The number of new job vacancies within London’s financial services sector fell 17 per cent during May 2008 compared to May 2007 and month-on-month new job figures also dropped 8 per cent on April 2008 numbers, according to the latest research by recruitment specialist Morgan McKinley.

Candidate flow was up 9 per cent on the same month the previous year but down 19 per cent on April 2008 levels, said the London-based firm in its monthly assessment of the state of the market.

It took individuals an average of 57.8 days to secure a new role during May 2008, 11.2 days longer than it took their counterparts a year ago, according to the research.

The average City salary was £48,347, down 5 per cent versus May 2007 and down 1 per cent compared with April 2008 figures.