Job hunters and Umbrella Company Employees contracting in the financial services sector enjoyed a bumper month in the City during November. The number of new vacancies created leapt to 2,500, which is the highest level in seven months and 6% higher than the 2,330 recorded in October.
The figures come courtesy of leading financial services recruiter Astbury Marsden and are especially noteworthy given the fact that hiring traditionally tends to wind down in November as financial institutions gear up for Christmas and New Year bonuses. The number of new jobs created in November this year was 38% higher than the total created in November 2012 and is the first time the November hiring lull has been reversed since 2010.
Banks appear to be benefiting from an increase in investors’ risk appetites: since the start of 2013 there has been a 9% rise in the number of mergers and acquisitions targeting European countries and a 10% rise in the FTSE 100 value.
Astbury Marsden’s chief operating officer, Mark Cameron, said: “This is the long-awaited positive indicator that the City has been hoping for. We have seen more hiring to support growing activity in equities and equities derivatives trading. In particular we are seeing banks put increased resources into the more specialist equity derivative products and into their quantitative trading programmes.”
Recruitment is currently being driven by the need to deliver new regulatory requirements – particularly the impending European market infrastructure regulation (EMIR) rules – which is prompting banks to staff up their specialist regulatory teams.