Business World

Saturday 24 February 2018

Financial-service jobs in London fall 21pc in 2013

London Skyline
London Skyline

Ambereen Choudhury

Job vacancies at London's financial-services companies fell 21pc in 2013 as banks cancelled hiring plans, the third consecutive annual decline, according to a recruitment firm.

Job openings in the City and Canary Wharf financial districts declined to 27,915 in 2013 from 35,115 a year earlier, London-based Astbury Marsden said. A recovery in December saw the number of jobs increase 67pc compared with the same month in 2012.

"The last couple of years have seen the banks undergoing fundamental restructuring, and in most business areas they were more likely to downsize teams than to make plans to expand," chief operating officer Mark Cameron said.

"We are still waiting for the big investment banks to flex their muscles and initiate the levels of hiring needed to sustain the recovery."

European securities firms are cutting jobs to reduce costs and accede to regulators' demands that they scale back certain investment-banking activities.

Deutsche Bank plans to exit the commodities-trading businesses including base metals and agriculture, affecting about 200 people, while Barclays plans to cut 1,700 jobs in its British branches, the trade union Unite said in November.

The decline in job vacancies last year was less steep than the 35pc drop from 2011 to 2012, Astbury Marsden said.

"Shrinkage has slowed," Mr Cameron said. "In both November and December, the number of new roles has been better in comparison to the same month the previous year, rather than worse, as had been the case for 22 consecutive months."

Irish Independent

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