The financial services sector continued to experience a decline in hiring activity in November, according to a new survey.

The survey, from banking and finance recruiter Morgan McKinley, shows that the number of new job vacancies within the City was down 59% on the same period last year. Candidate flow was down 17% on the November last year, while the average City salary registered £46,516 was down 2% compared with November 2007.

Robert Thesiger, chief executive of Morgan McKinley’s parent company, Imprint, says: “The redundancy announcements and hiring freezes that have continued to make headlines in recent weeks clearly demonstrate that the financial services industry, both in London and globally, continues to face extraordinary circumstances. This is having a profound effect on the recruitment market within the sector as indicated by the sharp decline in the number of new job opportunities within the City of London compared to a year ago. Where possible, financial services professionals are staying in their current positions rather than voluntarily venturing out into what is an extremely tough jobs market.”