City recruitment gloom deepens as turmoil takes hold

City recruitment continued to be significantly affected by the turmoil within the global financial services industry last month, new figures have shown.

The number of new job opportunities within the sector in London fell for the third consecutive month, down 14% compared with August, according to City recruitment firm Morgan McKinley. Compared to September 2007, new job vacancies fell 42%.

The number of financial services workers looking for new jobs increased by 42% on the previous month, largely due to job cuts at several major financial institutions, including Lehman Brothers.

Robert Thesiger, chief executive of Morgan McKinley’s parent company, Imprint said: “Given the events of the past six weeks, the September 2008 new job and candidate data will come as no surprise. There is no doubt that these are unprecedented times for the financial services industry and in turn, the recruitment market within the sector.

“However, it is worth noting that there isn’t a blanket freeze on recruitment in the City and there are still a number of areas within the sector that are recruiting.”

The figures are based on Morgan McKinley’s weekly records of new permanent job vacancies and new candidates registering with the firm.

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