FALL IN CITY JOB OPPORTUNITIES AS BANKS CUT STAFF

10 per cent decline in banking, finance and insurance roles in the last year

10 per cent increase in applications per job

New figures released by the totaljobs.com Q2 2014 Barometer show a 10 per cent fall in jobs in banking, insurance and finance sectors in the past year to the same time and eight per cent compared to Q1 2014. The fall in opportunities in the sector is driving fierce competition, with applications per job up 10 per cent year-on-year and four per cent compared to Q1 2014.

Broadly, the Barometer indicates the UK labour market continues to improve with the number of jobs increasing by nine per cent year-on-year (YOY), and the number of applications for each job rising by three per cent year-on-year.

The totaljobs.com Barometer provides one of the most comprehensive representations of supply and demand in the UK job market analysing the behaviour of 5.9 million British jobseekers and 5,000 recruiters.  Importantly, the totaljobs.com Barometer reports three months ahead of official ONS statistics.

London has seen the sharpest decline in banking, insurance and finance job postings with a 17 per cent decline.

John Salt, director at totaljobs.com, said: “It’s disappointing to see the effects of banking, insurance and finance cuts, particularly when other sectors are starting to recover and hire again. With most major banks already announcing headcount cuts including Barclays, RBS and Lloyds, the fall in job opportunities in the sector will not come as a surprise for many.

“With fewer jobs on the market, many candidates are now looking at how they can use their skills in other sectors, or are undertaking training to widen their skillset. However, we hope this is a short decline in three of the UK’s most important sectors, and the market returns to jobs growth soon.”