More financial services jobs, fewer people to fill them

As jobs in the City of London increase, the number of candidates waiting to fill them has dwindled according to a new survey.

Recruitment firm Morgan McKinley's monthly employment survey shows that while new jobs are up 19.4% on May 2005, the number of new candidates looking for a career move is down by 16.4% compared to last year.

Morgan McKinley derives the figures by extrapolating from the number of jobs and candidates registering on its own books each month.

Accepting the methodology, eFinancialCareers.com asked if the drop in candidates could show fewer people were using Morgan McKinley to find new jobs. Robert Thesiger, Morgan McKinley's chief executive, says, "These figures reflect the wider financial services market in London. There is and has been a candidate shortage in the City for several months now as the 'war for talent' continues.

Thesiger says banks are hiring more temporary employees and overseas candidates to remedy the situation. He also told Reuters that banks have started getting more creative about candidate incentives and offering the likes of shoe polishing and dry cleaning services.