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By that time, the City's securities workforce is expected to have shrunk some 15.1% (28,600 people) from the first-quarter in 2008.
The report goes on to estimate that the City's securities firms will post combined losses this year of some $4.7bn, and generate earnings of just $8 - $9bn in each of the next 3 years.
In the meantime, Morgan McKinley's London Employment Monitor has revealed that the volume of new job vacancies within London's financial services industry fell 20% in April compared to March, and 69% compared to April 2008. The number of financial services professionals who started a job search in April fell 4% on March, and 40% compared to April 2008. Individuals who secured a new role in April took an average of 61 days to do so - 4 days longer than their counterparts did in April last year.
Morgan McKinley's Managing Director, Andrew Evans, said, however, that 'over the last couple of months, there does seem to have been a slight shift in attitude amongst City employers. While the highly considered and cautious approach that institutions have been taking towards recruitment is still very much prevalent, with businesses continuing to hire individuals who exactly match their stringent hiring criteria and remuneration expectations, there does seem to be a strong commitment to secure talent'.
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