UK financial job offers take a drop in January
Weak and volatile markets and political uncertainty led firms in London's financial sector to cut back on hiring last month after a strong 2014, according to two financial and related professional services job surveys published yesterday.
A total of 2,788 new jobs were created in January in the British capital's banks, insurers and related industries, down 18pc from the same month in 2014, according to recruitment agency Asbury Marsden.
The agency cited falling oil prices and the shock removal of the Swiss franc's cap as factors, saying firms had also paused hiring to wait out the Greek elections.
"There has been a huge amount for the markets and for the banks to absorb," said Adam Jackson, managing director of Astbury. "City recruitment was gaining momentum during 2014, but with all the drama of recent weeks it is not surprising that we are seeing a slight pause."
January is usually a bumper time for new finance hires, as staff take their bonuses and switch positions for better pay and prospects. January job creation was up 156pc on December, a dead month for new roles in any year.
A buoyant sector of the job market was compliance and risk, where teams have been steadily beefed up, Astbury Marsden said, as banks respond to a flurry of regulatory reforms.
Employment in financial and related professional services as a whole was up 2.5pc year-on-year in December 2014, propelled by a surge in professional services jobs, which rose 4.3pc, according to a separate survey by industry lobby group TheCityUK.