Steady pace continues within Londonís financial services jobs market

Highlights
The number of new jobs coming onto Londonís financial services market in October 07 remained steady on September figures, rising 0.6%

Compared to October 06, new job vacancies increased 20%

Financial services workers looking for new job opportunities over the month of October 07 fell by 2%

Salaries showed a seasonal decline during the month with the average City salary standing at 50, 272, down 2% although still registering a healthy increase on October 06 levels of 3.7%.

New job vacancies remain steady
The number of new job vacancies coming onto the market in October remained steady on September, up 0.6%. Whilst the fall out from the U.S sub prime crisis and recent announcements of banking write downs and redundancies are causing some nervousness in Londonís financial services industry, it is not reflected in October hiring levels. Following on from September activity, October 07 job figures continued to show signs of a typical seasonal recruitment cycle and compared to the same month the previous year, new job numbers recorded an increase of 20%.

As was the case last year, it is expected that hiring will remain relatively flat or show a slight decline in November and December as banks come to the end of their 2007 hiring budgets and HR departments focus on the upcoming bonus season as well as prepare hiring plans for the new year.

Robert Thesiger, CEO of Morgan McKinleyís parent company, Imprint Plc comments:

ìWhilst there is undoubtedly some cautiousness in the air given recent market conditions, banksí hiring activity is as expected for this time of year. Job levels were flat month on month in October compared to September but there was still significant uplift in the year on year figures, which should not be forgotten. Seasonal factors are now at play and the next couple of months are likely to be quieter on the hiring front, regardless of how the situation develops within the wider financial services market.

ìDespite there having been announcements of job cuts following poor Q3 results by some banks, we are not seeing the effects of this on Londonís middle and back office hiring figures for last month. We will have to wait until the beginning of next year when hiring levels would traditionally pick up again to see what the real impact recent events will have on banksí appetite to hire.î

Marginal fall in candidate movement
The number of financial services workers looking for new career opportunities fell by 2% in October compared to the previous month. Generally, individuals are less willing to move in the run up to bonus season and this year financial services workers may be waiting to see what Q1 2008 will look like before making a move.

In light of the slight dip in candidate movement during the month of October, the average salary fell 2% to 50,272 but was up 3.7% on October 2006 levels.

Robert Thesiger, CEO of Morgan McKinleyís parent company, Imprint Plc comments:

ìThe slight decline in the average City salary over the month is typical for this time of year as financial services workers are less willing to move pre-bonus season. Some individuals may be playing a bit of a waiting game to see how the market shapes up in the New Year. Having said that, if individuals are offered the right career opportunity and compensation package, they are still changing roles.î