City businesses create 16 per cent fewer jobs

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The number of new jobs created in London's financial services industry fell 16 per cent last month as companies remained cautious about the state of the economy.

A total of 2,670 jobs were created in the sector in November, compared with 3,160 the previous month, according to the specialist headhunter Astbury Marsden. It said that with the falling number of vacancies and the high number of candidates searching for work, there were five qualified candidates chasing every job available in the City – a two-year high.

Mark Cameron, the chief operating officer at Astbury Marsden, said: "For those City staff who are looking for a new job, it means they are being pitted against more intense competition than they may have faced for years." He added: "The City is very much in wait-and-see mode."