Bankers in London are in the driver’s seat as a rise in corporate activity has financial institutions scurrying for talent, The Telegraph reports. Morgan McKinley, a London-based recruitment firm, said the number of new slots shot up more than 20% over a year ago, forcing banks to flash attractive compensation packages before candidates and creating an uptick in job changes.

“We are moving into the next phase of the recruitment cycle with candidates still holding most of the aces and employers having to continue to develop ever more sophisticated hiring and retention strategies to win the battle,” Robert Thesiger of McKinley told The Telegraph. The demand has also cut the average position-filling time from 12 weeks just four months ago to 8.5 weeks in April.