City hiring falls despite upturn across rest of UK

Tim Wallace
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THE FINANCIAL services sector is missing out on the rise in confidence across much of the rest of the economy, hitting job prospects, according to numbers out today from a leading recruiter.

New jobs coming to the market fell 37 per cent in July compared with the same month in 2012, Morgan McKinley said, while the number seeking a new job shot up 63 per cent. And on the month the flow of new opportunities fell nine per cent, as the summer quiet period took effect.

Just 7,056 finance vacancies were available in July, down from 11,277 a year ago. At the same time the number registering to look for a new position has increased from 4,750 to 7,752 on the year.

Despite the imbalance of demand and supply, wages rose due to demand for specialist skills, particularly in regulatory and compliance roles – the average salary for those securing new jobs in July rose 17 per cent.

“As regulatory pressures on financial institutions intensify, there are also a number of major change programmes underway calling for experienced project change specialists around Basel III, Dodd Frank and EMIR,” said Morgan McKinley’s Hakan Enver.

“And with MIFID2 in the pipeline this is a trend likely to continue for at least the next 18 months.”