Financial sector faces recruitment slowdown


Global financial sector recruitment faces a slowdown, according to a leading recruitment firm.

UK company, Michael Page, reported a 33 per cent growth in profits in the first quarter of 2008 but its UK banking arm was less successful.

"The problems are confined to banks, which represent ten per cent of our clients," Steve Ingram, chief executive, explained.

"While we continue to experience strong activity levels and demand for talent, in certain areas there are signs of more cautionary behaviour."

Several of the world’s largest banks have headquarters and rent commercial property in London.

US financial firms have already felt the implications of the credit crunch, which damaged banking giants such as UBS, Citigroup and Merrill Lynch.

Despite this Bear Stearns has continued its move into new offices in Canary Wharf, where it is to establish its European headquarters.