There’s nothing like a bounce back after a downturn. And in the City the mood is finally starting to return to its positive heights. That confidence is illustrated with the latest employment figures from the finance and professional services sector in London; according to TheCityUK more people that ever are working in the industry suggesting the credit crunch has finally been, well, crunched.
The City was hit hard by the global downturn and financial crisis. At its height in 2007 until 2013, banks were shedding tens of thousands of jobs. It became vital to restructure what were seen as rotten corporations and finances needed to be rebuilt to strengthen them and underpin the economy. During its darkest days after the collapse of Lehman Bros and Northern Rock is seemed the financial sector would never fully recover.
Now, more people are employed in The City than they were when the downturn began in 2007. Just under three quarters of a million – 703,900 – are employed in the sector. That figure is expected to rise to 714,500 by the end of this year. In the City itself, the workforce within the industry has risen by 6,800 between 2007 and 2014 standing at 236,000.
Based purely on the number of people employed in the finance and professional services sector, the industry is growing by 3.1%, which is at a faster pace than it was in 2013. The biggest growth is in accounting and management consultancy where the total headcount has increased to over a quarter of a million.
The financial sector has always been one of London’s key differentials and strengths. It makes the capital powerful in terms of Europe, provides it with a global footing and helps London attract global headquarters to the UK. At Clarendon Serviced Apartments we often cater for staff and employees on extended stay working with a financial firm in The City or staying at Canary Wharf while they relocate to the capital. After five years of doom and gloom it appears the industry it finally recovering and regaining its strength.
Having been in The City for over 20 years, Clarendon has seen a lot of peaks and troughs. Now the City is beginning to hire a range of different finance jobs for interns, graduates or those on work placement we can help by sourcing the right accommodation. With a choice of one and two bedroom serviced apartments in The City we can ensure a growing team has a comfortable, spacious and central place to say with modern amenities and facilities. To find out more information about what we offer ring 01784 489 200 or email enquiries@clarendonlondon.com.