Sharp rise in finance sector job seekers

by Gill Montia

Story link: Sharp rise in finance sector job seekers

Recruitment specialist, Morgan McKinley, has reported that during April, the number of people looking for jobs in London’s financial services industry was at its highest than at any time during the past three-and-a-half years.

During the month around 11,840 finance workers considered quitting their jobs, a 20% rise on March.

According to the survey, many of those seeking pastures new were concerned about job security.

Only 8,946 finance jobs were advertised in April and the shift in supply and demand increased the average time needed to find a new job from 50 days (in March) to almost 57 days.

The sector also saw a 2% drop in average salary, to £48,807.

Meanwhile, the Centre for Economics and Business Research is predicting that City bonuses may be cut by 40% in 2008 to a five year low of £5.1 billion in total.

The credit crisis has seen banking and finance headcounts reduced worldwide. Current estimates from Experian, the business services provider, put the total figure for 2008 at around 240,000.

Last month, a report leaked from investment bank JPMorgan Chase forecast 40,000 job losses in London’s financial services sector during 2008 and 2009.

Morgan McKinley’s research is based on a survey of over 200 financial services companies in London, excluding insurers.