New data released shows that there are still a lack of job opportunities within investment banking as the sector struggles to regain public confidence.
Powerchex, a pre-employment screening firm, gathered the figures which show that stockbrokers and hedge funds have seen confidence slowly return but since the collapse of the Lehman Brothers, investment banking as a whole has suffered and, as a result, there are very little job opportunities for contract or permanent staff.
To gain this data, Powerchex made comparisons between the work opportunities between January last year and January this year. During this period recruitment for stockbrokers and hedge funds increased by 81% and 109% respectively. Investment Banks are actually planning to hire 60% less staff throughout 2010 than they did in 2009.
Powerchex also saw a decline in hiring between December 2009 and January 2010 with job opportunities for stockbrokers, hedge funds, investment managers and IT contractors slowing over this period. Firms continue their cautious approach as the economy continues to struggle to leave recession. As financial results are due in less than two months, the sector is waiting to learn of the official fall out from the economic downturn of the past twelve months during which time many UK businesses have failed thus having a detrimental effect on the economy.
Director of Powerchex, Alexandra Kelly, commented: “We have seen signs that the economy is on the up but firms are still being very cautious as many believe any recovery we may have seen is very fragile and could easily be knocked off course.”