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City jobs rise 3% in February Says Astbury Marsden

City jobs rise 3% in February Says Astbury Marsden

Approximately 2,575 job vacancies in February 2013, compared to 2,510 in January

Number of City staff looking to switch employer up 46%

The City jobs market continued to grow in February, with a 3% increase in the number of new jobs says Astbury Marsden, a leading financial services recruitment firm.  

According to Astbury Marsden, approximately 2,575 were created in February 2013, up from 2, 510 in January 2013.  

Astbury Marsden adds that the number of new City jobs is down 28% from February 2012, when approximately 3,585 new jobs were created.

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “It is encouraging to see that the City jobs market continues to show signs of improvement after a very unsettled time through most of 2012. A steady month on month increase in new jobs since the start of the New Year is definitely positive news.” 

“However it might be premature to start talking about a healthy recovery in the City jobs market, especially with the unpredictability in the Eurozone due to the deadlock in the Italian election. We are expecting markets and the trend in hiring to remain volatile in the first half of this year.”  

Number of staff looking to switch employers soars 46% 

Astbury Marsden adds that the number of City staff looking to switch employer has leapt 46% over the last month. According to Astbury Marsden, approximately 6,125 City staff were looking for a new employer in February 2013, up from approximately 4,180 in January 2013.  

Astbury Marsden adds that the number of City workers looking for a new job fell steadily throughout 2012.  

Adds Mark Cameron: “This big increase in bankers looking for a new job shows that confidence is growing amongst employees. Whilst City staff may not be banking large bonus cheques this year, they feel that the recruitment market is showing enough signs of improvement for them to risk moving jobs.”

“Redundancies programmes were so widespread across the banking sector in 2012, that many workers were put off changing jobs and joining an employer where they had no established roots or track record.”

“That fear has subsided a little. Bankers realise that changing jobs or getting a promotion is the only real way to get a significant pay rise in today’s market.”

Astbury Marsden adds that there has also been a rise in demand for staff who can help banks and fund managers integrate the new European Market Infrastructure Regulation requirements. Astbury Marsden explains that these require over-the-counter derivatives trading to be processed through clearing houses. Policy makers expect the clearing obligation to be in force by the middle of 2014.

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