Bank scandals hit finance jobs


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The Independent Online

Outrage aimed at some of Britain's scandal-hit banks is likely to prolong painful financial job market conditions, the recruiter Michael Page International said yesterday, after posting a slip in quarterly profit due to the continuing crisis in the eurozone.

Like many recruiters, the group, which places people in accounting, financial and legal jobs across 35 countries, is battling a slowdown in markets. The banking sector has been particularly hit and forced to cut staff.

"Banking is tough, no surprise. Let us be real, the headlines over the last few weeks, they do not help," the chief executive Steve Ingham said.

"I think it is fair to say that the more negative the headlines, the less (banking) recruitment is going on generally," Mr Ingham said.

Michael Page posted a second-quarter gross profit of £138m, 6.6 per cent below what was its second-highest quarter on record during the same period in 2011, but 1.6 per cent up on the quieter first quarter of 2012.

The group said its third quarter was likely to be challenging, as eurozone issues, austerity measures and high unemployment figures hit customer confidence and combine with its seasonally quieter holiday period.