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More jobs, higher pay, it’s all FINE

Things have been looking up for a few weeks now. To recap, BofA/Merrill and Citigroup are hiring in prime broking, Execution is hiring 180 people in corporate broking and advisory, Deutsche Bank has been hiring M&A bankers in the US, Daiwa, Mizuho, SocGen, Deutsche Bank and Credit Suisse are all hiring M&A bankers in London, Barclays Capital and Nomura are engaged in exciting hiring across several sectors, and Collins Stewart, Mint and many others are hiring in credit trading.

Improving conditions are finally making themselves felt via the ever popular Morgan McKinley Employment Monitor. The latest iteration, out yesterday, showed, 1) a 14% month on month increase in new ‘City’ job vacancies between May and June, 2) a 2% month on month increase in average salaries.

In a statement accompany the monitor, Morgan McKinley managing director Andrew Evans said: “It is interesting to note that for the first time in at least six months, there is now some hiring activity occurring across most areas and levels within the financial services sector in the City.”

While this is undoubtedly the case, there are, however, reasons for mild concern. As we mentioned in January, staff turnover fell to a low of 5% at the start of the year as bankers with jobs decided they were better off staying where they were.

Now that things are picking up, there are signs that people are coming back on to the market. And, as the chart below (derived from Morgan McKinley’s figures) suggests, this is increasing competition for the (still) relatively few jobs available.

New candidates new jobs

Source: Morgan McKinley

Equally sadly, the month on month increase follows some particularly dire figures in April. And although the Employment Monitor shows jobs were up 13% month on month in May 2009, they were down 62% year on year.

Comments (9)

Comments
  1. Are there any figures on existing numbers of candidates vs existing vacancies rather than just new?

  2. @Qbert – not that I’ve come across.

    Sarah, Editor, eFinancialCareers Reply
     
  3. For people that survived the cull things should soon return back to ‘the good old days’

  4. If these are the bad days I can’t wait for the good days. I am pulling in the sort of remuneration package that would make Ronaldo blush. Roll on the next bubble, which will be in “energy i.e. renewable energy and all that guff.

    Hooray for Darling, feck ZURICH Reply
     
  5. “Daiwa, Mizuho, SocGen, Deutsche Bank and Credit Suisse are all hiring M&A bankers in London,”

    Where are the deals to back up these hires? Sounds like a lot of hiring spin to me.

  6. Yep – the hiring market is now the new Goldman Sachs

  7. it looks like they are hiring again according to what I hear, but is this hiden job market? or!

  8. According to the chart at the end of the article, it looks like the job market is deteriorating, not improving… the number of candidates is increasing faster than the number of vacancies. I guess they symply fired too many people last year, but it doesn’t look like a U turn of the job market.

  9. @ Charlie – agree there…. Doesn’t paint a positive picture for me either…. Just media spin; replacing over cutting of head counts in the last 12-18 months.

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