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Sharp decline in hiring activity within Londons financial services industry

MORGAN McKINLEY LONDON EMPLOYMENT MONITOR NOVEMBER 2008

Sharp decline in hiring activity within Londons financial services industry

Highlights

Londons financial services hiring market continues to experience significantly reduced levels of new job growth
During November 08, there was a sharp decline in the number of new job vacancies within the City, down 59% versus the same month the previous year (November 07)
There was also a drop of 30% during November 08 compared with October 08, representing the fifth consecutive month of decline in the number of new job opportunities within the City
Candidate flow was down 17% on the same month the previous year (November 07) and 18% versus October 08
The average City salary registered 46,516, down 2% compared with November 07.

Fifth month of decline in the number of new job vacancies in the City

During November 08, Londons financial services hiring market continued to experience significantly reduced levels of new job growth, registering a 59% decrease in the number of new job vacancies compared with November 07. There was also a 30% drop versus the previous month (October 08). This represents the fifth consecutive month of decline in the number of new job opportunities coming onto the City hiring market.

Concern over job security amongst many of Londons financial services professionals further slowed the fluidity of the Citys candidate market throughout November 08. The number of individuals who were looking for a new role during November 08 fell by 17% compared with the same month the previous year (November 07). There was an 18% decline versus October 08 numbers.

Robert Thesiger, CEO of Morgan McKinleys parent company, Imprint comments: The redundancy announcements and hiring freezes that have continued to make headlines in recent weeks clearly demonstrate that the financial services industry, both in London and globally, continues to face extraordinary circumstances. This is having a profound effect on the recruitment market within the sector as indicated by the sharp decline in the number of new job opportunities within the City of London compared to a year ago. Where possible, financial services professionals are staying in their current positions rather than voluntarily venturing out into what is an extremely tough jobs market.

New job growth is expected to slow further throughout the Christmas and New Year period, as is always the case at this time of year, however, there is no doubt that the reduced job figures will be exacerbated by current market conditions. Aside from this, it is very much a wait-and-see situation. The continued lack of visibility as to the future health of the global economic environment means it is difficult to say with any certainty how the first quarter of 2009 will pan out from a hiring perspective.

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