More candidates, fewer jobs, lower salaries

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The latest piece of research from Morgan McKinley doesn't make great reading if you're trying to find a new job.

According to the recruitment company's latest monthly missive, there are now 2,900 more bankers looking for jobs than there are jobs to be had.

Unsurprisingly, given the circumstances, the average banking salary is down 5% year on year, while senior banking salaries are down nearly 10%.

The good news is that it takes the average candidate only around two months to find a new job, a week longer than this time last year.

Senior people are likely to find it hardest to slot themselves back in. Rob Thesiger, chief exec of Morgan Mckinley, says senior hiring has slowed and the bulk of activity is now at junior and mid-levels.