Tuesday 27 September 2016

Jobs boom in the City as salaries surge most in a year

Ambereen Choudhury

Published 18/08/2015 | 02:30

UK banks are hiring in compliance functions to meet new regulations, while cutting jobs to reshape their investment banks and trading operations.
UK banks are hiring in compliance functions to meet new regulations, while cutting jobs to reshape their investment banks and trading operations.

Job vacancies in London's financial-services industry increased by 17pc in July, as pay rose the most in at least a year, according to a recruitment firm.

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Job openings in the UK capital's financial districts climbed to 10,920 last month from 9,315 a year earlier, recruitment firm Morgan McKinley said yesterday.

Starting salaries increased by 22pc on average, the most in at least 12 months, the survey shows.

"Some employees are also taking advantage of the quieter months to renegotiate their compensation packages," Hakan Enver, operations director at Morgan McKinley Financial Services, said.

"We've seen some staff ask for a raise accompanied with the threat of changing employers," he added.

UK banks are hiring in compliance functions to meet new regulations, while cutting jobs to reshape their investment banks and trading operations.

Barclays cut 150 employees at its investment bank in July, while HSBC recruited more than 2,200 staff this year to monitor internal processes.

Overall, British wage growth fell to a three-month low in June and rapid gains in employment seen over the past couple of years ground to a halt, official figures showed.

Headline annual earnings growth fell sharply to 2.4pc in the three months to June from 3.2pc in the three months to May, the Office for National Statistics said, after a fall in bonuses took a bigger toll than economists had forecast. The ONS said the figures strengthen the possibility that "the jobs market is levelling off".

The unemployment rate held steady at 5.6pc after an unexpected rise in the three months to May,

(Bloomberg)

Irish Independent

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