Banks are hiring not firing – at least for now
Monday 06 August 2012
Hopes that a City jobs bloodbath could be averted arrive today in the form of figures from the leading headhunter Astbury Marsden.
The recruiter says that 2,985 new jobs were created in the Square Mile in July, an improvement on recent months.
That's still down by 39 per cent on the same month a year ago, when there were 4,880 jobs going in the financial district. But it suggests that banks are looking to hire at least as many as they fire, a huge relief to a sector buffeted by scandal and going through a slump in business.
Trading houses and investment banks across town have been downsizing, with many brokers admitting that they fear for their jobs.
Mark Cameron, chief operating officer at Astbury Marsden, cautions against too much optimism.
"Although there has been some growth over the last month, the appetite to hire in the City remains pretty thin," he said. "Banks are hiring new staff, although this is more often than not to replace departing staff, as opposed to reacting to an anticipated growth in investment banking revenue."
The reputation of the London financial services sector has come under attack over manipulated borrowing rates and the mis-selling of interest rate swaps. This pressure increases the likelihood that banks, especially foreign-owned banks, will take business and jobs elsewhere.
Adds Mr Cameron: "Banker bashing has returned to London with a vengeance, and bullish optimism, which is usually more prevalent in the City than in other sectors, is now a rare commodity. Politicians and commentators need to stay balanced in their contributions to the public debate about the City, as they risk jeopardising a major source of jobs."
- 1 Fifty Shades of Grey trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...