Financial vacancies in the City fall by 19%, survey shows

11 October 2011

The number of new financial vacancies in the City dropped by 19 per cent year-on-year in September, a new report has revealed.

A study by Morgan McKinley showed that job openings dropped to 3,843 from the 4,725 available in the same month the previous year.

The number of professionals entering the financial services sector in September 2011 fell to 8,610 - which was 21 per cent less than the 10,850 who registered for new roles in September 2010.

Andrew Evans, chief operations officer at Morgan McKinley, said that the decrease in opportunities shows how recruitment is “impacted predominantly by continuing economic and financial issues both in the UK and globally”.

“Regulatory developments and further quantitative easing may have a positive impact on the hiring market. From a global perspective, finding a solution to the debt crisis in Greece and other eurozone countries will go some way to providing a clearer picture of the immediate future for industries and economies across Europe and beyond,” he explained.

Further findings from the study revealed that despite the slowdown in the number of executives either filling positions or looking for work, the average salary for those finding news positions increased by six per cent in September compared to the previous month.

By Jim Ottewill

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