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London Finance Hiring May Increase in First Half, Survey Says

Jan. 19 (Bloomberg) -- Most financial-services companies in London expect an increase in hiring in the first half of the year, according to a survey by a recruiting firm.

About 58 percent expect hiring to rise and 12 percent expect it to fall in the first half of 2011, recruitment firm Morgan McKinley said in a statement today. About 34 percent say the focus will be on replacement hiring.

“There are pockets of the market such as risk, compliance, finance, asset management and more recently HR where talent at certain levels is in strong demand,” said Andrew Evans, managing director of Morgan McKinley’s financial-services unit.

The report contradicts an earlier survey by the Confederation of British Industry, which said U.K. financial-services companies will trim an estimated 45,000 jobs over the six months as they focus on curbing costs. About 15,000 jobs may go in the first quarter of 2011, the CBI said this month.

The number of new job openings in the City and Canary Wharf, London’s main financial districts, fell to 2,457 in December from 4,725 a month earlier because of the Christmas and New Year holidays, Morgan McKinley said in the statement.

The number of financial-services workers seeking new jobs fell 33 percent to 6,270 from the previous month, the survey showed. Average City salaries rose 6 percent from November to 57,254 pounds ($91,497) in December, the report said.

To contact the reporter on this story: Ambereen Choudhury in London

To contact the editor responsible for this story: Edward Evans in London at at

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