City keeps hiring despite market sell-off

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Financial services firms stuck to their hiring plans last month despite the sharp sell-off in both equity and bond markets prompted by Federal Reserve chairman Ben Bernanake’s tapering comments.

According to financial services recruiter Astbury Marsden, the number of jobs created by the City of London rose by 3 per cent in June when compared with the previous month, the FT reports.

Nearly 2,500 roles were created during June, the firm says.

The rise is up from the 8 per cent dip in recruitment that was seen in May but is still 15 per cent down on the levels seen one year earlier.

Astbury Marsden chief operating officer Mark Cameron says: “Despite the market fallout from Ben Bernanke’s speech, mid-June saw perhaps the busiest hiring week of 2013 so far.

“The FTSE 100 lost 5 per cent in a week, but City firms seem to be confident in the longer-term outlook, and are sticking to their guns on hiring.”

Last week, the CBI/PwC Financial Services Survey showed that the number of people employed by financial services firms fell in the second quarter of 2013 although companies expect to see a slight increase in recruitment over the coming three months.