Job growth in the finance sector is at a 12-year low, according to a Manpower Outlook which found the majority of firms had a cautious hiring plans.

Nine percent of employers in the sector are planning to take on more workers, whilst 2% intend to reduce the amount of employees for the April to June period. Although hiring is 1% stronger than the net employment outlook for the UK, which is +6%, the sector is experiencing a 12% point weakening year-on-year.

“The decline in hiring confidence in the City and financial institutions sparks a genuine concern over the impact of the credit crunch. We are seeing a significant slowdown in this sector compared to last year," said Paul Robbins, head of Manpower Professional.