8% reduction in City job vacancies

Man in front of shares boardJob vacancies in the City of London fell by 8% last year, revealing a "marked slump" in the number of posts being created, a new report shows.

Around 54,000 new jobs were offered in the City in 2011, down from 58,800 in the previous year, said recruitment firm Astbury Marsden.
The position worsened at the end of the year, with just 1,490 new jobs in December, down by 43% from the same month the previous year.

Mark Cameron, chief operating officer at Astbury Marsden, said: "After starting the year on something of a hiring high, 2011 finished on a low note with a marked slump in the number of new City jobs created.

"Although there were well over 50,000 new City jobs created last year many of them were replacements for staff leaving for other jobs rather than brand new roles. Many of the genuinely new jobs that were created were to deal with the legacy of the banking crisis."

Mr Cameron said there was concern about the long-term profitability of firms because of the changing face of the City.

The number of qualified staff chasing each City job vacancy increased from two to three over the year, said Mr Cameron, adding: "Although institutions who are looking to hire are able to choose from much higher calibre candidates, relatively few employers are taking advantage of this better recruitment climate."
© 2012 Press Association
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