RECRUITER Michael Page said the UK’s financial institutions were back on the hiring trail after indicating it had been asked to fill twice as many banking roles as compared to a year ago.
The London based group said that by the end of 2009 recruitment in the banking sector was showing signs of improvement and that the company was now being asked to fill two times as many vacancies as compared with 2008.
Chief executive Steven Ingram said the group was seeing a recovery in several important markets and geographies.
He said: “Whilst the strength of this recovery is uncertain, we believe that, with a strong sheet position and spare capacity in the business, we are well positioned to improve significantly our performance in 2010.”
The news comes as Michael Page announced financial results on Friday. The group saw profits before tax plummet by 85 per cent to £21.1m from £140.1m, while revenue fell by 26 per cent to £716.7m.
Ingram said that three of the company’s four regions reported quarter on quarter improvement.
During 2009, Michael Page saw 68 per cent of its gross profits generated outside of the UK.
The recruitment industry has taken a hit from the global financial crisis, after a raft of recruiters reported significant drops in profit during 2009.
Robert Walters last week said its full-year profits had dropped by 25 per cent to £104m, while revenue had fallen by 11 per cent to £300.4m as the recession took its toll.