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London’s Financial Vacancies Jumped 67%, Survey Shows

A pedestrian passes bank headquarters and commercial real estate offices in the Canary Wharf business and financial district in London. Photographer: Chris Ratcliffe/Bloomberg
A pedestrian passes bank headquarters and commercial real estate offices in the Canary Wharf business and financial district in London. Photographer: Chris Ratcliffe/Bloomberg

May 12 (Bloomberg) -- Job vacancies at London’s financial-services companies climbed 67 percent last month as firms sought employees to manage increasing compliance demands from regulators, a recruitment survey showed.

Staff vacancies in London’s main financial district, known as the City, and elsewhere in the British capital increased to 8,955 last month from 5,355 in April 2013, recruitment firm Morgan McKinley said in a statement today. Average salaries for new hires rose 21 percent in April from 20 percent a month ago.

“Organizations are seeking risk and compliance specialists, with an increase in funds compliance advisory roles and distribution-compliance roles within the last month,” Hakan Enver, operations director at Morgan McKinley Financial Services, said in the statement.

Securities firms in the City have been expanding their compliance departments following probes by U.K. and other global regulators into the manipulation of benchmark interest rates, the alleged rigging in currency markets and money laundering. Enver said hiring “has been at the senior end of the spectrum due to increased regulation being implemented by the Financial Conduct Authority.”

The survey comes after Barclays Plc, U.K.’s second-largest lender, last week increased planned job losses this year to 14,000 from 12,000 as it overhauls its investment bank.

Job vacancies fell 3 percent in April from the month earlier and the number of candidates seeking positions also declined because of the Easter holidays, Morgan McKinley said.

“One possible dark cloud on the horizon could be the introduction of the financial transaction tax proposed by the European Union,” Enver said. “Its adoption by other EU member states from the beginning of 2016 could damage the green shoots of recovery and have a negative effect on City jobs.”   

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

To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net Jon Menon, Steve Bailey

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