London Financial Vacancies Climb on Good IPO, M&A MarketJulia Verlaine
Job vacancies in London’s main financial district, known as the City, rose 15 percent last month amid an increase in initial public offerings and mergers, according to a recruitment survey.
Staff vacancies increased to 8,490 in June from 7,410 in May, Morgan McKinley said in a statement today. Available positions were up 10 percent from the year-earlier period.
“Within the City, there’s been a renewed appetite for risk” amid a “frenzy” of advisory activity, Hakan Enver, operations director at recruitment firm Morgan McKinley Financial Services, said in the statement. “This is backed up by news last month that private-equity backed flotations reached their highest ever level.”
U.K. financial firms are experiencing more confidence to hire as the economy improves with a 5 percent increase in the number of permanent jobs in the first half, according to the recruitment firm. Average salaries for new hires were 14 percent higher in June, with data from the Recruitment and Employment Confederation and KPMG LLP indicating companies are increasing pay to attract employees, Morgan McKinley said.
Securities firms continue to bolster their compliance departments after a series of industry probes into the manipulation of benchmark interest rates, alleged rigging in currency markets and money laundering.
Deutsche Bank AG, Germany’s biggest bank, plans to hire about 500 employees in compliance, risk and technology in the U.S., the company said last week. Barclays Plc, the U.K.’s second-largest lender, will open a Compliance Career Academy with Cambridge University’s Judge Business School to provide technical and behavioral training to staff.
IPOs in Europe raised about $31 billion last quarter, the most for the period since 2011, according to data compiled by Bloomberg.