Financial job vacancies in London Fall by 20%
According to the report recently published by Astbury Marsden recruitment agency, the number of new city jobs in the financial sector fell by 20%. As such, in August 2011 only 4,030 jobs were open, while 5,030 jobs were available in August 2010.
In the opinion of Mark Cameron of Astbury Marsden, August "is traditionally a quiet time for City recruitment but the summer slowdown has been even more dramatic this year." He is determined that the reason behind such a significant decline in new jobs is the uncertainty of the financial climate in the US and Europe.
Earlier, banks and other financial organisations were able to handle the revenue problem by simply cutting the employees' bonus payouts. However, now that the bonus payments have been lowered, financial services businesses have no other choice but to reduce headcount.
According to Astbury Marsden estimates, over 12,700 people in London are currently looking for a job in the financial services sector.
Let us remind that as the economic downturn hit the UK in 2008, only 2,000 new jobs were open every month in London.