Number of new City jobs up by 18% in 2014
Astbury Marsden says that new job creation in the final quarter of 2014 was also up sharply compared to previous years, increasing to 7,534, a 22% rise on the 6,165 jobs created in the last three months of 2013 (see table below).
Astbury Marsden explains that even though the number of new roles created during December was down by 71% on a busier than normal November, this seasonal drop off was not enough to offset the positive hiring trend seen throughout 2014. According to Astbury Marsden, 924 new City jobs were created in December.
Adam Jackson, Director at Astbury Marsden, comments: “The City jobs market gathered strong momentum in 2014, with recruitment activity finally catching up with the recovery seen over the last few years in the wider UK jobs market.”
“Better conditions in the City over the last year have enabled firms to spend more time thinking about modest growth, though what we are seeing is far from a return to the aggressive hiring seen before the financial crisis.”
“The investment banks are still very sharply focussed on improving efficiency as they continue to implement new regulatory capital requirements and look at preparation for the next major wave of regulation in the shape of MiFID II.”
Astbury Marsden adds that healthier market conditions in the City over the last year have led to an increase in the proportion of City workers at all levels expecting to see a bigger bonus for 2014 than for the previous year. However, Astbury Marsden says that some City staff may find that they have been overly optimistic about their bonus expectations and could end up disappointed with their 2014 bonus.
Adam Jackson says, “The Christmas and New Year period is a traditionally slow period for hiring activity in the City. Following a successful 2014, many City staff might be delaying a job move until after the 2014 bonus round hoping they will receive a sizable payout.
“Although some City workers might be disappointed with their bonus this year, it’s not clear that the hiring market is buoyant enough to support a mass surge of people changing jobs as a result.”