Financial services recover after slump

Mon, 13 Jul 2009

Financial services recruitment is recovering after a prolonged slump, according to data from pre‐employment screening firm Powerchex.

There were 81% fewer jobs for investment bankers when comparing the second quarter of 2008 to the second quarter of 2009, while insurance firms jobs fell by only 26%.

Managers, hedge funds, stockbrokers and IT contractors who provide services to the industry, all saw recruitment slump by over 40%.

Positive signs were noted as stockbrokers who increased recruitment by 77% when comparing the first quarter of 2009 to the second quarter. Insurance firms (8%) and investment managers (8%) also increased hiring during this period with hedge funds (‐2%) and IT contractors for the industry (‐3%) only seeing small falls.

Alexandra Kelly, managing director of Powerchex, says: “Things are certainly improving within financial services.

“Firms have been recruiting quite aggressively recently as the economic situation stabilises and they attempt to make the most of a very talented pool of people who are desperate for work. Things haven’t returned to last year’s levels but there are plenty of jobs out there.”

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