Job creation in City slumps by almost a third

Julian Harris
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THE NUMBER of new jobs in the City plummeted last month, with recruiters warning that the slump could be here to stay.

New opportunities in the Square Mile were down 15 per cent in March compared to February, Astbury Marsden said yesterday.

The 2,190 new jobs that the firm estimates arose last month is down by an eye-watering 31 per cent compared to the same time in 2012. In March 2012 approximately 3,180 new jobs were created, it said. And with the burden of regulation growing across financial industries, many new jobs are limited to compliance offices.

“Risk staff remain highly sought after in the City, as are IT staff who can help ensure that senior management can have a clear oversight of platforms that their sales and trading staff are using,” explained Astbury Marsden’s chief operating officer, Mark Cameron.

The break-up of the Financial Services Authority – which this week was replaced by the Financial Conduct Authority and the Bank of England’s prudential regulation authority – has “made City firms look again at their reporting systems,” he added.