The jobs market in London’s financial services sector weakened in July and early August, halting a trend of improvement, with job opportunities falling 8 per cent between 10 July and 10 August, according to recruitment firm Morgan McKinley.

However, when compared to 12 months ago, the picture is still much brighter: the number of available jobs was up by 33 per cent in August 10. Meanwhile, the number of new professionals entering the City jobs market rose month-on-month by 6 per cent in August 10. There was a 61 per cent rise in the number of professionals looking for new roles in August 2010 compared to a year before.

The data covers all financial services; it does not provide separate data on the specific trends within wealth management but may be suggestive of how this sector is performing.

Meanwhile, the average salary for those securing roles in August this year was 3 per cent higher than in July and 5 per cent higher than a year ago.

“As predicted at the end of H1 2010, there have been no dramatic rises or falls in the amount of hiring financial institutions have undertaken over the last two months, echoing general market sentiment that while conditions have improved, there is still a long way to go before we reach full recovery within the financial services market,” said Andrew Evans, managing director, Morgan McKinley Financial Services.

“Traditionally, September sees a greater amount of recruitment activity than August, and this year it will be particularly interesting to see how hiring levels compare to those in the immediate aftermath of the collapse of Lehman Brothers two years ago and how far they have rebounded.  September job opportunities will also serve as a good indication of how hiring will pan out over the remaining few months of 2010,” he said.