London’s Financial Vacancies Climbed 10%, Survey Says

Commuters Walk Towards St. Paul's Cathedral in London
Commuters walk across the Millennium Bridge towards St. Paul's Cathedral and the City of London in the morning rush hour in London. Vacancies in London’s main financial district, known as the City, and elsewhere in the British capital increased to 9,261 last month from 8,442 in February, recruitment firm Morgan McKinley said in a statement today. Photographer: Simon Dawson/Bloomberg

Job vacancies at London’s financial-services companies rose 10 percent last month as firms continued to hire employees to manage compliance and risk, according to a recruitment survey.

Vacancies in London’s main financial district, known as the City, and elsewhere in the British capital increased to 9,261 last month from 8,442 in February, recruitment firm Morgan McKinley said in a statement today. Salaries for new hires increased by 20 percent on average in March from 15 percent a month ago.

“While much of the past year has seen demand within the contract jobs market, recent data shows that this is now beginning to stabilize,” said Hakan Enver, operations director at Morgan McKinley Financial Services. “We are, however, seeing a few exceptions to the rule in areas that traditionally rely on flexible labor -– information technology, human resources, compliance and risk, as well as office support functions.”

Securities firms in the City have been adding employees in their compliance departments following regulatory probes into the manipulation of benchmark interest rates, alleged rigging in currency markets and money laundering. U.K. banks will struggle and face more “pain,” weighed down by conflicting demands from investors, customers, regulators and the government, according to a report by accounting firm KPMG LLP last week.

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