As the employment market in your job function splutters slowly back to life in Asia, spare a thought for those who once specialised in securitisation.

The public blames them for starting the financial crisis; they were probably made redundant last year; and their job function isn’t exactly a priority for banks trying to rebuild their brands.

Perhaps unsurprisingly, the employment market is still tough. Some banks have quit securitisation altogether, while transaction volumes have fallen across the board.

Fabrice Desmarescaux, head of Asia Pacific financial services at Spencer Stuart, puts it bluntly: “I have seen a lot of resumes, and not a single opportunity where I could help placing them.”

Many securitisation professionals have been forced to consider jobs that draw upon their core skills. “Lots of them are still on the look out for the right opportunities. However, the ones who have found placements have mainly gone into credit-risk roles,” says Farida Charania, director at search firm Nastrac.

Tanya Sinha, senior regional consultant, Quest on the Frontier, adds: “The luckier ones have managed to land positions in structured finance, albeit with smaller organisations, as well as in start-ups in debt capital markets."

Alternative homes for ex-securitisation staff include rating agencies, debt restructuring boutiques and accounting firms. Some senior pros have even started their own advisory/consulting firms.

The outlook is much bleaker for juniors whose entire careers were in securitisation. Although these candidates might have some of the experience required for other job functions, firms usually have plenty of applicants for analyst and associate roles, so they can demand a 100% match.

But the occasional securitisation vacancy does crop up. Japanese banks, in particular Nomura and Bank of Tokyo-Mitsubishi UFJ, are actually doing some hiring in Asia. “They have picked up a few selective talents and are beefing up their securitisation teams,” adds one headhunter who asked not to be named.