Energy jobs are City bright spot

City jobs in the energy sector have jumped 35% this year in a rare piece of good news for beleaguered financial services.

Research by recruitment consultants GRS estimates that London-based energy trading businesses and trading arms of big utilities companies have filled 900 new management posts this year, up from 670 a year ago. Salaries have jumped 12%.

There has been a rush of bankers wanting to join utilities as the major banks axe tens of thousands of jobs while energy companies have been eager to recruit staff. Risk management, tax and legal departments have all been on big hiring sprees.

Senior energy managers can expect to earn a base salary of £380,000. The average salary of £90,000 for middle rankers in energy trading is still lower than banking but the gap has narrowed. GRS says bankers earn on average 7% more than those in utilities, down from 18% in 2007. Energy bonuses are expected to leap to an average of 21% of salary.