Modest rise in number of City roles in October

THE City’s financial services sector saw a five per cent rise in the number of jobs created last month to 4,977, a survey will say today.

The Morgan McKinley London Employment Monitor claims job availability also increased by 13 per cent year-on-year.

The number of professionals looking for new roles in the City last month decreased by 16 per cent to 9,100 from 10,850 in September. But this was a 26 per cent increase on the same time last year when 7,210 professionals were seeking new positions, the report says. The average City salary fell four per cent from £53,400 to £51,245.

The modest rise in the number of jobs was attributed to the increase in the UK’s GDP in September, as well as a notable increase in merger and acquisition (M&A) activity.

But Andrew Evans at Morgan McKinley Financial Services warned hiring activity was slowing.

“Traditionally the fourth quarter sees a decline as managers focus their attention on the following year’s resource requirements,” he said, adding it was unlikely there would be a significant increase in hiring before Christmas.