Finance Job Vacancies in London Plummet 54% Year-on-Year

LONDON(Capital Markets in Africa) — Job vacancies in London’s finance industry slumped 54% in the third quarter compared to 2019 as uncertainty around coronavirus, Brexit and bank profits discouraged hiring.

City firms were advertising 3,810 roles in the three months through September, according to data from recruitment firm Morgan McKinley published Monday. While this is a fraction of the opportunities available in previous years, the total has risen from 2,490 three months earlier, when the U.K. was under stricter lockdown measures.

“Businesses and job seekers are struggling with the impact of the pandemic and worried about what a second wave will mean,” said Hakan Enver, managing director at Morgan McKinley U.K. “But we also can’t forget about Brexit. There are concerns for the long-term recovery and the free flow of capital and equivalence for U.K. financial services that need to be clarified.”

The fall in vacancies comes amid growing job losses across the U.K. and a backdrop of global cuts in the banking industry, which is grappling with ultra-low interest rates and rapid technological change.

Companies are adapting to working through the pandemic and gaining an understanding of their recruitment needs compared to the start of lockdown, according to Enver, whose firm recruits across banking and finance, commerce, industry, and professional services.

“Businesses have no plans to roll back remote working, with many firms even suggesting it on a permanent basis,” he said, with some making it “part of their compensation packages.”

Source: Bloomberg Business News