Bloomberg News

London City Job Openings Fell 38% Last Month, Recruiter Says

March 04, 2012

An office in the City of London, on Nov. 11, 2011. Photographer: Simon Dawson/Bloomberg

An office in the City of London, on Nov. 11, 2011. Photographer: Simon Dawson/Bloomberg

Job vacancies at London’s financial- services companies fell 38 percent last month as the euro region’s sovereign debt crisis hampered confidence, recruitment firm Astbury Marsden said.

New vacancies in the British capital’s City and Canary Wharf financial districts fell to 3,585 last month from 5,800 a year ago, the recruiter said in a statement today.

“Although the City is still facing very tough trading conditions, there are now clear signs that the jobs market is stabilizing after a turbulent few months,” Mark Cameron, chief operating officer at Astbury Marsden, said in the statement. “It is difficult to overestimate how big an effect the eurozone crises had on sentiment in the banking sector.”

Royal Bank of Scotland Group Plc, Britain’s largest government-owned lender, announced cuts of 4,800 jobs in January, blaming volatile markets and increasing U.K. regulation. HSBC Holdings Plc (HSBA), Britain’s biggest bank, said last year that it’s removing 30,000 positions.

“January prompted an unexpected rise in City job vacancies as a result of pent-up demand for City staff from the latter stages of 2011,” Cameron said. “February has been more subdued, but with fears of a double dip receding, we have started to see more consistent demand over the last couple of weeks.”

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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