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Financial services sector sees falling employment levels and graduate jobs

Published: Wednesday, 12 January 2011   Category: Banking and Finance

The number of people employed in the financial services sector fell at its fastest pace for 17 years during the fourth quarter of 2010, new research has revealed, potentially threatening the number of available graduate jobs.

Stark figures from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) suggest that employment level fell by much more than expected, with staff costs also dropping as a proportion of total costs.

John Cridland, director-general designate of the CBI, said that the number of people employed in financial services has fallen noticeably since September.

"This probably reflects renewed cost control given little growth in incomes and slower growth in profitability," he said.

However, the business expert explained that conditions vary significantly across the financial services sector, with this affecting various outlooks of the future.

"Whereas the banks expect business volumes to remain subdued next quarter, securities traders and investment managers have fared much better and are continuing to take on staff," Mr Cridland noted.

As a result, people looking for graduate opportunities in the financial services sector may wish to carefully consider the various areas and positions for which they are suitable candidates.

Find your graduate jobs with Gradplus.com.

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