London City Vacancies Fell 22 Percent, Recruiter SaysAmbereen Choudhury
Job vacancies at London’s financial-services companies fell 22 percent last month as a weak economy curbed hiring, according to a recruitment firm’s survey.
New vacancies in the British capital’s City and Canary Wharf financial districts dropped to 5,922 in April from 7,661 a year earlier, London-based Morgan McKinley said in a statement today. Vacancies fell 5 percent from March.
“The total number of newly available temporary and permanent jobs still remains subdued compared to previous years,” Hakan Enver, operations director at Morgan McKinley Financial Services, said in the statement. “We do expect to see further fluctuations in recruitment levels throughout the rest of the year.”
Bank of England Governor Mervyn King declared a U.K. recovery “in sight” yesterday, with officials predicting growth to accelerate to 0.5 percent in the current quarter from 0.3 percent in the previous three months. The BOE also said that the recovery remains “weak and uneven” and will be slower than after previous recessions.
The 10 biggest investment banks, including JPMorgan Chase & Co., Barclays Plc, Citigroup Inc. and Deutsche Bank AG, have lost about 11,000 front-office staff in the past two years, the analytics firm Coalition said yesterday in a statement.
The deepest cuts in banking and trading positions were made in Europe and the Asia-Pacific region over the past year, London-based Coalition said, a 17 percent drop from 2011.
HSBC Holdings Plc, Europe’s largest bank, said yesterday it will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional $3 billion of costs as he tries to revive profitability.
“Organisations are still looking for replacement hirings and there is still a drive for cost control” at banks, Enver said in an interview. Firms are also reshuffling staff within their businesses rather than adding new employees, he said.