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 11 October 2008 21:47 BST

New jobs in London's financial sector 23 per cent down

Thursday, 10 Apr 2008 15:30
New job opportunities in London's financial sector are down

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New job opportunities in London's financial services sector are down 23 per cent from March last year, according to research.

Huge losses across the industry stemming from the US subprime crisis have dented confidence, according to research from Morgan McKinley.

The study found candidates looking for new roles also took an average of ten days longer to secure a job when compared to last year.

The average City salary remained relatively steady at £49,765, a drop of 0.7 per cent on February 08 and 0.6 per cent on the year. However, individuals can still gain an average 20 per cent increase on their basic salary when moving roles.

Robert Thesiger, chief executive of Morgan McKinley's parent company, Imprint, said: "The slower pace of new job opportunities coming on to the market in January and February has continued throughout March.

"Job volumes are lower, candidate supply has exceeded demand for the third consecutive month this year and the time it takes for individuals to secure a new job has increased by an average of 26 per cent."

Mr Thesiger added: "I think most would agree that the remainder of 2008 will be tough for both the financial services industry and financial services recruitment."

Morgan McKinley said that although traditional high volume recruiters have held back on their headcount increases, niche boutiques and smaller investment houses have continued with their expansion and hiring plans, creating alternative career options for the City's talent. End of story


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