Financial services providers in London are expected to increase hiring in 2010, revealed the latest Morgan McKinley survey.

A survey of 124 recruiting managers found that 82.9% of respondents believe that hiring across the sector will increase in 2010, while 16.2% thought hiring levels would stay the same as 2009. Of those surveyed, 90% expect business activity to increase in the City throughout 2010.

"The survey provides a far more positive outlook for the financial services employment market in 2010," said Andrew Evans, Managing Director of Morgan McKinley's financial services division.

Over half of those surveyed (52.2%) stated that it is more difficult to find good candidates with the right skills and experience compared to this time last year.

Remuneration' (60.9%) and 'poaching of employees by competitors' (45.2%) were cited by respondents as the main personnel challenges that businesses will face this year.

Only 5.2% stated that handling redundancies would be one of the main personnel challenges in 2010.

Under half of respondents, 46.1% reported that the 50% tax levied on bonuses this year will make it more difficult to attract talent to the City.div>

Andrew Evans, Managing Director of Morgan McKinley's financial services division, comments: "These survey results reinforce the view that confidence continues to return to the City and in turn the jobs market, with 82.9% of hiring managers surveyed expecting recruitment volumes to be up on 2009 levels."

He adds: “With respondents in our 2010 hiring market outlook anticipating a substantial increase in business activity and recruitment across the City this year, the financial services employment market looks set to offer more opportunities for professionals looking to change jobs.”

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