FO is shrinking across the large investment banks. The market is not developing new products that will need new pricing formulas, if anything it is reverting to more vanilla structures.
Nowdays FO quants typically hack existing models around the corners to manage new market conditions (change Sabr a bit to deal with negative rates, refine the treatment of Fed meeting dates, deal with many curves, etc).
Also there are new regulatory requirements that affect the FO and engage FO quants. In addition the FO needs to provide tools/functionality for traders and desk risk managers to manage regulation. Things like better P&L attribution for FRTB, better treatment of shocks used for stress testing and stressed VaR, better alignment of sources for BCBS239, initial margins, 'what if'/ capital impacts, and more. This is again dev/db work but not pricing.
FO quants are expensive, and good ones are hard to find. Therefore banks would not easily fire them in large numbers, however they can stop hiring new talent and recycle existing headcount.
Fresh quants are hired in Risk to my knowledge. Actually, in many banks the FO has attempted to take over risk functionality. But this does not require pricing knowledge (actually the FO frame of mind might make things worse). For Risk you need good grasp of time series/ econometrics, statistics, economics, and a decent all-round understanding of FO models and market structure. You also need to be a good communicator.
Quants are also hired in hedge funds. Again this does not require pricing, but stats, machine learning, basic finance and databases. Unless you work at a very particular place.
This is obviously my personal experience (I am heading a team of quants in London). You can see that others here have a different perspective.