City vacancies 'soared in January'

The number of job opportunities in the City of London jumped by 142 per cent between December and January, according to a new report.

The survey by recruiter Morgan McKinley also showed 28 per cent increase in financial services vacancies year-on-year.

Meanwhile, there was a surge in the number of candidates looking for work in the City, with new candidates rising by 76 per cent and 64 per cent respectively compared with December and January 2010.

On the pay front, 62 per cent of the 200 HR and financial services managers questioned for the poll predicted that basic salary offers will increase over the course of 2011. The majority (55 per cent), anticipated a rise of between one and ten per cent.

Most respondents said that the main factor driving up wages in the City is the need to attract and retain key staff, as 37 per cent believe the biggest personnel issue they will face this year is competitors trying to poach their most talented performers.

Morgan McKinley Financial Services chief operations officer Andrew Evans said: "The anticipated rise in salary offers echoes the recovery that we have seen in the market over the last 12 months.

"However, it is expected by most respondents to be between one and ten per cent, suggesting that managers still feel an element of caution with respect to the market."