The number of new jobs created in the City jumped by 17% in February compared to the same month last year, says Astbury Marsden, the leading recruitment firm.
According to Astbury Marsden, 3,010 jobs were created in the City in February, up from the 2,580 jobs created in February last year.
New City jobs in February were up a more modest 8% on the 2,780 jobs created in January 2015. Astbury Marsden says increased hiring activity in February comes despite continued job cuts at leading UK investment banks.
Astbury Marsden explains that robust hiring activity in the City in February has been driven by a strong global equities market, while stronger than expected economic growth in the US and the Eurozone has improved capital market conditions for the investment banks.
Astbury Marsden points out that the FTSE 100, the Nasdaq, and the S&P 500 have all hit record highs in recent weeks.
Christopher Adeyeri, Associate Director at Astbury Marsden, comments: “A strong global equities market and positive economic noises emanating from the US and the Eurozone contributed to increased hiring activity in February.”
“As the oil price stabilises and concerns over a Greek exit from the Eurozone subside at least temporarily, the markets have bounced back in recent weeks which in turn has had a positive impact on hiring at the investment banks.”
Astbury Marsden adds that City hiring activity is expected to be boosted in March and April as the investment banks sign-off their head-count for 2015.
City staff who may have delayed their decision to move jobs until after the 2014 bonus round, are likely to look at new opportunities over the next few months.
Christopher Adeyeri adds, “City hiring activity tends to slow through January and February as firms finalise their recruitment plans for 2015.”
“City staff who were planning to move jobs but were waiting to hear about their 2014 bonus will undoubtedly look at new opportunities in the Spring, especially if they don’t get the reward they think they deserve.”