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London Recruiter Says City Job Vacancies Fell 12%

London Recruiter Says City Job Vacancies Fell 12% Last Month
Students from the London School of Economics & Political Science (LSE) throw their mortar boards into the air in celebration during a ceremony for university graduates in London on July 18, 2013. Photographer: Chris Ratcliffe/Bloomberg

Aug. 5 (Bloomberg) -- Job vacancies at London’s financial-services companies fell 12 percent last month, as tougher rules on capital deter banks from hiring, recruitment firm Astbury Marsden said.

New job openings in the British capital’s City and Canary Wharf financial districts fell to 2,172 in July from 2,462 in June, the London-based recruiter said in a statement today. The figure is down 27 percent from July last year.

Positive results for some banks is “fueling renewed confidence,” said chief operating officer Mark Cameron, in the statement. “However, this has not yet translated into an increase in new roles across the industry as regulators’ more stringent requirements on capital are making banks more cautious about expanding headcount.”

Hiring across financial services remains “patchy” as companies grapple with tighter rules on capital, the recruiter said. Barclays Plc, the U.K.’s second-biggest bank by assets, last week announced plans to raise 7.8 billion pounds ($11.8 billion) after the Bank of England’s Prudential Regulation Authority imposed a 3 percent leverage ratio target on lenders.

Rule changes are forcing banks to decide “which areas of their business are going to be most profitable, and where they should best focus resource,” Cameron said. “Many banks have put recruitment on hold while they review their operations.”

To contact the reporter on this story: Liam Vaughan in London at lvaughan6@bloomberg.net

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

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