LONDON Feb 6 Job vacancies in London's
finance sector grew threefold in January compared to a dismal
end to 2011, as small and medium sized banks and fund managers
looked to pick up staff flooding out of investment banks in
retreat, a report showed.
The number of jobs on offer in the City of London rose to
4,050 in January, up from 1,490 in December, when major
investment banks stepped up a wave of layoffs, recruiters
Astbury Marsden said.
The vacancies were still down by 25 percent on a year
Astbury Marsden, a financial services recruitment specialist
working across Europe and Asia, said "younger, niche" firms were
among those trying to swoop on qualified staff leaving big
These major firms have announced more than 130,000 job cuts
since the middle of 2011, according to a Reuters tally. But the
figures do not take into account activity at smaller firms -
brokers and so-called boutique investment banks.
While some have also cut back, battered by a lack of mergers
and acquisition deals for instance, or a rocky six months for
stock markets and trading, many smaller or mid-sized firms have
been trying to raid bigger rivals for staff.
Several recruiters have told Reuters RBC Capital Markets, an
offshoot of Canada's RBC, Australia's Macquarie Capital
and DC Advisory Partners, owned by Japan's Daiwa
, have been among those looking to fill gaps.
DC Advisory made six senior hires in 2011, in areas such as
debt advisory, and it took on former Bank of America Merrill
Lynch managing director Joel Hope-Bell in December to run its
European business services team.
The group advises mid-market companies.
"Some City firms may also take the view that - as the
downturn may have forced competing organisations to shrink and
close down areas of their business - now is the time to
capitalise and take on additional staff," Mark Cameron, chief
operating officer at Astbury Marsden said.
Cameron added that most jobs advertised were coming from
outside the top 10 investment banks, in a big reversal of