Page profits halved by City hiring freeze
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Your support makes all the difference.A hiring freeze among struggling financial services firms halved banking profits at the recruiter Michael Page in the first three months of the year. Financial services firms – which account for about 8 per cent of Page's profit – axed thousands of jobs last year and have not yet started hiring again.
In the UK, year-on-year gross profit from banking plunged by 50 per cent in the first quarter, and overall gross profit in this country fell 3.7 per cent to £30.6m in the first three months of 2012.
Around the world, Page's banking division – which operates in New York, Tokyo, Hong Kong and Singapore as well as in London – declined by 12 per cent.
Growth in IT, engineering and mining jobs in Germany, France, China and Australasia helped the recruiter's gross profit rise by 6.9 per cent to £136m the three months to April.
In Asia, first-quarter gross profit rose 23 per cent to £26.3m. Shares in Michael Page fell 16.1p, or 3 per cent, to 437.8p.
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