City job applications leap 47% year on year

City job applications leap 47% year on year

7,400 applications in February 2011, up from 5,020 in February 2010

The number of City staff applying for new jobs has leapt 47% in one year according to Astbury Marsden, the leading financial services recruitment firm.

Astbury Marsden says that they received more than 7,400 applications from City staff looking to switch employers in February 2011 compared to 5,020 in February 2010.

The figures also represent a 25% rise on the 5,880 applications in January 2011.

Astbury Marsden points out that an undercurrent of dissatisfaction with bonuses is prompting City staff to consider a change in jobs.

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “With the vast majority of banking staff now aware of their bonus payment, this typically kicks off the annual City hiring season as investment bankers consider their salary expectations and career opportunities.”

“Whilst some City workers – many of whom will be the rainmakers and star traders – will be enjoying very lucrative bonuses this year, the mood regarding bonuses for most City staff is far from content.”

Says Mark Cameron: “Dissatisfaction about pay is inevitable amongst such a hyper-competitive cohort as investment bankers – they see bonuses as the way to keep score and they hate to lose.”

“Because of the banking crisis employers have not had to be so wary of staff defections over the last three years’ bonus rounds but this year it seems back to service as normal.”

“Let’s not overplay this – we are not seeing bank staff hand in their notice en-masse. But if a banker doesn’t get the bonus she or he had hoped for then they see it as sign that they are undervalued by the employer and they are starting to look at their options elsewhere.”

“Staff attrition is always a headache for City employers during the first quarter of the year, but we are hearing anecdotal evidence of some investment banking departments bracing themselves for staff turnover in excess of 20%. A large portion of new vacancies on offer will be to counteract this staff churn.”

Areas in demand

Astbury Marsden says that there were over 5,740 City roles created in February 2011, a 30% rise on the 4,425 created in February 2010.

The figures also represent a 6% rise on the 5,440 jobs created in January 2011.

Mark Cameron says: “The growing turnover in derivatives is fuelling demand for experts in many classes of these products. Regulatory, financial and risk related change staff are in high demand as banks prepare for the implications of Basel III for their balance sheets. ”

Mark Cameron adds: “Banks are looking to maximise revenue opportunities and are investing in FX and commodities. Currencies and commodity prices have continued to remain highly volatile, which has meant an on-going surge in business volumes for traders in these sectors.”