City of London Loses Hiring Appetite, Warns Manpower

The hiring intentions of financial services firms in the UK have fallen into negative territory, suggesting the sector is undergoing a recruitment slump.

According to the Manpower Employment Outlook Survey, which questioned more than 2,000 employers, found that employment prospects in the finance and banking sector have dropped to -5% in the third quarter of 2014.

"The finance and banking sector has seen a fall in hiring intentions this quarter, which is a significant reversal from the positive outlook we reported last time around," says Karen De-Merist, ManpowerGroup Sector Director - finance and banking.

"This reflects the news that several banks have made job cuts in the last few weeks, which has impacted hiring intentions for the quarter ahead.

"There is still demand in parts of the sector and some bright spots, notably for mid-range professional roles, with sales professionals and claims handlers able to command above-average salaries."

But the Outlook, which fell from +6% last quarter for financial services, also found that the national Seasonally Adjusted Net Employment Outlook of +8% for Q3 indicates that the jobs market is up on Q2 when the Outlook was +7%.

The summer of sport will no doubt benefit the Retail and Leisure sector, with ManpowerGroup expecting the World Cup in Brazil to have a positive impact on UK jobs.

Mark Cahill, ManpowerGroup UK Managing Director, said: "Preparation for the World Cup has boosted the Employment Outlook in Retail and Leisure to its most positive level since 2007, at +6%."