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London’s Financial Firms Added 3,350 Jobs in January

Businessmen walk past an advertisement displaying an image of skyscrapers in the City of London, in London. Photographer: Simon Dawson/Bloomberg
Businessmen walk past an advertisement displaying an image of skyscrapers in the City of London, in London. Photographer: Simon Dawson/Bloomberg

Feb. 3 (Bloomberg) -- London’s financial-services companies added 3,350 jobs in January, the best month for hiring in more than a year-and-a-half, according to a recruitment firm.

The number of new jobs for the City and Canary Wharf was more than double the 1,340 positions created in December, London-based Astbury Marsden said in a statement today. Firms in the financial districts added 2,590 positions in January 2013.

“Optimism is high that the improvement in the City jobs market is part of a sustained recovery, rather than a short-term bounce in business activity,” Mark Cameron, Astbury’s chief operating officer, said in the statement.

European securities firms have been cutting jobs to reduce costs and meet demands from regulators to scale back some investment-banking activities. Optimism over January hiring is tempered by the fact that compliance positions made up many of the additions, indicating that client demand for financial services hasn’t spurred the job growth, Astbury said.

“New compliance jobs are not the indicator of growth that new front office jobs are,” Cameron said in the statement.

January was the best month for hiring since May 2012, according to Astbury.

To contact the reporter on this story: Jesse Westbrook in Davos at jwestbrook1@bloomberg.net

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net

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