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Late Lunchtime Links: The City has gone from creating 12,000 to 2,500 jobs a month

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This doesn't apply to pay

The good old days are well and truly past. Once upon a time, the City created 12,000 jobs a month according to recruitment firm Astbury Marsden. And now? It’s more like 2,500 jobs a month – a fall of 80%.

What’s gone wrong? Astbury Marsden says diminished job creation is down to banks’ absorption in regulatory issues, which are preventing them from focusing on expansion plans. “Many senior staff at investment banks are so tied up in dealing with regulatory issues – ranging from the minutiae of compliance work through to capital  adequacy – that they have had little time to focus on pursuing new areas of growth,” said Astbury Marsden managing director Jonathan Nicholson.

The good news is that the City created 3% more jobs in June than in May, according to Astbury Marsden – suggesting that things are nonetheless looking up. The bad news is that the new jobs were mostly related to cost cutting initiatives. “A significant number of banks are still looking very closely at where cost savings can be made, and have been hiring quite extensively for these efficiency programmes,” said Astbury Marsden chief operating officer Mark Cameron. “These programmes can create quite sizeable hiring markets in themselves, adding to the flow of jobs in the City. These teams also tend to have a lot of turnover, pushing up the number of roles available.”

Meanwhile:

Moore Capital has hired Morgan Stanley’s head of high yield credit trading for EMEA. (Bloomberg) 

Yesterday, Tom Hayes turned up in court with a suit and no tie – again. (Financial News) 

The number of people working in the Canadian securities industry has plummeted to its lowest level in seven years. (Bloomberg) 

“Sven Giegold has got this [fund manger bonus cap] badly wrong. A big chunk of my bonus gets recycled into Standard Life’s investment portfolio, which means that there’s alignment.” (Financial Times) 

You give me a capital requirement, I’ll give you a derivative to skirt it. (Mathbabe) 

If you exercise, your brain is less susceptible to the effects of stress. (New York Times) 

Ten techniques for building quick rapport with anyone. (Farnam Street) 

Comments (1)

Comments
  1. In years’ gone past, there was an oversupply of office jockeys just turning up for (well-paid) work! The good thing to come from this is that ‘agencies’ will devour each other and then themselves!

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