Recently or soon-to-be unemployed UK financial services professionals are lowering their expectations in the sector as jobs become less prevalent and the downturn kicks-in.

Burningpants  was on the streets of London this week and last meeting with clients and spending time listening to how businesses are faring.

One of the great things meeting a broad section of individuals running financial services business of various types (fund managers, investment platforms, advice firms investment companies and publishers is that you get a great insight into what is happening in the market place.

As an example on Monday this burningpants scribe met with five people from different businesses and in each meeting the discussion naturally shifted to the downturn: how much their respective business were down and what that meant to the way they are thinking about the businesses they are responsible for?

All disclosed that they were now effectively under siege from unsolicited resumes as the growing numbers of jobless in the financial services sector scramble for work.

One of the people that we spoke to – who has two new roles that he hasn’t yet even advertised and will aim to fill in March spoke of receiving no less than 36 resumes from highly qualified people – most used to earning over ₤150,000 GBP a year excluding bonus, and all now competing for roles paying ₤70,000 with limited potential bonuses.

The consensus from person spoken with was that the quality of the people approaching them was extraordinary – managing directors, marketing directors and sales heads, all seeking roles that two years ago they would have scoffed at.

But the reality is clear – the employment pool has shrunk and what people are prepared to pay for roles has also collapsed.

This suggests there will literally be hundreds of skilled and talented financial services people who are unlikely to work in the industry again.