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CITY VACANCIES REACH PRE-CREDIT CRUNCH LEVELS

CITY VACANCIES REACH PRE-CREDIT CRUNCH LEVELS

Banking and financial job vacancies reach level not seen since mid-2007

Rising activity in vanilla products across the City drives hiring

Most vacancies in fixed income and foreign exchange markets            

Cautious outlook for Q4 as many businesses plan to slow recruitment

Banking and financial services job vacancies in the City have reached levels not seen since 2007, according to Ambition, the global specialist recruitment firm. 
 
The findings follow Ambitions forecast in April this year that vacancies would reach pre-credit crunch levels by the end of the second quarter 2010. The number of vacancies available to City workers is now 260% above the number available at the bottom of the job market in quarter one of 2009. There was a slight decrease in the number of vacancies between the second and third quarter as businesses slowed activity over the summer months, but overall the number of roles available remain higher than any point since 2007.
 
The growth in job vacancies has been driven by a focus from many businesses on increasing their activity in the fixed income and foreign exchange markets. Expansion within the Interest Rates, Structured Rates and Structured Credit markets over the course of 2010 has driven many City institutions hiring activity. Candidates with Interest Rates, CDS and CDO product experience in important roles such as project management, performance analysis, back office, risk and compliance, finance departments and marketing teams are in particular demand.
 
Tim Gilbert, UK managing director of Ambition, says: We predicted in early 2010 that there would be rapid growth in the City and this forecast has played out. Significant increases in demand for staff off the back of the equities markets helped fuel the early growth. But increased activity in the fixed income market has boosted many companies appetite to hire in recent months.
 
The number of vacancies is not matched by the number of skilled candidates available to fill them, and the City is currently suffering from a skilled candidate shortage. There are currently 11 vacancies for every 10 candidates actively searching for work in the City. This has risen from 3 vacancies per 10 candidates at the bottom of the economic downturn in the first quarter of 2009.
 
Tim Gilbert, continued: The City job market has strengthened significantly over 2010 and candidates are much more confident about their prospects. As a result theyre being tempted away from the roles they felt lucky to have twelve months ago. But businesses are being much more discerning in their hiring choices, and many are struggling to find candidates with levels of skills and experience they require.
 
However, the outlook for further growth remains cautious with the return of economic uncertainty.
 
Gilbert, said: We expect growth in the number of vacancies to slow over the next quarter. Renewed economic uncertainty has caused many businesses across the City to reduce their hiring and in some cases freeze it all together. We expect this trend to continue until the end of the year before a resurgence in the first quarter of 2011.

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