During October 2009, the number of new financial services job vacancies in London rose by 15 per cent compared to the previous month, according to recruitment specialists Morgan McKinley. This was the highest number recorded in any one month so far this year.

October also recorded the smallest year-on-year percentage decrease in new job numbers for 16 months: new job numbers were down 19 per cent against October 2008.

While the figures do not give separate numbers for wealth management, they are suggestive that this sector, as well as other financial sectors, may have passed through the worst of the employment downturn since the credit crunch erupted two years ago.

The number of financial services professionals who began their search for a new role in October rose 6 per cent on September but was still down 23 per cent year on year.

Those who did secure a new role in October took an average of 56 days to do so, the same amount of time it took their counterparts twelve months ago.

But although up on last year, the average City salary fell back last month to £51,350 ($85,833) compared to £52,142 in September and £48,021 in October 2008.

“The City jobs market continues to see a general trend of improvement each month and October’s figures are consistent with this pattern. London’s financial services recruitment market is in a very different place compared to 12 months ago. Progress has been slow and somewhat unsteady over the course of 2009 but hiring within London’s financial services sector is following an upward trend as confidence starts to return, slowly but surely," said Andrew Evans, managing director of Morgan McKinley’s financial services division said

“That said, seasonal factors are expected to kick in during November, which will mean new job opportunities and possibly candidate flow will slow over the next three months. February 2010 will be a good indicator as to whether the measured uplift in job numbers seen over the past six months will continue throughout 2010.”