Hays sees UK fees plunge as job cuts in banking sector hit

City A.M. Reporter
RECRUITER Hays yesterday said its quarterly net fees rose just two per cent in its fourth quarter as fears over the global economy hit clients.

The rise was at the bottom end of analyst expectations.

Net fees in Britain and Ireland plunged nine per cent due largely to the number of job cuts in the banking sector.

Hays, which specialises in placing workers in accountancy, construction and IT jobs, said the overall net fee rise in the three months to the end of June, was helped by a strong performance in Germany which offset the impact of the Eurozone crisis on its largest division – continental Europe and the rest of the world.

Net fees grew one per cent in Asia Pacific as tough banking markets in Asia and soft conditions in parts of Australia crimped growth.