Recruitment in London’s financial sector was at five-year low this November, recruitment agency Astbury Marsden has reported, with just 1,790 new City jobs created.
Mark Cameron, Chief Operating Officer at the agency, said: ‘To put this into perspective, at the height of the City jobs boom in November 2007, there were over 13,000 new City jobs created. Now there is just a fraction of that. Even during the November following the collapse of Lehman Brothers the City still created twice as many jobs as it did last month.’
Whilst 1,790 new finance jobs may not sound bad, it is a significant drop compared to the same time last year, when 2,670 new jobs were created, which itself represents more than a 30% drop from the previous year.
Cameron went on to comment: ‘We should be worried that the City is now creating so few job opportunities. I am hoping that policy makers will take a sensible approach to the City when they are reviewing future changes, such as the possible ring fencing of investment banks, so that in making the system safer more finance jobs are not needlessly lost.’
However, things may not be quite as bad as they seem: Cameron admitted, ‘The City jobs market has been quite stable over the last few months so hopefully the November figures will prove to be a short term blip rather than a sign of things to come.’