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Categorized | Banks

City jobs vacancies show sharp fall

Posted on October 31, 2012

Job vacancies in the City in October were down by 36 per cent on a year ago as the gloom surrounding London’s financial sector refused to shift, a big recruitment agency has reported.

The findings from Morgan McKinley follow confirmation of an international cull of 10,000 investment banking jobs at UBS, which is expected to have serious implications for the bank’s 6,500 London staff. About 100 fixed-income traders were shut out of the Finsbury Avenue office on Tuesday.

    Morgan McKinley said the number of City vacancies was up by 11 per cent to 2,457 compared with September, but that was in line with the seasonal pattern seen in recent years.

    “Typically at this time of year, hiring activity increases as managers are ensuring they utilise budget and get sign-off in time to add headcount before the year end,” said Hakan Enver, operations director at Morgan McKinley Financial Services.

    He said confidence among employers and job seekers was “marginally better” than in July-September but November was unlikely to bring much improvement in job availability.

    The pattern was confirmed in separate estimates by Astbury Marsden, another recruiter, which said new jobs were 10 per cent up on September but 14 per cent down on a year ago.

    Mark Cameron, chief operating officer, said: “This is still a very difficult jobs market, with a huge surplus of talented finance staff who are looking for jobs and continued cost cutting at some of Europe’s biggest investment banks.”

    He added: “In a normal market you’ll have at least one of the larger investment banks taking advantage of weakness in the jobs market by going on an aggressive hiring spree and building capacity. That just isn’t happening at the moment.”