Finance vacancies up 10pc in Oct
London, November 1, 2012
Smaller, specialist firms in the City of London are taking their pick of recruits as big investment banks lay off thousands across Europe adapting to stricter capital rules and the crisis in the euro zone.
Just over 2,700 new finance-related jobs were created in London in October, headhunters Astbury Marsden said in a report on Wednesday, 10 percent up on the previous month's 2,490 vacancies.
Smaller investment banks and brokerages have this year been making the most of bigger peers' woes, allowing them to cherrypick staff frustrated by new pay rules and uncertainty over strategy.
"Double-digit growth in new jobs is obviously positive news and some banks are posting quarterly results that beat analyst forecasts, but City staff know they shouldn't be popping champagne corks yet," said Astbury Marsden's chief operating officer Mark Cameron.
Astbury Marsden said the job market was still very difficult, however, and that City jobs in October were still down 14 percent from a year ago, when many firms were already cutting.
Switzerland's UBS this week unveiled a plan to cut another 10,000 jobs, with many of those to fall in London, while others such as Deutsche Bank have been reducing numbers too. - Reuters