Vacancies up 7pc in UK financial firms
Published 19/08/2010 | 05:00
JOB vacancies at London's financial-services companies rose 7pc last month as firms sought to replace workers lost during the credit crunch.
But the average salary for those hired in the City -- the main financial district -- fell 3pc from the previous month to £51,429 (€62,000), a survey by UK recruitment consultant Morgan McKinley showed.
Job opportunities rose to 6,048 in July from 5,645 in June. The number of people looking for jobs fell by 16pc.
The increase in vacant positions "is a good indication that institutions will continue to recruit, although we are expecting fluctuations at hiring levels over the remainder of the year", said Andrew Evans, managing director of Morgan McKinley's financial- services unit. However, he added: "This outlook must be balanced with caution."
Barclays Capital, the investment-banking unit of Barclays plc, added about 3,600 people in the 12 months to June 30, while Credit Suisse Group hired 1,800 for its securities unit.
Royal Bank of Scotland, the parent of Ulster Bank, added about 1,100.
Nevertheless, investment banks may start shedding jobs again if the slowdown in revenue that was seen in the first half of 2010 continues, said John Purcell, managing director at executive search firm Purcell and Co in London.
Despite hiring overall, Credit Suisse and Barclays plan job cuts in their securities units.
Credit Suisse has said it will eliminate 75 posts in the UK and sources say Barclays Capital is cutting 300 administrative jobs. (Bloomberg)