Jobs available in London's financial district jumped by almost one fifth in
April as employers took heart from strong results at banks and some confidence
returned after the Cypriot banking crisis, research showed on
Tuesday.
More than 2,600 new roles were created
last month compared to 2,190 in March, when the Cyprus banking crisis hit the
hiring market, according to London-based financial services recruiter
Astbury Marsden.
"Those fears have now subsided, and
boosted by the relatively strong figures for the first three months of 2013 from
a number of investment banks, employers are feeling
cautiously optimistic," said Astbury Marsden Chief Operating Officer Mark
Cameron in a statement.
Last month British bank Lloyds Banking
Group (LLOY.L) said its
first-quarter profits trebled, while Barclays (BARC.L) reported an 11
percent rise in profits from its investment
banking division in the first three months of 2013.
London's banks and financial services
companies have slashed thousands of jobs in recent years following a wave of
banking scandals and a long-running recession. However recent data show
confidence is slowly returning.
April's figure, though down 25 percent
year-on-year, was the highest since October 2012.
The research found that demand for workers
was particularly high in compliance-related areas as banks reshape their
businesses to meet the terms of regulations imposed by authorities following the
financial crisis.
This supports the findings of a separate
survey released last month which showed that nearly nine in 10 financial
services executives around the world are struggling to recruit staff who can
interpret new rules.
While jobs were on the rise in April,
applicant numbers were steady, up just 1 percent month-on-month and down 24
percent on the previous year, according to the research.
Astbury Marsden's Cameron said smaller
bonuses in the wake of increased public and shareholder scrutiny over executive
pay may have affected candidates' willingness to move.
"Candidates know how fragile the market
is, and with bonuses now making up a smaller proportion of the overall package,
there is less of an incentive to pocket a bonus and then rush into a new role,"
Cameron said.
11 percent rise in profit in just first three months is indeed a success and demands for workers is seen rising gradually in another two-three months.
ReplyDeleteFinancial Claims Made Simple
Indeed, steady progress continuing to be made against the odds... Thanks for your comment :)
DeleteCameron has rightly said about the market current condition of the market. Candidates are well aware of the fragility of the market.
ReplyDeleteRegards,
Kristo Jackal
Personal Injury Attorney Tempa
I think there's bound to be more scrutiny after the fragility of the last couple of years. Maybe a firmer stand and more transparency on bonuses and how they are worked out within the overall salary package would be a way to relieve some of the pressure?
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