London Employment Monitor December 2011

The Morgan McKinley London Employment Monitor in 2011 registered a year-on-year decrease of 8% from 61,671 to 56,587 financial services job opportunities. Compared to 2009, job availability rose by 36%, although it was a 43% decrease from 2006 when hiring activity was almost at its peak in the financial services sector with 99,351 positions available across the London market.

Month-on-month there was a 36% decline in the number of available jobs across London’s financial services sector from 2,725 to 1,733 in December 11. Compared to December 10 this was a drop of 30% from 2,457.

The number of professionals looking for new roles in financial institutions in December 11 fell monthly by 40% from 9,675 to 5,802. However compared to the same month last year, the number fell by a more modest 7% from 6,270 professionals.

Key highlights from the December 2011 monitor include:

• Morgan McKinley’s London Employment Monitor registered a year-on-year decrease in total job opportunities in 2011 of 8% and a fall of 43% compared to 2006
   
• Month-on-month, there was a 36% decline in new financial services job opportunities in December 11
   
• Compared to the same month last year, this was also a 30% decrease on the number of available roles in the financial services sector
   
• December 11 also saw the number of professionals looking for new positions fall by 40% month-on-month and 7% compared to the same time last year
   
• The time taken to fill vacant roles in December 11 rose by 6 days month-on-month to 61 days
   
• For those starting new jobs in December 11, the average salary fell by 8% compared to those beginning roles in November 11.