Job vacancies at London financial-services companies fell by more than a third in July from the same month last year as Europe’s debt crisis continues to undermine confidence in financial markets, recruitment firm Astbury Marsden said.
New vacancies in the British capital’s City and Canary Wharf financial districts dipped 39 percent to 2,985 in July from 4,880 a year ago, the London-based recruiter said in a statement today.
“The appetite to hire in the City remains pretty thin,” said Mark Cameron, chief operating officer at Astbury Marsden in London “Banks are hiring new staff, although this is more often than not to replace departing staff, as opposed to reacting to anticipated growth in investment banking revenue.”
Securities firms have been shedding staff to reduce costs as the debt crisis curbs trading and leads to a slump in stock and bond offerings. Deutsche Bank AG (DBK) said last month it will cut about 1,900 jobs by the end of 2012, including 1,500 positions in its investment bank and related infrastructure areas, mostly outside Germany. Tullett Prebon Plc (TLPR), the London-based inter-dealer broker, said it has eliminated about 140 jobs in the first half of 2012.
“With the uncertainty generated by the ongoing rumblings from the Spanish banking sector and the seemingly ever-present Eurozone problems, we’re not expecting things to improve dramatically this year,” said Cameron.
Still, the number of jobs available in July 2012 rose 3 percent from a month ago, Astbury Marsden said.
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