Jobs outstrip candidates as City confidence grows

Almost twice as many City jobs were created in March 2006, compared with the same time last year, according to Morgan McKinley data.

A total of 7,686 new financial services jobs were created in March 2006, a 2,709 increase from March 2005, the report showed.

There was also a clear increase in the number of City workers hunting for jobs, with 7,200 seeking new employment in March 2006, compared with 5,922 in July 2005.

The results indicate robust employment growth in London's Square Mile. There were 5,733 new jobs in September 2005, compared with 6,530 prospective candidates.

The results show a convergence in the number of jobs on offer and the candidates chasing them, with jobs outrunning candidates for only the second time in 12 months.

Robert Thesiger, chief executive of Morgan McKinley, said the report showed an increasingly candidate-driven market.

"People are in no hurry to move, as salaries are up and bonuses have only just hit their bank accounts," he said.

"Employees are likely to be more selective at present and some will still be enjoying the rewards of their past year's work. Therefore, financial institutions will have to become more sophisticated in their recruitment methodologies while the 'war for talent' continues," he added.