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NovemberCityjob vacancies fall 16%

NovemberCityjob vacancies fall 16%

Number of qualified candidates per job at a two year high

The number of new City job vacancies fell a further 16% in November 2011 says Astbury Marsden, a leading financial services recruitment firm.

According to Astbury Marsden approximately 2,670 City jobs were created in November 2011, down from the 3,160 created in October.

Astbury Marsden explains that the decrease in the number of new jobs and the high number of investment bank staff searching for new roles means that the number of qualified staff for each City vacancy is at its highest level since December 2008.

There are five qualified candidates for each City job – which is a two year high. At the start of this year there was an average of just 1.7 qualified candidates per job.

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “Obviously that is not good news for candidates.”

“For those City staff who are looking for a new job it means they are being pitted against more intense competition then they may have faced for years. For many it will mean more interviewers and more rejections before they find the right job.”

“However, this is the silver lining for those few institutions or departments looking to hire, they should be able to pick a higher calibre of candidate from a wider pool.”

Astbury Marsden says that weak trading conditions and the prolonged euro-zone crisis means that they are not anticipating a sharp rise in employers taking advantage of the better conditions for recruitment.

In addition, Astbury Marsden explains that November and December are quieter months for the City and that some departments have yet to finalise their recruitment budgets for next year.

Adds Mark Cameron: “The City is very much in wait and see mode. Banks and fund managers are still trying to salvage what they can, in terms of profitability, from the last quarter of this year.”

“The relative strength of the jobs market in Asian banking centres such as Hong Kong and Singapore means we are still seeing steady demand from there for London based bankers but even that demand is noticeably smaller numbers than a year ago.”


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