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New London finance jobs tumble 20% in August
Source: Agencies |
September 12, 2011, Monday
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NEW jobs in London's finance industry were down 20 percent in August compared with a year ago, even though there are still more than twice as many vacancies being created as at the height of the financial crisis, a report showed yesterday.
The number of new vacancies also continued to fall throughout the summer, as layoffs began to sweep the sector and banks reined in costs, with openings dropping 17 percent from July to August, recruiters Astbury Marsden said.
New jobs in London's City have tailed off dramatically since the start of the year, when vacancies rose 20 percent in the first quarter from previous year, according to chief operating officer Mark Cameron.
These are now down by 9 percent in the year to date, compared to the same period in 2010, he added.
Vacancies are still not as scarce as they were in the period after in the collapse of Lehman Brothers, however, when new job creation fell to below 2,000 a month. Just over 4,000 were created in August this year, Astbury Marsden said.
Banks in Europe and the United States have announced over 70,000 job cuts since the start of this year, after trading income tanked amid concerns about the global economy.
"We are expecting some improvements -- albeit not dramatic -- during September and through to the end of October as banks and other City firms revert to a degree of normality and start to prepare for 2012," Cameron said.
The number of new vacancies also continued to fall throughout the summer, as layoffs began to sweep the sector and banks reined in costs, with openings dropping 17 percent from July to August, recruiters Astbury Marsden said.
New jobs in London's City have tailed off dramatically since the start of the year, when vacancies rose 20 percent in the first quarter from previous year, according to chief operating officer Mark Cameron.
These are now down by 9 percent in the year to date, compared to the same period in 2010, he added.
Vacancies are still not as scarce as they were in the period after in the collapse of Lehman Brothers, however, when new job creation fell to below 2,000 a month. Just over 4,000 were created in August this year, Astbury Marsden said.
Banks in Europe and the United States have announced over 70,000 job cuts since the start of this year, after trading income tanked amid concerns about the global economy.
"We are expecting some improvements -- albeit not dramatic -- during September and through to the end of October as banks and other City firms revert to a degree of normality and start to prepare for 2012," Cameron said.
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