Bloomberg News

London City Job Vacancies Rose 25% Last Month, Recruiter Says

June 03, 2012

London City Job Vacancies Rose 25% Last Month, Recruiter Says

A pedestrian passes through the Canary Wharf business and shopping district in London. Photographer: Chris Ratcliffe/Bloomberg

Job vacancies at London’s financial- services companies increased 25 percent last month as banks added positions in areas such as foreign exchange and derivatives, recruitment firm Astbury Marsden said.

New vacancies in the British capital’s City and Canary Wharf financial districts rose to 4,320 in May from 3,455 in April, the London-based recruiter said in a statement today. The number of jobs created in May is the highest since August 2011.

“Volumes within these areas seem to have picked up over the year,” said Mark Cameron, chief operating officer at Astbury Marsden in London, referring to foreign exchange and interest rate derivatives. “The threat to the euro is now seen as a risk that businesses need to consider hedging against. That has created a lot of activity.”

Barclays Plc’s (BARC) investment banking revenue from currency trading rose 27 percent last year, “benefiting from market volatility and strong client volumes,” the London-based company said in February. HSBC Holdings Plc (HSBA), Europe’s largest bank, said in May pretax profit at the investment bank in the first quarter, rose 5 percent to $3.08 billion. It profited from an improvement in trading after the European Central Bank provided unlimited three-year loans to the region’s lenders through its Longer Term Refinancing Operation.

Still, the number of jobs available from a year ago fell 35 percent, Astbury Marsden said.

“Sentiment has improved since the latter stages of 2011 but, to put this recent recovery in perspective, the jobs market is still far lower than this time last year,” Cameron said. “Given that the recent political deadlock in Greece and the banking crisis in Spain have made a swift resolution of the euro-zone crisis less likely, this significant uptick in the number of new jobs is a pleasant surprise for City staff.”

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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