If you’re looking for a job in the City of London, you may struggle to find one – unless you’re prepared to work on a short term contract.
Today, two London recruitment firms issued gloomy statements about the state of the permanent hiring market. Astbury Marsden said the number of new permanent jobs in the City fell 8% between April and May, to 2,390. And Morgan McKinley reportedly said new jobs in the City of London were down 59% in May 2013 compared to May 2012.
However, there was a glimmer of good news: although permanent hiring was down year-on-year in May, Morgan McKinley said temporary jobs were on a roll. It estimated that an increase in contract roles drove a 20% month-on-month increase in City opportunities, to 6,426 in total. If figures from Astbury Marsden and Morgan McKinley are both right, this implies that 62% of the finance jobs in London are now for temporary staff.
The Parliamentary Commission on Banking Standards will recommend that bonuses are deferred for 10 years. (Financial Times)
Blackrock replaced 80% of the portfolio managers on the firm’s active equity teams in the past 18 months. (PiOnline)
Nomura is still hoovering up investment bankers in the US. (Dealbook)
Deutsche Bank is opening a 200 tonne gold storage facility in Singapore. (Reuters)
Deutsche Bank said to conceal $12bn of losses by not marking to market credit derivatives in its trading book during the financial crisis. (Financial Times)
When at Oxford, Stephen Hester struggled with the avocado prawn dish at the Credit Suisse graduate recruiting event. (Financial Times)
Pain for UBS analysts as they lose Thomson Extel top spot. (Reuters)
What are Star Trek characters’ investment styles? (Quora)