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Shock news: everyone was on holiday in August

Morgan McKinley, the bastion of middle and back (plus some front) office recruitment in the City, released its latest monthly employment monitor today. The results are either depressing or gently heart warming, depending upon your state of mind.

The depressing news is that job vacancies were down a chilling 32% in August 2008 versus August 2007.

The gently heart-warming news is that the number of people registering for new jobs was down by even more: 37%.

The implication seems to be that either banking recruitment is going the way of large lattes and M&S premium dinners, or that everyone decided to take a much-needed break in August.

If the latter’s true, it might be that a sense of zen-like calm has pervaded the banking job market. Yes, things are bad – but a month away from it all helps put the badness into perspective.

Of course, this was before Lehman struck. And it may be that banking jobs really are nose-diving and there are no new candidates because everyone’s too scared to contemplate moving on.

Comments (13)

  1. Small fry employment agencies like this have no revelance in modern day banking. Who cares about middle and back office recruitment?

  2. So what do you do Hooray? Think you’re god’s gift hey?? I hope they make you redundant

    Friendly Trader Reply
  3. Banks do not make their most valuable employees redundant. What those people are going through was inevitable.

  4. Henry, you joke, just to let you know : one made 2.3 last year. head of one famous desk in a very famous bank. Oh and he was just fired as all his colleagues…hum the way you write, the sentences you make on this website, the time you loose on it only shows that you are surely not someone valuable for the banking industry…if you are not fired yet, it must because you work on a … weather derivatives trading desk? in the US? does it still exists…are you still there henry???

  5. Perhaps those who were made redundant recently were advised by those who made redundant earlier in the year not to bother with Morgan Mckinley?

    I don’t know why you peddle this analysis from them every month.

    Are you intentionally becoming like Here is the City?

  6. I know who Henry is… thanks to modern day technology… and he’s in for a very unpleasant surprise over the next couple of weeks…

    itsgonnabegood Reply
  7. Dave – we write about the Morgan McKinley study because it’s the only monthly study which is based loosely on fact rather than speculation (the CEBR rely on outdated ONS figures). We’re not trying to become like Here is The City. We are trying to create a dialogue with people visiting the site.

    Sarah, Editor, eFinancialCareers Reply
  8. Sarah… you really don’t need to justify yourself to all these people… if they don’t like the quality or nature of the articles they don’t have to read them.

    LovingSarahAllTheWay Reply
  9. Sarah for US Vice President….. I for one cast my vote

    LuvingSarah v2 Reply
  10. “I know who Henry is… thanks to modern day technology… and he’s in for a very unpleasant surprise over the next couple of weeks…”

    That scares the hell out of me !!

  11. Well done Henry. Dont listen to those chumps.

  12. Henry, if banks can no longer generate business, then they will be forced to make people redundant. This includes their ‘star’ performers.

  13. Henry was at Lehman and I saw him handing a CV to recruitment agents in Canary Wharf…

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