The City gets the hiring bug

JOB VACANCIES in the financial services sector were up three per cent last month, marking the second highest volume of new jobs since September 2008.

Figures from Morgan McKinley’s monthly employment monitor show that the number of newly available jobs in the financial services sector rose to 5,733 last month compared to 2009.

The recruitment agency also said that the number of job opportunities in financial services rose by 82 per cent compared to May last year signalling a steady recovery in the City employment market.

“Overall, the market is improving with some ups and downs along the way, which is always going to be the case as recovery continues,” said financial services managing director Andy Evans at Morgan McKinley.

He said: “May City hiring activity shows a gradual upward trajectory despite the distractions of a change in government and the continuing Eurozone issues in that month.”

Salaries in the financial services sector were also up during May, with City professionals on average making nine per cent more than the previous month and 12 per cent more than the same period last year.

Morgan McKinley said the average City salary is currently £55,353.

But the number of people entering the financial services job market fell by two per cent last month from an April peak of 11,910.

Evans said this number is still the second highest this year as individuals were encouraged by the growth in job opportunities in the City.

He said it will be interesting to watch City reaction to the new Budget due on 22 June.