City job openings fell more than a quarter in December
Kick-started the year by looking for a new job? Good luck with that – new figures have shown the number of City job openings fell 27 per cent between November and December.
Figures by Morgan McKinley showed just 4,980 new jobs came on the market in December, the lowest figure for the whole of 2016 (although it was 16 per cent higher than the 4,275 jobs advertised for in December 2015).
Meanwhile, average salary growth fell to 13 per cent, the joint-lowest figure for the whole of 2016 (the other month growth of 13 per cent June, aka Brexit o'clock). That That was way down from February's peak of 24 per cent.
The good news if you're looking for a new role is that the number of job hunters was also way down, at 6,579 – down from 12,181 in November, and 7,102 last December. That's a 42 per cent drop-off.
The bad news? The outlook for City bonuses is pretty bleak. As Morning Wire reported last week, the number of bankers receiving a so-called doughnut bonus – that's a big fat zero – almost doubled in December from last year, to 13 per cent, according to Emolument.
And those working at UK headquartered banks were particularly affected – with their incentives looking paltry next to their US based rivals.
“US banks continue to be more aggressive when it comes to paying bonuses versus European banks,” Alice Leguay, co-founder of Emolument.
“It is a cultural factor – to strongly incentivise employees – as well as due to the simple fact that they tend to bring in more fees and are therefore able to spend more on their bonus pool.”
"After months of uncertainty, City professionals are jaded," said Hakan Enver, operations director at Morgan McKinley.
“Institutions are having to be more strategic than ever with bonuses.”
However, he added that the capital created 200,000 new jobs last year, and was ranked the start-up capital of Europe a mere four months after Brexit.
“Brexit has huge regulatory implications, but it can’t topple London’s creativity and productivity, both of which shone throughout 2016. London thrived despite the political turmoil and continues to be invaluable to the British economy”. Here's hoping.
