Jonathan Wren comment on speculated City job losses

Jonathan Wren, the financial recruitment delivery arm of the Adecco Group

ìUndoubtedly a degree of uncertainty is evident within the City markets at present and this ambiguity is bolstered through media speculation on the amount of jobs under threat. However itís important to emphasise that the underlying fundamentals in the City remain positive.

The first two quarters of this year were busy and profitable for the UKís banks, allowing them to absorb some of the losses incurred earlier this month. That said, there are bound to be some casualties. As a recruitment agency, we are seeing no obvious decline in financial vacancies, however this buoyancy may be subject to change after the summer period.

The stars of firms who have lost money will still receive a decent bonus, as in the candidate short finance market there will still be an appetite to hold on to excellent employees even if this period has cost them money.

Furthermore, it is also important to highlight those areas which have made good money from the recent volatility; brokerage houses for instance thrive on unpredictability and will have witnessed some good commissions.

Itís crucial therefore, in an industry built on confidence, that both employers and employees hold their nerve in uncertain periods such as these. Market jitters can often undermine this confidence and have detrimental affects upon both partiesî.