Michael Page sheds increase but says banks are behind on recruitment trail

Alex Spence & , : {}

Banks are employing twice as majority staff in London as they were at this time last year, one of the Citys heading recruitment firms pronounced yesterday, in the ultimate pointer that the monetary zone is rising from the downturn.

Steve Ingham, arch comparison manager of Michael Page, the veteran services recruiter, pronounced that mandates from banks have increasing significantly in the past couple of months as institutions that cut payrolls exceedingly in the arise of the monetary predicament proceed to reconstruct their London operations.

Mr Ingham combined that recruitment was picking up opposite the sector, from comparison promissory note and trade jobs to back-office roles, and is right away behind to rounded off dual thirds of the employing levels that existed prior to the predicament began.

He discharged reports that the banks that have perceived taxpayer funding, such as Royal Bank of Scotland and Lloyds, were confronting an mass departure of their tip employees to competitors that were not bailed out. His comments came as Michael Page voiced an 85 per cent tumble in full-year pre-tax increase to twenty-one million, from 140 million in 2008.

Related LinksMichael Page faces warn 40m taxation billMichael Page increase tumble 49% in dour marketWith fewer jobs to fill, Michael Page struggles

Revenue for the twelve months to Dec 31 slumped by twenty-six per cent to 717 million. Demand for permanent staff placements was quite really bad hit, with fees dropping by 42 per cent to 260 million.

Headcount fell by roughly 1,400 jobs last year to 3,549.

Michael Page pronounced that 2009 had been the majority severe year in the 33-year history, nonetheless the commercial operation began picking up in the last 3 months. Mr Ingham pronounced that the association approaching expansion in multiform markets this year, quite in Latin America and Asia.