New City jobs total falls 17 per cent, recruitment firm says

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The Independent Online

The number of new City jobs created in the third quarter of the year has dropped 17 per cent from the same period in 2010, says recruitment firm Astbury Marsden.

Some 12,750 City jobs were created in the three months to the end of September, down from 14,900 12 months previously. However, despite the eurozone crisis and the headline-grabbing trading problems at UBS, the decline has moderated with 3,840 new jobs created in September, just 5 per cent down on the August figure of 4,030.

Mark Cameron, chief operating officer at Astbury Marsden, said: "The eurozone crisis has thrown a tool box into the business plans of many investment banks. With performance weak, cost-cutting has been aggressive."

But he said the picture wasn't all gloom, with jobs still being created. "However, these are currently focused on the regulatory and operational sides of City firms; the market for income-producing front-office jobs is weaker," Mr Cameron said.

"We are still seeing demand for business analysts and project managers. Investors are looking at banks' cost-to-income ratio like never before and banks are happy to invest in initiatives that can improve that," he added.