London finance jobs surge as trading picks up, recruiter says

[LONDON] Job vacancies at London's financial services companies jumped 52 per cent last month with banks seeking more fixed-income traders as volatility in markets increased, according to a recruitment firm.

The number of new job openings in the Canary Wharf and City financial districts rose to 4,100 in May from 2,690 a year earlier, Astbury Marsden said in a statement Monday. Financial positions available in the capital have now increased for five consecutive months.

"Revenues are growing in certain areas of fixed-income, commodities and currencies, and the increased positivity on the trading floor is creating more opportunities for specialists in these areas than we have seen for some time," said Adam Jackson, managing director at Astbury Marsden. "Meanwhile, merger and acquisition teams are also expanding, particularly at more junior levels." Banks are hiring for their trading desks after some European and US securities firms reported higher profits in their fixed-income businesses in the first quarter, boosted by a return of volatility in bond and currency markets, Astbury Marsden said. Acquisitions by UK companies overseas rose to the highest since spring 2012 after the business-friendly Conservative Party won the UK election last month, the firm said.

Adding traders and dealmakers means banks also have to reinforce their compliance divisions as banks try to stamp out wrongdoing and misconduct.

"We are seeing new compliance hiring to support the new front-office roles that are being created, and risk professionals are also in strong demand," Astbury Marsden said.

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