Stability has returned to recruitment in the London financial markets, but there are no green shoots, according to the chief executive of Michael Page.

As Michael Page announced its trading update for the first half of 2009, Steve Ingham, chief executive, told financial analysts that “nigh on two years” after the market began to experience weakness, the company was now “seeing stability in the market”.

“There is hiring across the majority of financial institution,” says Ingham, “but it’s not growing yet, and there are no green shoots.”