Recruitment in the financial services market continued to decline in December, according to a new survey.

The survey, from banking and finance recruiter Morgan McKinley, shows that the number of new job vacancies opening up within the City fell by 65% in December on the same period last year

The number of new openings dropped by 52% during December compared with November, while the number of candidates looking for a new role was down 15% on the same month last year and 35% on November.

Those candidates who did manage to find a position during December took an average of 76.3 days – almost a month (28.5 days) longer than their counterparts did a year ago, while the average City salary registered was £49,420, down 1% compared with the same month last year.

Robert Thesiger, chief executive of Morgan McKinley’s parent company, Imprint, says: “2008 proved to be an unprecedented year for the financial services industry and for recruitment within the sector. The momentous events which have occurred during the past 12 months have changed the shape of the financial services landscape forever and the level of uncertainty within the sector has translated into a lack of confidence across all areas of the industry’s recruitment. The war for talent is over - employers now have a much wider pool of talent to choose from and candidates are facing fierce competition for the available roles.”