Korn/Ferry reduces losses, but banking search suffers
Total revenues fell 25% year on year during the three months ended October 31st, to $79.6m. Revenues at the European executive search practice were down 24%, to $19.2m.
Korn/Ferry said the financial services sector was particularly challenging. The volume of high end searches was down.
Paul Reilly, chairman and chief executive, said investment banking was particularly problematic. The asset management sector was performing better, said Reilly, whilst hiring in the insurance sector was stable.
The largest revenue falls were at Futurestep, a recruitment website for middle management positions, and JobDirect, the company's recruitment website for college students.
