Tough Times For Financial Services Job Seekers
The fall-out from the credit crunch being felt across the US financial-services sector as well as in Europe; top banks and financial institutions in the US and Europe have been axing jobs and cutting back salaries in an attempt to steady-the-ship after the large-scale economic slowdown.
According to ShareCast, up to 40,000 jobs in the UK’s financial-services sector could be lost over the next three years as the credit crunch forces banks and insurance companies to tighten their belts. Statistics from JP Morgan Chase & Co. paint an equally gloomy picture, “job losses in the City may total 40,000″.
“Market sentiment and confidence is of paramount importance within the City, and there will need to be continued improvements before robust levels of hiring are restored. It is encouraging to see a rise in the number of job opportunities available within the City,” said Robert Thesiger, CEO of Imprint Plc. - Bloomberg
Statistics have shown that the time taken to get a job within the financial-services sector has increased to 57 days, from 50 days a year earlier. As expected, average salaries also dropped in the same time period.
Although financial-service businesses are still reeling from the global credit crunch, it is expected that most of these companies will be able to make a gradual recovery over the next three years.
An Internet-based UK jobs service, Careers & Jobs, has employment opportunities within the banking and finance sector. Web sites such as Careers & Jobs, Reed and monster enable job seekers to narrow down their search much faster; therefore applying and getting in touch with employers is easier than ever.
Advertising jobs on the Internet also helps with recruitment. It enables recruiters to find the right candidate more quickly, as job adverts on an employment web site become accessible nationwide, or even globally within moments.
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Comments
Its funny I have heard more than one person here in the States say that what happened to Bear Sterns was the bottom of this recession. I’m starting to see how all of these markets are connected good post Rob.
Hi Rick, I think it’s very interesting to see the economic troubles that are hitting across Europe, the US and the UK in particular. For the first time (since I can recollect)we are seeing lots of negative factors hitting at once.
Global warming, downturn in economy, rising oil prices (among other commodities). We are also seeing the prolonged strengthening of the euro against the dollar marking a key economic move for the global market.
[...] on May 23rd, Finance Exchange reported on tough times for jobs in general within the financial services [...]
It sure is a tough time for many Rob. Thanks for your comment on moolahblog.com. I greatly appreciate folks like yourself. You have a very good knowledge base goin’ on here. Keep up the great job!
Tony