PR.com: Business Directory, Press Releases, Jobs, Products, Services, Articles
 
Businesses Articles Press Releases Follow @PRcom
Press Release Pricing | News by Category | News by Country | News by US Region | Recent News | PR.com News on Your Site
 

Press Releases

 
Powerchex

Press Release


Receive press releases from Powerchex: By Email RSS Feeds:

Recruitment in Financial Services Continues to Decline at Record Pace


Financial services firms’ recruitment continues to drop in response to the turmoil in the markets with the first four months of 2009 showing a record drop in employment offers from the sector.

London, United Kingdom, May 16, 2009 --(PR.com)-- The drop in employment offers across financial services companies, gathered pace in the first four months of 2009. 37% less offers were made during that period compared to the last four months of 2008. 48% less offers were made in the first four months of 2009 than the same period in 2008 according to research carried out by Powerchex Limited, a pre-employment screening firm for financial institutions.

The % drop in offers to IT contractors in financial services was 28% and 71% respectively, indicating that the rate of decline in offers to the sector is slowing down.

Employment Offers % change Sept-Dec 2008 and Jan-April 2009 (first column)
Employment Offers % change Jan-Apr 2008 and Jan-April 2009 (second column)

Hedge funds -60% -47%
Investment managers -45% -45%
Stockbrokers -38% -41%
Insurance -36% -34%
IT contractors for financial
services -28% -71%
Investment Banks 5% -64%

· sample size of 21 financial firms employing 48,000

The month to month chart indicates that some sectors within financial services have picked up their recruitment. In April, Hedge Funds and Stockbroking firms increased the number of offers they made in the previous month by 67% and 61% respectively.

Employment Offers % change March 2009 - April 2009

IT contractors for financial services -70%
Investment Banks -67%
Insurance -26%
Investment managers 3%
Stockbrokers 61%
Hedge funds 67%

* sample size of 21 financial firms employing 48,000

“The trend month to month is mixed and difficult to interpret” says Alexandra Kelly, Managing director of Powerchex. “Hedge funds had a great first quarter and they have picked up their recruitment efforts, as have stockbrokers, however getting a job in financial services continues to be challenging especially for graduates and junior positions. Proof of competency and integrity can be a significant advantage in this market. Applicants should make sure that they stay in touch with all potential referees who are willing and able to comment on character, work habits and work performance.”

###

Notes to Editors:
About Powerchex
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
www.powerchex.co.uk.
Contact Information
Powerchex
Andrew McIntosh
02077672437
Contact
www.powerchex.co.uk
Powerchex Limited
Gun Court, 70 Wapping Lane
London E1W 2RD

Click here to view the list of recent Press Releases from Powerchex
Promote Your Business