Salary and bonus expectations among financial workers in the City have dropped over the last 12 months, according to a new report.
The London Employment Monitor, undertaken by Morgan McKinley, found that 60 per cent of employees in the financial sector expected their bonuses this year to be lower.
Accountancy Magazine reports that the number of job vacancies in the City financial sector was also found to be down 34 per cent on the figures from 2007.
The employment monitor brings evidence the credit crunch is "far from slowing", according to the firm.
Robert Thesiger, chief executive officer of Morgan McKinley's parent company Imprint, told the site: "August hiring market statistics again show that the financial services industry continues to face significant challenges".
Begbies Traynor, a recovery specialist firm, recently raised £13 million on the stock market in order to fund "significant anticipated organic growth" in its insolvency practise.
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