City Jobs

Hiring in the financial services sector in the City has ‘slowed considerably’ during August because of the faltering global economy.

According to the Morgan McKinley London Employment Monitor, the number of new job vacancies in the City fell by 34% in August compared to the same time last year. The number of individuals registering for new jobs also decreased in August, down by 37% compared with August 2007 and the average City salary has dipped slightly by 2%.

Robert Thesiger, chief executive of Morgan McKinley’s parent company, Imprint, said: “Following the collapse of one of the financial services industry’s major institutions at the weekend, it is evident that the fallout from the credit crisis is not over. These momentous events of the past few days have changed the landscape of not only London’s but also the global financial services sector. It is probably fair to say, therefore, that the period of transition that will now follow will create an equally challenging and nervous environment within financial services and the recruitment market within this sector.”

* - Article from the recruiter