Hays warns recruitment slump is the worst ever

A 20% slide in City recruitment is like nothing that has been seen before, the boss of one of the Square Mile's top recruitment firms admitted today.

And yesterday's attempted rescue of the economy through a banking bailout and interest rate cut will not help either, Hays chief executive Paul Venables warned.

“It is unprecedented,” said Venables, whose agency specialises in filling middle and lower ranking professional jobs in London's banks, financial services companies and accountancy and legal firms.

“It is not like the downturn of five or six years ago [post-9/11 and the bursting of the dot-com bubble], which reversed pretty quickly. And it is very different to the employment slump we saw at the beginning of the 1990s,” he added.

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