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Worst November for City jobs since the credit crunch Says Astbury Marsden

Worst November for City jobs since the credit crunch Says Astbury Marsden

Worse than aftermath of Lehman Brothers

Approximately 1,790 job vacancies in November 2012, compared to 3,700 in November 2008

The City jobs market suffered its worst November in over five years, with the number of new jobs at a record low, says Astbury Marsden, a leading financial services recruitment firm.

Astbury Marsden says that approximately 1,790 new City jobs were created in November 2012

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “To put this into perspective, at the height of the City jobs boom in November 2007, there were over 13,000 new City jobs created. Now there is just a fraction of that. Even during the November following the collapse of Lehman Brothers the City still created twice as many jobs as it did last month.”

“The City jobs market has been quite stable over the last few months so hopefully the November figures will prove to be a short term blip rather than a sign of things to come.”

Astbury Marsden explains that the 1,855 new City jobs is a significant drop compared to:

November 2007 – Approximately 13,000 City jobs created

November 2008 – 3,540 new City jobs created

November 2009 – 4,650 new City jobs created

November 2010 – 3,910 new City jobs created

November 2011 – 2,670 new City jobs created

October 2012 – 2,730 new City jobs created

Mark Cameron says: “This is by far the most dramatic slump we have seen over the last few years and should be a real wake up call.  It may not be popular with the general public, but the Government needs to do more to get the City moving again.  It can’t let the situation carry on like this when financial services are such an important part of a successful economy.”

“We should be worried that the City is now creating so few job opportunities.  I am hoping that policy makers will take a sensible approach to the City when they are reviewing future changes such as the possible ring fencing of investment banks, so that in making the system safer more finance jobs are not needlessly lost.”

“Some think that banker bashing is now so deeply ingrained in the psyche of politicians and regulators that they won’t realise that they are now threatening long term damage to the City.”

Threats to a City jobs recovery

Mark Cameron explains that as well as being an important source of employment and creator of tax revenues, the City has other very positive influences on the broader London and UK economy.

He says: “Recent research that we undertook showed just how diverse an employer the City of London is – drawing in talented staff from around the world. The City has led London in its transformation into a great cosmopolitan and international city.”

“If London is to remain a leading global city and a pre-eminent international capital of finance, the magnet of a thriving investment banking sector is vital.  Without it we are going to find it harder to attract the best of the best to London.”

No immediate improvement for City jobs 

Mark Cameron concludes: “Hiring in the City typically slows at this time of year, with improvements usually starting to show in the New Year. We’re certainly not expecting a massive recovery in January but hopefully the City will start to see more constructive Government involvement and will be allowed to get on with creating jobs and supporting the real economy.”

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