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The financial services sector has dragged down profits for Hays and Michael Page in the second quarter as both recruitment specialists reported this week, and new research confirms that in June job vacancies in the sector saw a sharp monthly drop of -33% in the country’s financial hotspot London.
“With recent economic indicators around the globe turning negative, a drop in the number of job vacancies being released across the City in June is unsurprising. The scale of [the] drop however, at 33% is more of a surprise,” said Andrew Evans, Chief Operations Officer at Morgan McKinley’s Financial Services.
He said the decline in jobs comes as a “reality check”, warning that job volumes are still at the mercy of global economic conditions as headcount has been reduced across the sector.
According to the Morgan McKinley employment monitor, job vacancies in the City’s financial services sector fell from 3,915 down to 2,630 – the lowest number in over two years. The decline is even more profound when compared to a year ago, seeing a -53% slump in new vacancies. The research also shows that the number of professionals entering the jobs market declined by -3% from 6,419 in May to 6,251 in June.
“The fact that the drop in professionals looking for new roles is only 3% month-on-month suggests that a number of individuals are still open-minded about the impact of recent economic reports on hiring,” said Chief Operations Officer Andrew Evans.
Regulatory and corporate governance roles remain a “relative bright spot”, he added, while project management and business analyst roles on the contract side are also not doing badly. Salaries for new hires in June increased by +4% to £52,090 to £53,976.