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City job seekers hit 3½-year high
Evening Standard 16 May 2008
The number of people looking for City jobs has soared to its highest in three-and-a-half years.
Recruitment firm Morgan McKinley found that 11,840 people were seeking banking jobs last month, up 20% on the previous month. There were only 8946 jobs on offer, its survey said.
It also emerged today that the latest round of Morgan Stanley job cuts would run to 350 in London, far more than many observers had expected.
Meanwhile, KPMG is shedding 90 staff from its corporate finance and transaction service teams as takeover deals dry up.
"This is related to market conditions that we and other organisations are encountering," a spokesman said.
KPMG's cuts are the latest sign the credit crunch is hitting businesses servicing in the banking sector.
The Morgan McKinley survey found the number of financial jobs advertised had increased, by 10% from March, but that was still nowhere near enough to keep pace with demand.
