London Financial Recruiters Expect More Hiring In 2010 – Survey

Adam Bradbery
Dow Jones Newswires/
January 20, 2010

LONDON -(Dow Jones)- Most recruiters at financial institutions in London think hiring in the sector will increase this year, and only a very small minority think they will be making people redundant, according to a survey from recruitment firm Morgan McKinley published Thursday.

The survey’s findings illustrate how confidence has returned to the U.K.’s financial sector as revenues rise on the back of growing trading volumes in the stock, bond and commodities markets and as the market remains flush with central bank liquidity.

The poll also suggests there may be modest pressure for banks to pay employees more to retain them and to secure the best staff–although this will be tempered by the fact there is a large number of candidates looking for jobs due to layoffs over the past year.

The survey of 124 human-resources managers found roughly 83% expect hiring to increase this year and only 5% believe they will be facing redundancies. Some 43% think that the poaching of their staff by competitors will be a significant challenge.

“These survey results reinforce the view that confidence continues to return to the City and in turn the jobs market,” said Andrew Evans, Managing Director of Morgan McKinley’s financial services division.

“Our findings also highlight that over half of those surveyed are already finding it difficult to source professionals with the right skill set.”

The survey showed that around 52% of respondents think it is now more difficult to find candidates with the right skills compared with the same point in 2009. Some 61% said pay levels will be their main challenge this year and 45% said staff-poaching will be.

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