City job applicants up 47%

The number of City staff applying for new jobs has leapt 47% in one year, Astbury Marsden reports.
In February, the financial services recruitment firm received more than 7,400 applications from City staff looking to switch employers, compared to 5,020 in the same month of 2010.
The figure also represent a 25% rise on January applications, with “an undercurrent of dissatisfaction with bonuses” apparently driving the surge.
The firm’s chief operating officer, Mark Cameron, comments: “With the vast majority of banking staff now aware of their bonus payment, this typically kicks off the annual City hiring season as investment bankers consider their salary expectations and career opportunities.”
Mr Cameron points out that dissatisfaction about pay is inevitable amongst “hyper-competitive” investment bankers as they see bonuses as the way to keep score.
He adds: “Whilst some City workers … will be enjoying very lucrative bonuses this year, the mood regarding bonuses for most City staff is far from content.”
As a result, some investment banking departments could be bracing themselves for staff turnover in excess of 20%.