Summer slowdown for jobs

The quiet summer holiday period has taken its toll on London’s financial services sector with an eight per cent fall in job opportunities this August to 5,544 down from 6,048 in July.

Year-on-year however, the number of available jobs was up 33 per cent and there was a 61 per cent rise in the number of professionals seeking new roles.

Added to this there was a six per cent increase in the number of financial services professionals entering the jobs market, from 10,170 in July to 10,810 in August.

Andrew Evans, managing director at Morgan McKinley Financial Services, said: “Traditionally, September sees a greater amount of recruitment activity than August, and this year it will be particularly interesting to see how hiring levels compare to those in the immediate aftermath of the collapse of Lehman Brothers two years ago.”

Financial services pay levels, based mainly in the City and the Canary Wharf areas on London, have held strong with average salaries of those recruited in August up three per cent from July and up five per cent on August 2009.