City of London firms 'desperate to hire' in tight job market

Finance professionals clinched a 22 per cent average salary hike when moving jobs. PHOTO: AFP

LONDON (BLOOMBERG) - Bankers looking to move jobs after pocketing their bonuses have a wealth of options open to them, as a shortage of qualified candidates pushes firms to offer hefty pay increases to lure the best applicants, one study shows.

There was a 73 per cent increase in jobs available in the first quarter compared with the same period last year, according to recruiter Morgan McKinley's London Employment Monitor.

Finance professionals clinched a 22 per cent average salary hike when moving jobs, an improvement on the 19 per cent rises seen at the end of last year.

The first three months of this year "saw companies hiring in their droves", said Mr Hakan Enver, managing director of Morgan McKinley in Britain. "It is safe to say that firms have been desperate to hire."

More than 11,000 jobs were advertised in the first three months of the year, rising to the highest level in two years, the survey found.

The number of professionals looking to take advantage of the heated market rose 51 per cent in the first quarter, with 22,195 new job seekers in the quarter, according to Morgan McKinley.

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