City jobs down as crisis hits...

Tim Wallace
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FINANCIAL services vacancies are plummeting as economic turmoil hits hiring intentions, according to the Morgan McKinley London employment monitor.

There were 4095 new jobs available in September, down 19 per cent on the same month last year, the study found, and down six per cent compared with August.

Fewer professionals are entering the market, too. Sixteen per cent fewer new entrants were recorded relative to the previous month – a 21 per cent fall compared with September 2010.

Firms who are hiring are now taking longer to decide who to take on. The study found it now takes 63 days to fill a vacancy – five days longer than in August.

Salaries for those who do find work are increasing, however. The average salary for those starting a role in September increased by six per cent month-on-month to £55,607.

“Sentiment across London’s financial services sector remains extremely cautious, and similar challenges are affecting financial services hiring around the world,” said Morgan McKinley’s chief operating officer Andrew Evans.

“Looking ahead, anticipating when business performance will improve remains difficult. However, regulatory developments and further quantitative easing may have a positive impact on the hiring market.

“From a global perspective, finding a solution to the debt crisis in Greece and other Eurozone countries will go some way to providing a clearer picture of the immediate future for industries and economies across Europe and beyond.”