September’s figures from recruitment firm Morgan McKinley underscore the fact that it’s not particularly easy to walk into a new job in the City right now. According to the company’s estimates, there are now nearly two people for every new vacancy.
Lehman ex-employees have contributed to this sorry situation. Morgan McKinley estimates that the number of financial services professionals on the market rose 42% to 10,050 in September. Exits from HSBC and UBS may soon make themselves felt, too.
Meanwhile, jobs were down 14% month on month and 42% year on year.
All these jobseekers are starting to take their toll on pay. Morgan McKinley doesn’t capture bonuses, but it estimates that the average salary declined 3% between August 2007 and August 2008, to 49.9k.
Surprisingly, it is still possible to move jobs and earn more money. Between July and September, people apparently earned 18% more in their new jobs than they did in their previous ones.