City firms are hiring again

LONDON&rsquo;S financial institutions are hiring again, according to figures showing that new job vacancies in the City were up 14 per cent in May compared to the previous month.<br /><br />Improved confidence in the industry as a whole &ndash; coupled with rising business volumes in areas like investment banking &ndash; have driven the increase in hiring at financials, according to recruitment firm Morgan McKinley&rsquo;s London Employment Monitor.<br /><br />However, the report said the credit crunch had wreaked havoc on the jobs market since last year, with 62 per cent fewer new job opportunities arising compared to May last year.<br /><br />But enthusiasm for the financial sector among graduates was up, with the volume of new candidates registering their interest for a role in the sector up by 18 per cent during May compared to April. The average City salary also rose slightly, up two per cent on the previous year, to &pound;49,238.<br /><br />Andrew Evans, managing director of Morgan McKinley said: &ldquo;It is interesting that for the first time in at least six months, there is some hiring across most areas and levels within the financial sector in the City.&rdquo;<br /><br />Meanwhile, research by the Institute of Chartered Accountants revealed that confidence among business professionals rose in the second quarter of 2009 for the first time since the final quarter of 2007.<br /><br />The organisation&rsquo;s Business Confidence Monitor index for London now stands at -36.2, an increase of over 16 points from the last quarter, when a record low score of -52.5 was recorded.