Jobs market in City has 'collapsed'

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That is the message from Hays, one of London's leading recruiters, which today also announced it has reduced its own staffing levels by 250, or 5%, over the last three months.

Hays today reported a fall in growth in its UK markets: 4% in the last quarter compared to 11% in the last six months of 2007.

Finance director Paul Venables said its City recruitment business fell by between 10% and 20% in the quarter while placements in residential property was also sharply down. Its biggest business, accountancy, began to slow in June, said Venables.

Group growth rose 20% which, said Venables, should see it hit its operating profit target of £249 million for the year to 30 June.

Growth in permanent placings worldwide has fallen from 33% six months ago to 15% now, while temp placings have risen to 17% from 14%.