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AugustCityjobs market shrugs off Olympics distractions and swaps scandal

AugustCityjobs market shrugs off Olympics distractions and swaps scandal

2,920 jobs in August 2012, down 2% from 2,985 in July 2012

Good performance in light of Olympic distraction

The number of new City jobs continued to stabilise in August, with only a marginal drop over the last month says Astbury Marsden, a leading financial services recruitment firm.

According to Astbury Marsden, there were approximately 2,920 City jobs created in August 2012, a two percent drop from the 2,985 created in July 2012.

Astbury Marsden says that the stable jobs market is seen as a relief after major falls in the job market experienced in Spring.

Year on year, Astbury Marsden reports that the number of City jobs created in August is down by 28% on the 4,030 created in August 2011.

Jonathan Nicholson, Managing Director at Astbury Marsden, says: “Although we are not expecting a quick recovery, this slight drop is far less dramatic than the usual summer slowdown.”

“Hiring managers in the City have had to contend with the diversion of the Olympics as well as the summer holiday season. Given the context, a 2% drop in August could be seen as good news.”

Astbury Marsden adds that there is continued demand for regulatory staff as global regulators push forward with plans for higher capital requirements. Change management staff are also in demand as banks continue to review and restructure their investment banking operations.

Jonathan Nicholson comments: “Banks are allocating a large portion of their staffing budgets to ensure they have successfully exited from some banking activities that they and their peers may have invested in. City staff who have specific knowledge of certain products such as interest rate swaps are still in demand.”

“The medium term outlook for the City jobs market is far from clear and with so much uncertainty prevailing, banks and hedge funds remain under pressure to keep a beady eye on costs.”

“August witnessed northern Eurozone economies suffering the impact of the debt crisis in the southern states and Europe as a whole edged closer to recession.”

“We are expecting some improvements in September and October as staff return from summer leave and board members and senior management within banks look to prepare for 2013. Although they won’t be expecting a bumper start to 2013, planning for the next year usually creates new jobs.”

Candidates prepared to wait longer to secure a new City job

Astbury Marsden says that there are now approximately 5,470 City staff looking for new jobs, down from around 12,670 who were looking in August 2011.

Says Jonathan Nicholson: “With fewer City jobs available, many staff are continuing to sit tight. Those who are actively looking are also taking a pragmatic outlook on how quickly they will land a new job. They realise it may take six or eight months whereas the process has been much quicker in the past.”


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