City hiring again after shock of Cyprus crisis

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The Independent Online

The Square Mile is back hiring again as the City breathes a sigh of relief over the limited fallout from Cyprus's bailout crisis, according to a leading financial recruiter.

City firms created 2,600 new jobs in April, a 19 per cent rise on the previous month and contrasting with a 15 per cent slide in March, when Cyprus veered close to pulling out of the euro before being bailed out, according to Astbury Marsden.

The number of City roles created per month stands at its highest since October 2012, as the FTSE 100 also shrugs off fears of fresh storms in the eurozone, reaching its highest level since December 2007.

Mark Cameron, chief operating officer at Astbury Marsden, said: "After a reasonably optimistic start to the year, recruitment at many City firms slowed in March as the market waited to see how bad the Cyprus crisis was going to get.

"Those fears have now subsided, and boosted by the relatively strong figures for the first three months of 2013 from a number of investment banks, employers are feeling cautiously optimistic." But he warned: "What happened in March shows how volatile sentiment is, so any unpleasant surprises on the economic and regulatory fronts could have a rapid chilling effect."

He added that City workers are now more cautious about switching employer, with the number of available candidates barely increasing in March.