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How will City contractor accountants fare this year?

How will City contractor accountants fare this year?

It is unlikely that city hiring this year will reach the heights of 2010, according to recruiter Robert Walters.

Chief executive, Robert Walters, said that last year banks were correcting from the savage cuts they made during the economic downturn. They needed to re-staff quickly but that was a one-off and we now need to wait and see what they’ll do next.

He also commented that the hiring process was starting to take longer. Employees are unsure of their worth and complex variations in salary packages are confusing, he pointed out.

Robert Walters placed 2,000 City workers in 2010 and has seen a 10% rise in net fee income in the first quarter of 2011.

Large recruiters report a buoyant demand for financial staff, in particular those with experience in risk management and regulatory functions. However, much of this demand is due to churn as people look to change employers. Some analysts have predicted that banks will reduce their headcount by between five and eight per cent this year.

Ambition recruitment consultants say that workers in the City pay the same amount in taxes as the whole Scottish population. Its research found that Square mile staff paid a total of £11 billion in NI and income tax, equal to the remittances from the entire workforce north of the border and 7% of the UK total.

Ambition UK’s managing director, Simon Lynch, said that City workers have been subjected to a torrent of abuse in the last few years but they make a very valuable contribution to the public purse.

© 2011 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: MC Status by joshuahoffmanphoto

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