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Another nasty month

We are trying very hard to write positive things here, but Morgan McKinley, the predominantly back and middle office recruitment firm, keeps coming out with depressing statistics.

Its latest release, which covers the state of the London financial services job market in November 2008, suggests things are fast deteriorating. There were apparently 30% fewer jobs in November than October and nearly 30% fewer jobs in November 2008 than in November 2007.

Pay is falling too. The average ‘City’ salary is now a mere 46.5k.

The only good news is that candidates also keep opting out of the market: job seekers were 20% down year on year. Nevertheless, there are still nearly 4,000 more candidates than jobs.

Comments (12)

  1. Morgan McKinley recruits for middle office jobs. Also, only trust a statistic you have falsified yourselve.

  2. er Mailbox,

    did she not just write “Morgan McKinley, the predominantly back and middle office recruitment firm”…

    You can’t seem to read a 150 word article carefully.

  3. Postman,

    You know why? coz he thinks he’s a front-office dude…

  4. Probably because its November – no one wants to have a hot offer out when hitting the holiday season.

  5. I’m a student interested in the financial markets and so on and so forth…. so I visit this site often and I’m learning a lot. Thanks dudes, you’ve pointed out another fact that I’ll try to verify….. “FO dudes struggle to read carefully …”
    In short, we have illiterate FO analysts working with pompous bimbotic traders and incompetent quants supplying them with inadequate trading models. I can see the end point ……

    unpredecented economic downturn fuelled by incompetent trading of complex financial products that are not fully understood.

    Quants models fail to predict economic downturn

    Investors pull out, banks collapse, banking jobs and opportunities on the decline.

    The mentally frail traders and FO analysts from posh Oxbridge colleges begin to moan about their downsized bonuses and the system in general

    Some of you guys are so far removed from the real world that its worryingly pathetic!!

  6. sayitasitis

    Steady old chap..you dont want to believe everything you read in the paper.times are still pretty go0d for most of the chaps, and there are some great bargains to be had picking things up from those chaps that have been shown the door…u wouldnt believe how cheaply you can pick up a damn decent 911 for at the moment…so dont go all commie on us…and anyway it wasnt all our fault…those damn people in the states who couldnt afford their mortgages started all this !!

  7. I don’t know how anyone can live their life being in BO/MO – wouldn’t it be soo embarrassing when you meet people at parties and they ask what you do?

  8. FO Superstar – hold your gun buddy, the axe might be hanging above your head! Then you might have to decide between working in Starbucks and BO. Provided BO is recruiting.

  9. sayitasitis

    If only our jobs were trying to predict what could go wrong… Maybe we could do that if we get made redundant.

  10. Vanilla, only low-quality people get axed, hence I’ve comfortably survived 5 rounds of cuts here. And will be getting a bigger bonus than last year.

  11. FO superstar, your arrogance validates my point. I just wonder what the Oxbridge-educated traders think of you ………. “Who gave him the audacity to call himself a superster, … he’s a mere Front Office errand boy!”

  12. what are you guys smoking? we are approaching bottom of the worst crisis in over 50 years.

    30% of funds are de facto bust and cannot match commitments. 40-50% of the rest is just surviving being able to match commitments but no cash for investmnets..

    so your are left with 20% mostly special strategy guys..

    The banks have nothing really to do as we know.

    So WHO will be hiring..?? they are happy to make through the next 2 quarters. If you are out right now, take a break and enjoy the money you made. all other is only frustrating,

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