Another nasty month

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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.

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