The banking and financial sector is turning to interim managers to support it through a period of major transformation, according to Russam GMS, the interim management provider.

The latest twice-yearly snapshot survey of 12,000 interims reveals that banking, finance and insurance was the second largest sector for assignments, with only engineering and manufacturing having a greater share.

Referring to the use of interims for major transformation projects within banking and finance, Jason Atkinson, managing director of Russam Interim, says: “It makes more financial and business sense to hire in this specialist resource on a project basis. Interim is a great option as it is a resource that can be turned on and off – something which appeals to a sector still going through major change and turbulent times.”

Mark Hayes-Newington, managing director at the Financial Services Forum, says: “In financial services, the interim role is becoming increasing important, particularly in areas like marketing where there are a higher number of senior women. 

“Interims are being used in many areas from handling gaps around maternity leave, through to the management of projects, be these development projects or implementation of new initiatives.”

The research found that banking, finance and insurance was the second highest paying sector for interims, with an average daily rate of £701 per day, with only those working in the FMCG (fast moving consumer goods) sector paid more at £853 per day. 

Recent research from the Interim Management Association (IMA) backs this up as it found banking and finance accounted for over half (53%) of all interim management assignments in the private sector during the first quarter of 2012, up 14 percentage points from the previous quarter.