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Follow on Google News | Financial Services Recruitment Increases After Long Slump Say Employee Screening Company Powerchex2009 sees a recruitment crash within financial services but things are improving.
By: Hassan Butt But no sector within the financial services industry was able to buck the trend as Investment Managers, Hedge Funds, Stockbrokers and IT contractors who provide services to the industry, all saw recruitment decline by over 40%. But there are small signs that the tide is starting to turn especially amongst Stockbrokers who increased recruitment by 77% when comparing the first quarter of 2009 to the second quarter. Insurance firms (8%) and Investment Managers (8%) also increased recruitment during this period with hedge funds (-2%) and IT contractors for the industry (-3%) only seeing small declines. Investment Banks seem to have been hit hardest as recruitment tumbled by 50%. And judging by the findings when comparing hiring levels in June to May 2009, the recovery is starting to gather pace as stockbrokers increased recruitment by a massive 317% followed by large increases for IT contractors (50%), Insurance firms (33%) and even Investment Banks (28%). Alexandra Kelly, Managing Director of Powerchex, who conduct background checks on new employees for over 300 financial institutions in the UK, believes firms are starting to take a more positive outlook. She said, “Things are certainly improving within financial services. Firms have been recruiting quite aggressively recently as the economic situation stabilises and they attempt to make the most of a very talented pool of people who are desperate for work. Things haven’t returned to last year’s levels but there are plenty of jobs out there.” # # # Powerchex is a leading pre-employment screening company who specialise in services for the needs of the finance industry worldwide. End
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