The number of new jobs created in the City of London fell in March compared with the previous month amid hiring freezes at investment banks, according to a new study.

Recruitment firm Astbury Marsden said 2,640 jobs were created last month, 450 more than a year ago, but 580 down on February.

Jonathan Nicholson, managing director at Astbury Marsden, said: "Hiring freezes at some of Europe's largest investment banks have helped interrupt the recent recovery in the City jobs market.

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"Despite the buoyant recruitment market in fund management and brokerages the overall job figures are being dragged down by the largest investment banks that have been hit hardest by regulatory intervention and, in particular, the new capital adequacy rules."