Supply and Demand for City Financial Recruitment Increases
Written by Geoff Newman on 3/15/2011
Recruitment for lucrative finance jobs in the City of London has seen significant rises in both supply and demand in January, as confidence in the post-recession recovery spreads to the workforces.
New figures show that in excess of 6,000 jobs were created in the City in February - a rise of more than 30 per cent on the figure from the same period in 2010 and six per cent more than the number for January.
The rise in the number of jobs becoming available, however, has been matched by increasing numbers of finance professionals looking for new jobs. It is thought that dwindling bonuses and regulatory changes are behind statistics that show that applications for finance positions have risen by 47 per cent.
One specialist recruitment agency said it received 7,400 applications in February, up from 5,020 in February 2010.
Geoff Newman, recruitment expert from web recruitment agency Recruitment Genius is preparing for a surge in the staff turnover, with some estimating that it could reach as high as 20 per cent.
“Now all the ‘banker bashing’ is over and confidence is being restored to the finance sector the mood in the City is changing with many bankers - who only stayed for job security - preparing to leave.