Jobs market in City surged by one fifth in 2014

City workers
CITY hiring jumped by a fifth last year, as the continuing UK recovery and increased business confidence opened up 33,063 new jobs.

And recruitment firm Astbury Marsden says that healthier market conditions in the City means many workers are expecting bigger bonuses for their performance last year.

Figures showed an 18 per cent jump in the number of new jobs offered, up from 27,915 last year. The number of new jobs created in the final quarter of last year was also up sharply compared to previous years, increasing to 7,534, a 22 per cent rise on the 6,165 jobs created in final quarter of 2013.

Adam Jackson, director at Astbury Marsden, said: “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 focused 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.”

Jackson warned that while a higher proportion of City workers at all levels hope to see a bigger bonus for 2014 than for the previous year, staff should temper their disappointment if their expectations fell short.

He said: “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.”

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