Moribund Banking Industry Hits Recruitment Profits Hard

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A DRAMATIC slump in the number of banking jobs in the City has sent annual profits at recruitment firm Robert Walters crashing by half to Pounds 7.7 million in an ominous sign for London's financial industry.

"It is still rather a bleak picture given the fact that within London, banking and financial services are a big chunk," its founder and chief executive, Robert Walters, admitted.

The banking downturn was not confined to London and was also affecting New York and even Asia -- despite a relatively good year for world stock markets in 2012.

The group's global net fee income from banking fell by about a third to Pounds 20 million and Walters has slashed the size of …