Newspaper article The Evening Standard (London, England)

Moribund Banking Industry Hits Recruitment Profits Hard

Newspaper article The Evening Standard (London, England)

Moribund Banking Industry Hits Recruitment Profits Hard

Article excerpt

Byline: Gideon Spanier

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 sterling]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 sterling]20 million and Walters has slashed the size of his team which covers global financial services by one fifth.

London was especially badly hit, with net fee income from banking falling by nearly half.

"Banking hasn't died -- it's simply resting," declared Walters, recalling how the market bounced back after the dotcom bubble burst in 2000 and the number of City jobs doubled by 2007. …

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