Chunky decline in City jobs, corroborates recruiters’ data
1 October 2012
Depending on which is your City recruiter of choice, newly-available financial services jobs in London in September dropped 15% to 2,490 jobs or 19% to 2,205 on August, according to Astbury Marsden and Morgan McKinley respectively.
Mon, 1 Oct 2012
Depending on which is your City recruiter of choice, newly-available financial services jobs in London in September dropped 15% to 2,490 jobs or 19% to 2,205 on August, according to Astbury Marsden and Morgan McKinley respectively.
This time one year ago, the two companies had remarkably similar estimates of City job figures – Astbury Marsden at 3,840, and Morgan McKinley with 3,843, indicating declines of 35% and 43% respectively year-on-year.The Morgan McKinley survey also shows a rise in salaries for those offered jobs in September, up 17% year-on-year, amidst a much narrowed candidate pool, with 3,799 people looking for jobs last month, from 8,610 in September 2011.
Says Hakan Enver, operations director of Morgan McKinley Financial Services: “The decrease does broadly follow the pattern of hiring activity across the City in the last six years. Each year from August to September job availability has fallen; the difference this month is the size of the decline, which means we are now at the lowest number of available jobs since December 2011.”
Mark Cameron, chief operating officer at Astbury Marsden, notes: “We are also entering a stage of the year when activity dips and HR departments and senior management teams within banks start to review recruitment strategies for the next year. As the latter stage of the year approaches, many will batten down the hatches and wait until the New Year before making additional department hires.”
Depending on which is your City recruiter of choice, newly-available financial services jobs in London in September dropped 15% to 2,490 jobs or 19% to 2,205 on August, according to Astbury Marsden and Morgan McKinley respectively.
This time one year ago, the two companies had remarkably similar estimates of City job figures – Astbury Marsden at 3,840, and Morgan McKinley with 3,843, indicating declines of 35% and 43% respectively year-on-year.The Morgan McKinley survey also shows a rise in salaries for those offered jobs in September, up 17% year-on-year, amidst a much narrowed candidate pool, with 3,799 people looking for jobs last month, from 8,610 in September 2011.
Says Hakan Enver, operations director of Morgan McKinley Financial Services: “The decrease does broadly follow the pattern of hiring activity across the City in the last six years. Each year from August to September job availability has fallen; the difference this month is the size of the decline, which means we are now at the lowest number of available jobs since December 2011.”
Mark Cameron, chief operating officer at Astbury Marsden, notes: “We are also entering a stage of the year when activity dips and HR departments and senior management teams within banks start to review recruitment strategies for the next year. As the latter stage of the year approaches, many will batten down the hatches and wait until the New Year before making additional department hires.”
- This news comes the same day a survey from the Confederation of British Industry (CBI) shows the first fall in profitability in UK financial services since June 2009 – although this is expected to be temporary.
