City jobs up 4% as investment banks hold back on hiring
2 May 2014
Recruitment in the City rose by 4% in April with recruitment activity within investment banking acting as a drag on the rest of the financial sector, according to financial recruiter Astbury Marsden.
Fri, 2 May 2014Recruitment in the City rose by 4% in April with recruitment activity within investment banking acting as a drag on the rest of the financial sector, according to financial recruiter Astbury Marsden.
According to Astbury Marsden, 2,740 new City jobs were created in April, compared to 2,640 in March. The number of new City jobs in April was up by 5% compared with the 2,610 created in April 2013.
Jonathan Nicholson, managing director, Astbury Marsden, says: “Hiring activity in investment banks continues to be dragged down by weakness in the key fixed income, currencies and commodities operations.
“Even a buoyant IPO and M&A market is not enough to outweigh the effect of underperformance of what had been huge growth areas of investment banking.”
Astbury Marsden explains that tighter regulatory capital requirements for the banks have contributed to this slowdown.
However, Nicholson adds: “Hiring outside of the large investment banks is still relatively active. There is a huge amount of work going on to get this new crop of M&A deals across the line, while the recent surge in IPO activity has continued to create a flurry of new hiring at brokerage houses and NOMADs [nominated advisers].”
Nicholson says another bright spot is "hiring for compliance and regulatory specialists, and for skilled technology staff that can design and build the automated checks and tough data security systems that regulators now expect to see”.
"Almost all banks are also continuing to invest heavily in technology as they respond to regulatory demands for stronger risk systems," he adds.
According to Astbury Marsden, 2,740 new City jobs were created in April, compared to 2,640 in March. The number of new City jobs in April was up by 5% compared with the 2,610 created in April 2013.
Jonathan Nicholson, managing director, Astbury Marsden, says: “Hiring activity in investment banks continues to be dragged down by weakness in the key fixed income, currencies and commodities operations.
“Even a buoyant IPO and M&A market is not enough to outweigh the effect of underperformance of what had been huge growth areas of investment banking.”
Astbury Marsden explains that tighter regulatory capital requirements for the banks have contributed to this slowdown.
However, Nicholson adds: “Hiring outside of the large investment banks is still relatively active. There is a huge amount of work going on to get this new crop of M&A deals across the line, while the recent surge in IPO activity has continued to create a flurry of new hiring at brokerage houses and NOMADs [nominated advisers].”
Nicholson says another bright spot is "hiring for compliance and regulatory specialists, and for skilled technology staff that can design and build the automated checks and tough data security systems that regulators now expect to see”.
"Almost all banks are also continuing to invest heavily in technology as they respond to regulatory demands for stronger risk systems," he adds.
