The City jobs market suffered its worst November in over five years, with the number of new jobs at a record low, says recruitment firm Astbury Marsden.
Astbury Marsden says that approximately 1,790 new City jobs were created in November 2012.
Mark Cameron, Chief Operating Officer at Astbury Marsden, says: 'To put this into perspective, at the height of the City jobs boom in November 2007, there were over 13,000 new City jobs created. Now there is just a fraction of that. Even during the November following the collapse of Lehman Brothers the City still created twice as many jobs as it did last month'.
The 1,855 new City jobs is a significant drop compared to:
November 2007 – 13,000 City jobs created
November 2008 – 3,540
November 2009 – 4,650
November 2010 – 3,910
November 2011 – 2,670
Cameron says: 'This is by far the most dramatic slump we have seen over the last few years and should be a real wake up call. It may not be popular with the general public, but the Government needs to do more to get the City moving again. It can’t let the situation carry on like this when financial services are such an important part of a successful economy.
'We should be worried that the City is now creating so few job opportunities. I am hoping that policy makers will take a sensible approach to the City when they are reviewing future changes such as the possible ring fencing of investment banks, so that in making the system safer more finance jobs are not needlessly lost.
'Some think that banker bashing is now so deeply ingrained in the psyche of politicians and regulators that they won’t realise that they are now threatening long term damage to the City'.
No immediate improvement for City jobs
Cameron concludes: 'Hiring in the City typically slows at this time of year, with improvements usually starting to show in the New Year. We’re certainly not expecting a massive recovery in January but hopefully the City will start to see more constructive Government involvement and will be allowed to get on with creating jobs and supporting the real economy'.