity concerns.
Concerns around loss of expertise in the trade finance space are nothing new. Global banking research and advisory firm East & Partners noted in 2021 that banks had highlighted the difficulties of attracting and retaining trade finance talent for the better part of a decade.
This has particularly impacted bank back-office functions, which are highly dependent on experience and overall domain knowledge.
“Our observation is that there is a significant gap in terms of the ‘next generation’ available to replace those who are retiring,” says Patrick DeVilbiss, director and senior offering manager, trade and supply chain solutions at CGI. “It has become increasingly difficult to find individuals who have trade finance experience for a significant number of years, though this may also be indicative of employment trends more broadly.”
There is a significant gap in terms of the ‘next generation’ available to replace those who are retiring
Valeria Sica, global head of trade data, partnership and innovation at Citi Treasury and Trade Solutions, agrees that experience is proving harder to come by.