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City jobs drop 32% in June

City jobs drop 32% in June

2,940 jobs in June 2012, down from 4,320 in May

The number of new City jobs fell by 32% in June says Astbury Marsden, a leading financial services recruitment firm.

According to Astbury Marsden, there were approximately 2,940 City jobs created in June 2012, a decline from May 2012, when 4,320 were created.

Astbury Marsden says that the number of new jobs is down nearly half year-on-year, with a fall of 46% from 5,410 in June 2011.

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “This dramatic drop is an unfortunate reminder that we are still in a soft hiring market.”

“When sentiment is fragile hirers often look for reasons to delay hiring decisions – for example, the absence of a senior manager due to a holiday. This does raise the concern over how much of an impact the Olympics could also have on the City jobs market in the coming months.”

Mark Cameron explains that while banks and other City firms are still hiring staff, this is often driven by need to plug holes in their ranks rather than an increase in overall numbers to pursue growth.

Adds Mark Cameron: “Whilst there are signs that the City jobs market is piecing itself back together after a turbulent end to 2011, we aren’t expecting an immediate pick up in confidence. The number of City jobs in Q2 2012 is relatively flat on Q1. A return to full health is a long way down the track.”

Mark Cameron says that one area where hiring has been unusually buoyant has been within IT jobs within banks.

Explains Mark Cameron: “The robustness of bank’s IT systems has attracted scrutiny over the last few months. Public pressure is really turning up the heat on bank’s internal risk controls. Bank IT departments are likely to come under pressure from their boards to run more vigorous and intensive testing and auditing of their systems.”

“A lot of the new jobs – in IT, in compliance and in risk – have been about fixing problems that have occurred over the previous five years. Banks are lifting up their carpets and sweeping out all the dust.”

Astbury Marsden explains that the number of City staff looking to switch jobs is at an eighteen month low. In June 2012 there were approximately 5,320 City workers looking to change employers, down from 6,740 in May 2012.

Says Mark Cameron: “Although a lot of City staff may always be thinking about the next move, they are increasingly looking to stay put and weather the current storm. Banker morale is very low. Some may just feel grateful that they still have a job!”


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