Page profits halved by City hiring freeze
A hiring freeze among struggling financial services firms halved banking profits at the recruiter Michael Page in the first three months of the year. Financial services firms – which account for about 8 per cent of Page's profit – axed thousands of jobs last year and have not yet started hiring again.
In the UK, year-on-year gross profit from banking plunged by 50 per cent in the first quarter, and overall gross profit in this country fell 3.7 per cent to £30.6m in the first three months of 2012.
Around the world, Page's banking division – which operates in New York, Tokyo, Hong Kong and Singapore as well as in London – declined by 12 per cent.
Growth in IT, engineering and mining jobs in Germany, France, China and Australasia helped the recruiter's gross profit rise by 6.9 per cent to £136m the three months to April.
In Asia, first-quarter gross profit rose 23 per cent to £26.3m. Shares in Michael Page fell 16.1p, or 3 per cent, to 437.8p.
- 1 'He was lucky he didn't die' - George Michael fell out of speeding car onto M1 motorway, according to eye witness
- 2 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 3 After woman sells virginity for $780,000, here are the results of our prostitution survey
- 4 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
- 5 'It was just like the movie Twister': Man survives Oklahoma tornado by taking refuge in horse stall
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£850 - £1000 per day: Orgtel: Programme Change Manager - Banking - London - £8...
£180 - £230 per day: Orgtel: Operations Analyst - Leading Bank in the City of ...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...