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UK – Financial services industry sees unexpected recruitment surge in London

05 June 2012

The financial services industry in London saw job vacancies increase by +25% last month in a number of posts including foreign exchange and derivatives, according to financial services recruiter, Astbury Marsden.

In May, jobs in the capital’s financial industry rose from 3,455 in April to 4,320, hitting a ten-month high.

The largest surge could be seen in foreign exchange and interest rate derivatives as many London-based investment banks, including Barclays Capital and the Royal Bank of Scotland, are thought to be hiring more staff.

“Volumes within these areas seem to have picked up over the year. The threat to the euro is now seen as a risk that businesses need to consider hedging against. That has created a lot of activity,” said Mark Cameron, chief operating officer at Astbury Marsden in London.

“With institutional investors bearish about the euro, currency sales teams have certainly been earning their keep. That volatility has created income for the banks and brokers.”

He added that given the “recent political deadlock in Greece and the banking crisis in Spain have made a swift resolution of the euro-zone crisis less likely, this significant uptick in the number of new jobs is a pleasant surprise for City staff.”

Although the recruitment boom is welcome news, Mr Cameron warned that the number of jobs created last month is still down -35% from a year ago. “Sentiment has improved since the latter stages of 2011 but, to put this recent recovery in perspective, the jobs market is still far lower than this time last year,” Mr Cameron said.

He added that “This positive trend in banking recruitment could well continue into June. Beyond that, it would be foolhardy to predict which way the City jobs market could go because Europe's future is so uncertain.”

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