Job vacancies in the City of London are almost a quarter lower than at the same stage last year and it is taking much longer to fill posts as the banking crisis has sapped employers' confidence.
The average time taken by job applicants to secure a City post has increased to just over 60 days, almost 11 days longer than a year ago, according to Morgan McKinley, the financial recruitment specialists.
City vacancies last month were 2 per cent lower than in February and 23 per cent down on March last year, it said.
Robert Thesiger, chief executive of Imprint, Morgan McKinley's parent company, said: “These figures show that recruitment within financial services in London has entered into a new phase of its cycle.
“Job volumes are lower, candidate supply has exceeded demand for the third consecutive month this year and the time it takes for individuals to secure a new job has increased by an average of 26 per cent.
“I think most would agree that the remainder of 2008 will be tough for both the financial services industry and financial services recruitment.”
He said it was clear from banks' first quarter results that, while some performed better than expected, a number of big investment institutions had still to deal with significant losses.
Average salaries remained relatively static, dipping 0.7 per cent compared with February and 2.9 per cent lower than in March last year. People who had plucked up the courage to move, however, were able to boost their pay.
Mr Thesiger said: “Understandably, over the last few months, individuals within financial services have adopted a more considered approach to moving roles; an attribute consistent with an uncertain market such as the one we're in.
“However, those individuals who did seek new career opportunities in March received an average increase of 20 per cent on their previous basic salary.”
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