City jobs market shrinks

Marion Dakers
THE JOBS market in the City has been left in a dismal state by economic uncertainty coupled with a headcount cull at a number of banks, an employment survey out today claims.

Available roles in the financial sector dropped 10 per cent during July, and candidates in the City were fighting for 18 per cent fewer positions than a year ago, Morgan McKinley’s monthly jobs monitor shows.

People already in work have shied away from making the jump into the jobs market, contributing to a 14 per cent fall in new jobseekers in July compared with last year.

Thanks in part to the summer lull, the number of candidates tumbled 44 per cent compared with June.

The average salary for those securing new roles fell two per cent to £50,591 in July, and companies are taking around two months to decide on their preferred candidate compared with just 10 days last year.

Andrew Evans of Morgan McKinley said a “perfect storm” of economic uncertainty, banking job cuts and disappointing corporate results had dampened the market in July.