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City jobs fall 15% in March Says Astbury Marsden

City jobs fall 15% in March Says Astbury Marsden

•             Approximately 2,190 new jobs in March 2013, down from 2,575 in February

•             First fall in new jobs in three months

•             New regulatory environment fuelling small pockets of demand for staff

 The number of new City jobs dropped 15% over the last month, says Astbury Marsden, a leading financial services recruitment firm.

According to Astbury Marsden, approximately 2,190 City jobs were created in March 2013, down from 2,575 created in February 2013.

Astbury Marsden says that the number of new City jobs has fallen 31% from March 2012, when approximately 3,180 were created.

 Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “2013 started off on a positive note, with a month on month increase in the number of new City jobs but March saw a halt to this improvement.”

“This sudden drop in new jobs is a stark reminder that the City hiring market is still very fragile.”

“Simmering concerns over the Cyprus bailout is a reminder that we will all be feeling the painful after effects of the credit crunch for some time to come. We’re not expecting hiring to improve dramatically in the second quarter of 2013.”

 “Much of the demand at the start of the year was for senior staff to help the banks respond to the FSA initiative to address interest rate swap mis-selling.  Banks were given a short window to identify all the businesses that might have been mis-sold interest rate swap products, which led to a spate of hiring, but appropriate staff are now in place and this demand has eased off.”

New regulatory environment fuels demand for staff

Astbury Marsden says that the break-up of the FSA has made City firms look again at their reporting systems, which has led to an active hiring market for certain compliance and IT staff.

Mark Cameron explains: “Risk staff remain highly sought after in the City, as are IT staff who can help ensure that senior management can have a clear oversight of platforms that their sales and trading staff are using. Transparency is a key area for most City firms, and is attracting a significant portion of the hiring budget.” 

Number of City staff looking to switch employer falls 27% over the last month

Astbury Marsden says that there were approximately 4,495 City staff looking to switch jobs in March 2013, compared to approximately 6,125 in February. 

Astbury Marsden adds that approximately there were approximately 7,895 City staff looking to switch jobs in March 2012.

Mark Cameron says: “There is often a spate of job moves in the City in March because some bonuses will have been paid and bankers look to move. This year has been very different, because investment banking and hedge fund staff are reacting to the uncertainty in the market by sticking with their existing employer.” 

“Without guaranteed bonuses to tempt them to move, many bankers are deciding that their job security is better at their current employer. That means that banks and hedge funds that are trying to hire staff are having to choose from a smaller pool than usual, meaning that the war for the very best talent remains as fierce as it ever was.”


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