Connecting to LinkedIn...


City jobs market recovers nerve after Cyprus crisis

City jobs market recovers nerve after Cyprus crisis

•              Number of new roles up 19% on March

City employers have recovered their nerve following the Cyprus crisis, with the number of new jobs rising 19% in the last month says Astbury Marsden, a leading financial services recruitment firm.

Just over 2,600 new roles were created during April 2013, following a sharp dip in March when the number of new roles plunged by 15% compared to the previous month.

The number of new City roles created per month now stands at its highest since October 2012, with month on month increases also recorded in January (213%) and February (3%).

Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “After a reasonably optimistic start to the year, recruitment at many City firms slowed in March as the market waited to see how bad the Cyprus crisis was going to get.”

“Those fears have now subsided, and boosted by the relatively strong figures for the first three months of 2013 from a number of investment banks, employers are feeling cautiously optimistic.  However, what happened in March shows how volatile sentiment is in the market at the moment, so any unpleasant surprises on the economic and regulatory fronts could have a rapid chilling effect.”

Oversupply of candidates tails off

Astbury Marsden points out that City staff also seem to be cautious about switching employer.  In April, candidate numbers were up just 1% on March with a pool of 4,560 potential candidates during April, down by 24% on the same time last year.  There are now 1.75 qualified candidates per new role, down from the 12 month average of 2.

Mark Cameron adds: “Spring is traditionally peak hiring season in the City as candidates look for new roles after their bonus has been paid.  However, we are not seeing quite the same amount of interest from prospective candidates as had been the case in previous years.”

“Candidates know how fragile the market is, and with bonuses now making up a smaller proportion of the overall package, there is less of an incentive to pocket a bonus and then rush into a new role.”

Astbury Marsden explain that regulation is still driving recruitment in the City, as banks focus on trimming their businesses back to their most profitable areas in order to manage new capital requirements.

Says Mark Cameron: “the banks have a lot of work to do on realigning their businesses back to the most profitable core areas, so we are still seeing a lot of interest in strategists and for skills associated with managing organisational change.”

“A natural consequence of the high-level planning that is going on is that a lot of the other hiring activity is & lsquo;maintenance’ work - finding replacements or acquiring individual high flyers.  We don’t expect to see more aggressive hiring resume until banks have clear plans as to which areas they are going to target for growth.”


Articles similar to

Articles similar to