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London Financial Vacancies Up 11% Last Month, Survey Says

Morning Commuters
Commuters walk across the Millennium Bridge towards St. Paul's Cathedral and the City of London in the morning rush hour in London. Photographer: Simon Dawson/Bloomberg

March 10 (Bloomberg) -- Job vacancies at London’s financial-services companies rose 11 percent last month as firms hired temporary workers and staff to manage risk, according to a recruitment firm’s survey.

Vacancies in London’s main financial district, known as the City, and elsewhere in the British capital climbed to 8,442 last month from 7,623 in January, Morgan McKinley said in a statement today. Salaries for those securing new jobs increased by 15 percent on average in February compared with 20 percent in January.

“We’re seeing a strong uplift in the contract jobs market, as City hiring managers seek to test the water,” Hakan Enver, operations director of Morgan McKinley Financial Services, said in the statement. “The permanent jobs market remains slightly more challenged and particularly slow to hire.”

Banks are hiring more compliance staff to strengthen risk management and boost oversight in response to tougher regulation after the financial crisis and scandals ranging from rogue traders to interest-rate fixing. In 2012, HSBC Holdings Plc, Europe’s largest bank, and Standard Chartered Plc reached settlements for anti-money laundering and U.S. sanction failures.

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

To contact the editors responsible for this story: Keith Campbell at k.campbell@bloomberg.net Jon Menon, Steve Bailey

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