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M&A Drives Rise in London Financial Job Vacancies, Survey Says

New job openings in London's main financial districts increased 5 percent last month, according to a survey. Photographer: Simon Dawson/Bloomberg
New job openings in London's main financial districts increased 5 percent last month, according to a survey. Photographer: Simon Dawson/Bloomberg

Nov. 17 (Bloomberg) -- Job vacancies at London’s financial-services firms climbed 5 percent last month, helped by a jump in mergers and acquisitions and a recovery in the British economy, according to a survey by a recruiting firm.

The number of new job openings in the City and Canary Wharf, London’s main financial districts, increased to 4,977 in October from 4,725 a month earlier, recruitment firm Morgan McKinley said in a statement today.

“The increase in job availability indicates overall confidence across the sector, following an increase in gross domestic product in the U.K. in September as well as a notable increase in M&A,” Andrew Evans, managing director of Morgan McKinley’s financial-services unit, said. The first quarter of 2011 “will be busier than quarter four of this year, although we expect continued fluctuations along the way.”

The U.K.’s gross domestic product rose 0.8 percent in the third quarter, the second fastest rate since before the credit crisis started in 2007, according to the Office for National Statistics. European companies announced $46.6 billion of takeovers in October, an 11 percent increase on the previous month, according to data compiled by Bloomberg.

Investec Plc, the South African bank, said yesterday that it hired five analysts for its European securities unit. Citigroup Inc. said on Nov. 8 it will add 15 managing directors as part of a plan to expand its European operations.

The number of financial services workers seeking new jobs fell 16 percent to 9,100 from the previous month, the survey showed. Average City salaries slipped 4 percent from September to 51,245 pounds ($82,181) in October, the report 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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