Summer 2012 will not go down as a great moment in the annals of financial services recruitment. According to today's figures from Morgan McKinley (which boasts that it's been tracking financial services recruitment for 8 years), July 2012 was the worst year ever for the emergence of new financial services jobs in London: new job numbers were down 47% on July 2011 and 56% on July 2012.
The only good news was that, as has been the case in almost every month this year, new candidate numbers fell too. As a result, there was an average of 1.8 new candidates per new job in London in July 2012. This was comparable to last July, despite the massive fall in job numbers.
So, in the circumstances, which banks are hiring? Morgan McKinley doesn't produce a prognosis on this, but we've done some investigating of our own. Based on the jobs banks are actually advertising on their own websites at this juncture (most of which tend to be for IT and the back office), it looks like the biggest recruiters in the UK this summer are:
1. Citigroup: 168 jobs in the UK (this, unfortunately, includes ALL Citigroup's UK jobs - not just those in the investment bank, which can't be broken out).
2. JPMorgan: 113 jobs at its investment bank in the UK (including jobs on offer in Bournemouth and Glasgow).
3. Barclays' Investment Bank: 112 jobs in the UK (most of which are technology-related)
4. Deutsche Bank: 110 jobs in the UK (including 16 in Birmingham, where some front office investment banking jobs for traders and structurers appear to be migrating).
5. Goldman Sachs: 68 jobs in London (mostly for technologists).
6. Morgan Stanley: 39 jobs in the UK (of which 7 are in Glasgow).
7. Credit Suisse: 21 jobs in the UK (including jobs in investment banking, IT, and shared services. By comparison, Credit Suisse is currently advertising 61 jobs in Wroclaw, Poland.)
8. UBS: 10 jobs in the UK.