The CEBR, a research outfit known for its pronouncements on the City job market, has some good news. This year, things won’t be as bad as expected; next year, City hiring will start again.
The improved outlook is thanks to the ‘unexpected speed with which the financial crisis has turned the corner’ and the success of the ‘ bank recapitalisation, asset protection scheme and sharp cut in interest rates.’
On the back of this, the CEBR has slimmed its prediction for 2009 City job cuts to 29,000, down from 34,000.
Hiring is expected to start again in 2010, and if all goes to plan, an additional 18,000 people will be working in the City by 2013.
The biggest increases are expected to be in insurance and fund management. The smallest increases are expected to be in derivatives (unfortunately lumped together with the faster growing area of FX) and professional services.
CEBR’s forecast for total City jobs:
CEBR’s forecast for City jobs by sector (thousands):