City Recruitment in 2011 Unlikely to Match 2010
Written by Geoff Newman on 4/8/2011
Recruitment in the City of London in 2011 is not likely to match the levels it reached last year, according to a leading finance recruitment specialist.
Robert Walters, who specialises in finding brokers, bankers and exchanges for blue chip, financial operations, said that last year's recruitment scramble - with banks snapping up new recruits in a bun-fight for market share - was "an unrepeatable correction".
"Banks had made savage cuts during the financial crisis and they needed to replenish staff quickly," he explained. "But that was a one-off. Now we'll have to wait and see."
Mr Walters said there may even be a slight delay taking place in the recruitment process due to the complexities facing candidates in determining pay packages. He said that there was ongoing uncertainty among both candidates and companies about the value of people and the deals they are offered.
"People just aren't sure whether the deal they are being offered is a good one because it is harder to compare," he said. "The uncertainty means people are taking longer to make decisions at more senior levels."
The surge in demand and placements in the financial sector - particularly in risk management and regulatory functions - is largely thought to be due to 'churn' rather than new jobs being created, with many people looking to change jobs now the uncertainty of the recession is largely passed.