The number of new jobs available in London’s financial services sector rose by 52 percent in May compared with a year ago, driven by a pickup in trading by banks’ bond, currency and commodities (FICC) desks, a study showed on Monday.
Such businesses had previously borne the brunt of cuts in staffing by banks striving to keep profits up in the face of new capital requirements and declining volatility and hence returns on trading.
The dollar’s surge and a boom-and-bust feel to some of the world’s biggest bond markets over recent months has helped turn that around, recruitment firm Astbury Marsden said in the regular study.
It said expectations of a continued boom in mergers, acquisitions and new share sales was also creating more posts.
“Revenues are growing in certain areas of FICC, and the increased positivity on the trading floor is creating more opportunities for specialists in these areas than we have seen for some time,” Adam Jackson, the recruiter’s managing director, said. “Meanwhile, M&A teams are also expanding, particularly at more junior levels.”
Whilst the data suggests London’s banks and financial sector are returning to growth after slashing thousands of jobs in the face of a global financial crisis and a series of industry scandals, some British banks are still recruiting for back-office roles rather than fee-earning teams.
“Hiring in compliance teams remains strong, though it is now targeted to fill very specific needs rather than the wholesale bulking up that was needed to cope with the complete transformation of the regulatory landscape post financial crisis,” Jackson said.
Source: Reuters (Reporting by Patrick Graham; Editing by Leslie Adler)