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London finance jobs rise on firm bank results-research

Tue, 07th May 2013 12:34

* Employers feeling "cautiously optimistic"

* Applicant numbers fall as bonuses shrink

LONDON, May 7 (Reuters) - Jobs available in London'sfinancial district jumped by almost one fifth in April asemployers took heart from strong results at banks and someconfidence returned after the Cypriot banking crisis, researchshowed on Tuesday.

More than 2,600 new roles were created last month comparedto 2,190 in March, when the Cyprus banking crisis hit the hiringmarket, according to London-based financial services recruiterAstbury Marsden.

"Those fears have now subsided, and boosted by therelatively strong figures for the first three months of 2013from a number of investment banks, employers are feelingcautiously optimistic," said Astbury Marsden Chief OperatingOfficer Mark Cameron in a statement.

Last month British bank Lloyds Banking Group saidits first-quarter profits trebled, while Barclays reported an 11 percent rise in profits from its investmentbanking division in the first three months of 2013.

London's banks and financial services companies have slashedthousands of jobs in recent years following a wave of bankingscandals and a long-running recession. However recent data showconfidence is slowly returning.

April's figure, though down 25 percent year-on-year, was thehighest since October 2012.

The research found that demand for workers was particularlyhigh in compliance-related areas as banks reshape theirbusinesses to meet the terms of regulations imposed byauthorities following the financial crisis.

This supports the findings of a separate survey releasedlast month which showed that nearly nine in 10 financialservices executives around the world are struggling to recruitstaff who can interpret new rules.

While jobs were on the rise in April, applicant numbers weresteady, up just 1 percent month-on-month and down 24 percent onthe previous year, according to the research.

Astbury Marsden's Cameron said smaller bonuses in the wakeof increased public and shareholder scrutiny over executive paymay have affected candidates' willingness to move.

"Candidates know how fragile the market is, and with bonusesnow making up a smaller proportion of the overall package, thereis less of an incentive to pocket a bonus and then rush into anew role," Cameron said.

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