London City job vacancies fell 12pc in July
LONDON: Job vacancies at London’s financial- services companies fell 12 per cent last month, as tougher rules on capital deter banks from hiring, according to a report by recruitment firm Astbury Marsden.
New job openings in the British capital’s City and Canary Wharf financial districts fell to 2,172 in July from 2,462 in June, the London-based recruiter said. The figure is down 27 per cent from July last year.
Positive results for some banks are “fuelling renewed confidence,” said chief operating officer Mark Cameron. “However, this has not yet translated into an increase in new roles across the industry as regulators’ more stringent requirements on capital are making banks more cautious about expanding headcount.”
Hiring across financial services remains “patchy” as companies grapple with tighter rules on capital, the recruiter said.
Barclays, the UK’s second-biggest bank by assets, last week announced plans to raise £7.8 billion (US$11.8 billion) after the Bank of England’s Prudential Regulation Authority imposed a 3 per cent leverage ratio target on lenders.
Rule changes are forcing banks to decide “which areas of their business are going to be most profitable, and where they should best focus resource,” Cameron said. “Many banks have put recruitment on hold while they review their operations.”