Job vacancies in the financial services sector are up by almost a fifth in May on the same period last year, according to Morgan McKinley’s last employment survey.

The survey showed that salaries for more senior staff are above £80,000, while basic salaries have stayed around £50,000 for the third month in a row.

Demand has remained high across all levels of banking and investment management sectors, but particularly in demand are senior accountants, compliance specialists and operations experts.

Morgan McKinley chief executive Robert Thesiger said: “What is a new development is demand for project managers, which is an indication banks are expanding their businesses rather than just continuing existing business lines.”

He added that the amount of movement would slow down over the summer, with most bakers wanting to move having done so by this point in the year.