The number of new City jobs fell by 10% month-on-month in July, according to the latest the Morgan McKinley London Employment Monitor.

The research shows job numbers fell by 10% month-on-month from 5,544 down to 4,977 in July and 18% year-on-year, down from 6,048 to 4,977.

The number of professionals looking for new roles fell by 44% from June to July this year, while the number of professional jobseekers fell 14% compared to July 2010.

Meanwhile, the time taken to fill new roles rose to 57 days this July, up from 47 the previous month.

Andrew Evans, chief operations officer, Morgan McKinley Financial Services, says: “The decline in financial services job opportunities in July 2011 is unsurprising given recent economic issues: there is currently significant turmoil in financial markets; banks are reducing headcounts; Q2 results were on the whole below expectations, plus the summer holiday period typically sees a slowdown in recruitment activity.

“The number of professionals entering the jobs market in July has seen a particularly sharp fall compared to June. This is also a result of the uncertainty caused by these multiple factors colliding to unsettle the market at the same time.

“Despite turbulence in the financial services sector, hiring has not completely ground to a halt. We are still seeing financial institutions focused on securing top talent in certain areas of the market. However, talent retention and internal career development have now risen up the agenda for many HR and line managers under pressure to reduce overheads while driving business performance.”