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Financial Services hiring – caution should still be the watchword

• 11% increase in business critical roles in the City
• Financial services firms still cautious when hiring ‘business as usual’ roles against a backdrop of redundancies.

Despite several reports which suggest that thousands of new jobs could be created in financial services this year, new research claims that institutions still remain very cautious when it comes to taking on new employees for non-business critical positions.

Statistics from Venn Group’s latest employment trends report show that hiring in areas such as regulation and compliance has jumped considerably in the first quarter of 2014 in response to the stringent requirements set out by the FCA and PRA relating to risk frameworks. Despite this, however, the sector will have only recovered half the ground it lost during the financial crisis, a picture confirmed by the recent CBI/PWC survey.

Jodie Finn, associate director at Venn Group says:
“In quarter one 2014 we saw a significant rise in risk and compliance roles, which is not surprising given the pressure the sector finds itself under in the current regulatory landscape. However, institutions are still being cautious, particularly in light of the wide scale redundancies that have been announced in recent months. So while we expect the hiring of these business critical professionals to remain buoyant, we expect non-business critical roles to remain stable at best.”

Venn Group – The UK’s only company dedicated to the provision of professional contract and interim staff to organisations in both the private and public sectors – compared hiring levels between quarter four 2013 and quarter one 2014 across all of its core regions:

• London
• The North West
• The North East
• The South West
• Thames Valley
• The Midlands
• Central & East

This press release was distributed by ResponseSource Press Release Wire on behalf of BlueSky Public Relations Ltd in the following categories: Business & Finance, Education & Human Resources, Public Sector, Third Sector & Legal, for more information visit