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The jobs market in the City, London’s financial district, has seen the worst November in more than five years as the number of job opportunities reached a record low, according to new figures from financial services recruiter Astbury Marsden.
The research shows that the number of new jobs created last month only reached 1,790 – this is down from 2,670 City jobs created at the same time last year.
“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,” said Mark Cameron from Astbury Marsden. “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.”
The recruiter said that this was the most dramatic slump in recent years and should come as a wake-up call. “If London is to remain a leading global city and a pre-eminent international capital of finance, the magnet of a thriving investment banking sector is vital,” Mr Cameron said.