City job vacancies jump by 16pc in August as employer confidence grows
JOB vacancies at London's financial- services companies jumped 16pc last month as confidence returned to the market, according to recruiters Astbury Marsden.
Openings in the British capital's City and Canary Wharf financial districts rose to 2,490 in August from 2,150 in July, the London-based recruiter said yesterday.
It attributed the good news to rising stock markets and a rebounding economy. Both are prompting employers to shift their recruitment priorities from areas like compliance into revenue-generating staff like investment bankers and traders.
The FTSE 100 Index of Britain's biggest companies has gained 8.7pc this year and the UK economy grew by 0.7pc in the second quarter, more than initially estimated. Growth was helped by construction and manufacturing performance.
"Many employers have been holding back from hiring for revenue-generating front office positions," said Astbury Marsden chief operating officer Mark Cameron.
"Now they are "starting to feel that the time is right to start filling these roles in order to help drive business growth".
The figures are particularly positive given that August is generally a poor month for hiring, in the midst of the slow summer season.
It is an especially welcome result because London's financial services industry has been blighted by major job cuts announcements in recent months.
HSBC said in May that it would chop as many as 14,000 jobs on top of earlier cuts, as it needs to slash an additional €2.25bn in costs to improve profitability.
Barclays said in June that it would shift 4,000 administrative jobs to lower-cost locations to save as much as €291m.