City job vacancies more than double
City job vacancies more than double in the first quarter of 2010
53,000 City job vacancies expected in 2010 up 26%
21% increase in City staff looking for new jobs
City job vacancies have increased by 121% in the first quarter of 2010 to 11,020 roles from 4,970 in the first quarter of 2009 reveals research by Astbury Marsden, a leading financial services recruitment firm
New candidate registrations also saw a sharp rise of 21% in the first quarter of 2010 compared to Q1 2009. Astbury Marsden explains that City workers seem to have restarted their customary post bonus payment review of the jobs market. In 2008 and 2009 the weak jobs market meant that many employees that were dissatisfied with their jobs stayed put.
Mark Cameron, Chief Operating Officer at Astbury Marsden, says: The first quarter is traditionally a popular time for City employees looking to change jobs as many annual bonus payments will now be safely in the employees bank account.
However, over the last couple of years the tendency has been for many employees to consider themselves lucky to have a job and just sit tight.
With the sharp upsurge in vacancies, caution amongst employees seems to be coming to an end.
Astbury Marsden predicts that there will be 53,000 City job vacancies in 2010, which is a 26% increase on the 42,000 roles in 2009.
Mark Cameron adds: Most of these vacancies will arise through the churn of staff from one bank to another but there are also new roles being created.
Whatever the outcome of the election in May, this surge within the City employment market is likely to continue, albeit at a more moderate pace. 2010 could prove a great year to secure a lucrative new role. This news may upset those who think that City folk should all be wearing sackcloth and ashes!
Astbury Marsden says there are clear signs that the pick up in recruitment first spotted in investment banking is now spreading to commercial banking and traditional fund management.
Astbury Marsden adds that as well as an increase in demand for risk experts there is now a growing requirement for business analysts and project managers to deal with the backlog of work related to the unprecedented wave of mergers between financial institutions forced by the credit crunch.
Mark Cameron explains: With the assets and staff of giants such as Lehman Brothers, Merrill Lynch, Bear Stearns, ABN AMRO and HBOS all having changed hands over the last three years, there is now a huge backlog of work that needs to be undertaken to maximise efficiencies.
War for talent set for temporary return
As competition for candidates grows the second and third quarter of 2010 could witness a temporary return to more aggressive poaching of talent that was rife in the pre-credit crunch years, predicts Astbury Marsden.
Mark Cameron concludes: Many employers will have worked hard to retain staff with change management and compliance skills in 2009 so if competitors do want to attract staff in these areas they are having to offer very attractive repackages.