City 'all set to offer 11,000 new jobs' as confidence returns

City banks and hedge funds are set to recruit an extra 11,000 staff over the next three years, according to a survey published today.

They will require office space of around 1.6million sq ft, equivalent to four towers the size of the Shard.

The study, commissioned by BNP Paribas Real Estate, points to a bounce-back in City confidence after almost four years of turmoil.

About three-quarters of financial groups in London said they planned to expand, with 55 per cent saying they would take on extra staff. Only five per cent said they will cut the number of employees.

Top demand will be from smaller banks in Docklands and the City and from hedge funds and private equity firms in the West End, says the study.

Their growth will also lead to more demand for office space and staff in support services that supply them.