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London Financial Vacancies Fell 8% Last Month, Survey Shows

Job vacancies at London financial- services companies fell 8 percent in August as the City went on summer holiday leave, according to a survey.

The number of new job openings in the City, as London’s main financial district is known, and elsewhere in the British capital fell to 5,544 in August from 6,048 a month earlier, recruitment consultant Morgan McKinley said in a statement today. The number of people seeking new jobs rose 6 percent to 10,810, the survey showed.

“There have been no dramatic rises or falls in the amount of hiring financial institutions have undertaken over the last two months,” Andrew Evans, managing director of Morgan McKinley’s financial-services unit, said in the statement. “While conditions have improved, there is still a long way to go before we reach full recovery within the financial-services market.”

Financial-services companies in the U.K. and U.S. are still trimming staff numbers. Credit Suisse Group AG said last month it will eliminate 75 posts in the U.K. while Barclays Capital is cutting 300 administrative jobs, a person with knowledge of the matter said at the time. Bank of America Corp. is firing as many as 400 employees in its global banking and markets division as revenue from trading and advising clients declines, a person briefed on the matter said this week.

Average City salaries rose 3 percent in August from the previous month to 53,336 pounds ($83,588), the survey showed.

“Salaries continue to follow a relatively steady pattern with remuneration at the mid and senior levels rising slightly compared to salaries for those who were placed in July,” Evans said.

To contact the reporter on this story: Ambereen Choudhury in London achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans in London at at eevans3@bloomberg.net

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