Most bankers change career after redundancy

Jobs in the City of London are so scarce that most bankers now change careers after being made redundant, a survey by the outplacement company Penna Meridian shows.

Just 42% of bankers who were laid off this year have returned to jobs in the financial services sector in the City, compared with 54% last year.

But most of those who leave the industry use their banking skills to move into other areas, said Michael Moran, a director of Penna. Corporate financiers, for example, sometimes join companies in sectors where they used to give advice, while futures traders have found jobs in the travel industry, buying and selling holidays.

Only about 15% of those made redundant take up totally different jobs afterwards - including one who became a sports journalist and another who makes wedding cakes, Moran said.

Sectors where staff were finding it hardest to get back into the City included corporate finance and equities. More buoyant areas included debt capital markets, derivatives and hedge funds.

Well qualified staff from leading banks were having little difficulty finding jobs in most sectors, in spite of the hiring downturn.