Supply of City workers on the increase as staff look for new jobs after bonus payouts

The number of candidates for City jobs has risen dramatically as workers look to move on after receiving their bonuses.

There were 128% more financial services jobs on offer in London in January than December, according to research by recruitment firm Morgan McKinley.

This was an increase of 16% on January 2006, and was matched by an increase of 19% in the number of jobs available.

Robert Thesiger, chief executive of Morgan McKinley, said: “The City’s job market has had a very strong start to the year, with job numbers continuing to rise and an increase in the supply of candidates coming on to the market.

“Although many banks have managed bonus expectations well, the research shows that employees will still move to take advantage of the abundance of roles and career opportunities currently available.”

Six in 10 City workers reported that they received a higher bonus than last year, while three in 10 received a similar payout. Two-thirds said that their bonus had met their expectations and they were satisfied with it.

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But almost half are planning to or considering changing jobs post-bonus season.

Slight increments in basic salaries were seen at all levels in January compared to December, with the average City salary up 4.3% to £50,724.