Financial sector ‘bucking recruitment trend’

A recruiter has suggested that Britain's financial services industry has been recruiting at a rapid speed so far in 2010, despite sluggish demand for new staff in other sectors.

David Fleming, associate director at consultancy firm Badenoch & Clark, claimed that UK banks have been defying the negative hiring trends witnessed in the wider economy, although this too could be set for a slowdown towards the end of the year.

"The overall demand for staff is going down," he explained. "I think a lot of the larger financial institutions have taken the position that they need to take stock of where they are and I don't think they'll be recruiting as heavily."

Mr Fleming added that public sector recruitment freezes have also contributed to the weak state of the British employment market and implied the finance industry will recruit at a reduced rate into 2011.

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His comments came after research released by REC and KPMG showed that demand for new workers rose in September, but the growth was the weakest seen since October 2009.

Posted by Cameron Thomson