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Hiring will recommence very, very soon

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:

Total City jobs

CEBR’s forecast for City jobs by sector (thousands):

City jobs by sector

Comments (5)

Comments
  1. where have all the beloved doomsday scenarios gone?

    reading good news about the financial job markets feels weird somehow.

  2. Many banks have started already! Look at people like Daiwa and Nomura in the past year! Scoff all you want at Jap banks (and people on here usually do with their inbuilt racism) but these guys have already scooped up a lot of the best talent!

  3. recruiter,

    you mean the best talent like those top real estate ” bankers” in Europe that were at Lehman Brothers? :-)

  4. It seems hard to believe about these forecasts, all major banks do not have a clear view on the next 6 coming months and CEBR pretends that everything will be fine in 2010.

  5. Sounds like hogwash to me. People are still getting canned.

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