City recruitment surges despite job losses

Recruitment in the City is surging despite the recent job culls set in train at the likes of Barclays Capital and State Street, figures showed today.

In its quarterly jobs barometer, employment website E-Financial Careers showed all but one of the financial services sectors tracked had seen significant jumps in headcount in the past quarter and over the past 12 months as the economy bounces back.

Trading and quantitative analytics job opportunities have surged by nearly a third over the past quarter as banks gear up for a hoped-for improvement in activity.

Capital markets, investment banking/mergers and acquisitions, sales and marketing and IT positions available were up 20% or more during the quarter compared with the previous three months.

Against a year ago, all sectors except private equity, which was down 5%, were at least 23% up.

E-Financial Careers' James Bennett said: "We can anticipate a seasonal slowing down in recruitment activity in December but the signals are that the hiring activity will continue in 2011."

Adam Buck, chief executive of specialist City recruiter Selby Jennings, said: "It's been a very strong year for us.

"I'd say we're up 100% in all areas we cover on last year and some up 200%.

"Commodities, risk, quant, sales and trading departments are all massively up."

He added salary rises had been huge in many cases as firms adjusted packages to compensate staff for lower bonuses.