London Recruiter Says Job Vacancies Climbed to Seven-Month HighAmbereen Choudhury
Job vacancies at London’s financial services companies climbed to the highest level in seven months as banks hired in areas such as equities and compliance, according to a recruitment firm.
Job openings in the City and Canary Wharf financial districts of London increased by more than a third to 2,500 in November from 1,790 in the year-earlier period, London-based Astbury Marsden said in a statement today. It marks the highest level since April, it said.
“There is normally a lull in hiring activity at this time of year, and this is the first time since 2010 that we have seen a reversal of that trend,” Chief Operating Officer Mark Cameron said in the statement. “This is the long-awaited positive indicator.”
Securities firms in the City have been adding to compliance departments following probes by regulators into the manipulation of benchmark interest rates and money laundering. Banks have been hiring as equities outperformed bonds, credit and commodities worldwide this year, with the Stoxx Europe 600 Index gaining 16 percent and the U.S. Standard & Poor’s 500 Index rising 27 percent.
“We have seen more hiring to support growing activity in equities and equities derivatives trading,” Cameron said. “In particular we are seeing banks put increased resources into the more specialist equity derivative products, and into their quantitative trading programs.”
The introduction of new European Market Infrastructure Regulation will also require firms to use central clearing facilities for derivative transactions, spurring banks to “expand” their regulatory teams, Astbury Marsden said.