City cull sends Hays' UK arm into the red

A City jobs cull has left the recruiter Hays struggling badly at home as its UK arm crashed into the red last year.

With investment banks laying off thousands of staff, Hays has cited "particularly difficult" conditions for recruiting in banking and the City. The UK division, which accounted for 30 per cent of Hays' £734m fee income, slipped to a £6.5m operating loss in the year to 30 June.