Concerns Raised As City Job Offers Drop Again In May

Leading pre-employment screening company announces recruitment figures for May 2011.

City pre-employment screening company Powerchex has said that the number of confirmed job offers in financial services showed a worrying decline in May of more than 10%. Some sectors showed a more positive trend but the figures were dragged down by a sharp drop in offers in investment management. These figures raise the possibility that the fragile recovery has stalled.

After dropping last month, offers investment banking recovered, whilst both hedge funds and insurance firms saw offer numbers fall back by more than 10%.Alexandra Kelly, the Managing Director of HireRight EMEA and founder of Powerchex said: “Last month we thought that offers may have been held back because of the holidays, these latest numbers mean we have to ask more searching questions.”

Offers in the stock-­‐broking sector grew, and once again there was an increase in the offers made to IT Contractors who specialise in working within the financial services sector. The most worrying statistic is that overall offers in May 2011 have fallen by 3% compared to the same period in 2010.

“It could be that the impact of the action the government has taken to reduce the national debt is rolling through to financial institutions.” comments Kelly; “But these numbers seem to be somewhat at odds with the feedback that we’re getting from the sector”

“It’s too early to say that we’ve seen the start of a new trend, but there is no denying that the overall impact would be very damaging. If new offers continue to fall then the requirements for candidates to show skills and experience will escalate. We’ve already Concerns Raised as City Job Offers Drop Again in May recruitment figures for May 2011.

About Powerchex
Powerchex is the UK’s premier pre‐employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.