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1.8 people for every new job

15 October 2008

Sarah Butcher

September’s figures from recruitment firm Morgan McKinley underscore the fact that it’s not particularly easy to walk into a new job in the City right now. According to the company’s estimates, there are now nearly two people for every new vacancy.

Lehman ex-employees have contributed to this sorry situation. Morgan McKinley estimates that the number of financial services professionals on the market rose 42% to 10,050 in September. Exits from HSBC and UBS may soon make themselves felt, too.

Meanwhile, jobs were down 14% month on month and 42% year on year.

All these jobseekers are starting to take their toll on pay. Morgan McKinley doesn’t capture bonuses, but it estimates that the average salary declined 3% between August 2007 and August 2008, to £49.9k.

Surprisingly, it is still possible to move jobs and earn more money. Between July and September, people apparently earned 18% more in their new jobs than they did in their previous ones.

Comments (8)

With the Lehman bodycount and the current state of the market ----- there are a lot more than 1.8 people for every new job. Trust me.

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Comments (8)

  • Seriously, only 1.8 people for every new job?.....I thought it would be far higher already, it certainly feels worse out there.

    clubsport 15 Oct 2008

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  • Baffling maths.
    Lets say there are 100 jobs and 100 people looking for them.
    The article says there are 42% less jobs and 42% more people looking.
    So 142 looking for 58 jobs and this assumes theres only 1 person looking for each job to begin with which is crazy.
    If 300 people are looking for 100 jobs, increase seekers by 42% and decrease jobs by 42% that 426 people looking for 58 jobs or 8 people hunting for each job and bear in mind in the good times banking jobs were quite sought after so 3 to 1 as a starting point is being kind.

    Davros 15 Oct 2008

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  • Davros - The 42% increase in seekers is a month on month increase. The 42% decrease in opportunities is a year on year reduction.

    Sarah, Editor, eFinancialCareers 15 Oct 2008

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  • honestly, you are telling me there are less that 2 professional looking for a job for every opportunity available in london? Are we including McDonald's jobs as well? If not, i really can't see where the 5000+ jobs are (10,000 applicants divided by 2)... I'm confused...

    Wall Street trader 16 Oct 2008

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  • Again, this is only good news. Higher competition levels means that only the very best quality people will get jobs. Unfortunately at certain banks not enough's being done to push out the deadweights, but eventually it'll happen and the reformed banking industry will be fresh and cleansed of inferiority!

    Henry 16 Oct 2008

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  • Henry - you've only worked at one bank, you don't know anything.  There are plenty upon plenty of people doing FX

    BC 16 Oct 2008

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  • Have worked at two banks. Thankyou for a 2 year guarantee whilst everyone else gets lower bonuses than last year :-)
    Yes you're right, there are far too many people in FX - exactly my point.

    Henry 16 Oct 2008

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  • The statistics are complete nonsense. Revenue generating jobs in the the City have always been ultra-competitive with far too many applicants chasing far too few jobs, even in the good years. With the Lehman bodycount and the current state of the market ----- there are a lot more than 1.8 people for every new job. Trust me.

    Headhunter 16 Oct 2008

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