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London Financial Job Vacancies Decline 19%, Survey Shows

Updated on
Pedestrians walk over London Bridge towards the City, in London. Photographer: Chris Ratcliffe/Bloomberg
Pedestrians walk over London Bridge towards the City, in London. Photographer: Chris Ratcliffe/Bloomberg

Oct. 10 (Bloomberg) -- The number of job vacancies at London’s financial-services companies fell in September to the lowest this year as banks battle the U.K.’s faltering economy and a weakening global outlook for the industry, according to a recruitment consulting firm.

Job openings in the City, London’s main financial district, declined 19 percent to 3,843 in September from 4,725 in the same period in 2010, Morgan McKinley said in a statement today.

“The drop in the number of professionals entering the hiring market underlines that the sentiment across London’s financial-services sector remains extremely cautious,” said Andrew Evans, chief operations officer at Morgan McKinley’s financial-services unit. “Our colleagues across Europe, the Middle East and Asia Pacific have also identified similar challenges which are affecting financial-services hiring.”

European leaders are under pressure from their global counterparts to find a solution to the debt crisis as it threatens to tip the world economy back into a recession. Britain has also struggled to recover, with the economy barely growing over the past year. The International Monetary Fund cut its 2011 and 2012 U.K. growth forecasts last month to 1.1 percent and 1.6 percent from 1.5 percent and 2.3 percent.

The number of professionals seeking new jobs fell 21 percent in September from a year earlier, Morgan McKinley said. Average City salaries for new positions rose 6 percent to 55,607 pounds ($86,274) from a month ago, the survey said.

In a separate survey, recruitment consultant Astbury Marsden said today there is still demand for individuals working in regulation and compliance after last month’s $2.3 billion loss from unauthorized trading at UBS AG and increasing pressure on banks in relation to U.S. tax compliance checks.

“With so much political focus on banks, they know that any slip-ups in this kind of area are going to attract dramatic sanctions,” said Mark Cameron, chief operating officer at Astbury Marsden, referring to U.S. tax compliance.

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

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

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