The latest report from London-based specialist recruiters Morgan McKinley suggests that employers are taking a guarded approach to hiring in London’s financial services industry with the number of new job opportunities in March 2008 down 2 per cent on February 2008 figures and 23 per cent on March the previous year. Candidate flow decreased 3 per cent on the previous month but rose 4 per cent on March 2007. During March 2008, the average time it took for an individual to secure a new role was 60.4 days, an increase of 10.7 days on the same month the previous year. The average City salary remained relatively steady at £49,765 ($98,311), a drop of 0.7 per cent on February 2008 and 0.6 per cent on the year. However, individuals can still gain an average 20 per cent increase on their basic salary when moving roles. Although traditional high volume recruiters have held back on their headcount increases, niche boutiques and smaller investment houses have continued with their expansion and hiring plans.