Banking slowdown hits recruiter

Global financial turmoil has hit jobs in the UK banking sector

International recruitment firm Michael Page has said a slowdown in the UK banking sector affected its profits in the first three months of the year.

The company said the UK business was performing well outside the banking sector as well as internationally.

Gross profit was £140.3m from January to March, a third higher than the same period a year earlier.

A slowdown in the financial sector has meant there are fewer jobs for the recruiter to fill.

Shares in Michael Page closed down more than 5% at 288.75p.

"Whilst we continue to experience strong activity levels and demand for talent, in certain areas there are signs of more cautionary behaviour," chief executive Steve Ingham said.

The company indicated profit from the UK banking division had fallen by "low double figures".

Profit growth in Asia was also affected as a larger proportion of business at its Tokyo office is linked to the banking sector, the company added.