Oct 10, 2011, 12.55 PM | Source: Reuters

London finance hires down 17 pct in Q3 vs 2010 - report

London finance hires down 17 pct in Q3 vs 2010 - report

LONDON (Reuters) - The number of financial sectors jobs created in London dropped 17 percent in the third quarter from a year earlier, while new vacancies fell as much as 6 percent from August to September, two reports showed.

U.S. and European banks have announced more than 100,000 job cuts so far this year, and there are many more to come, analysts and headhunters reckon.

Recruitment consultants Astbury Marsden said on Monday that 12,750 jobs in London's financial districts were created in the three months to September, or a 17 percent drop on the third quarter of 2010.

But they added that the month-on-month decline in new jobs had slowed recently. They estimated the number of new vacancies in September was 5 percent lower than in August.

Rival recruiters Morgan McKinley said in a separate report that new job opportunities had fallen by 6 percent in that same period.

Morgan McKinley added that the number of new roles created in September was 19 percent lower than a year ago.

Demand for regulatory and compliance staff remained robust, however, with a rogue trading scandal at UBS increasing pressure to hire in this area, Astbury Marsden said.

(Reporting by Sarah White; Editing by Will Waterman)


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