Rise in number of financial sector jobs despite triggering of Article 50

Rise in number of financial sector jobs despite triggering of Article 50

The official triggering of Article 50 failed to spook the City jobs market, which saw a double digit rise in financial sector vacancies last month.
The number of financial services jobs up for grabs in London grew 17% in March compared to a month earlier, and 13% year-on-year to total 8,145 new openings, according to Morgan McKinley’s London Employment Monitor.
It showed that the “jobs spurt” is being fuelled by vacancies in regulatory finance, fintech and risk management.
Hakan Enver, operations director for Morgan McKinley Financial Services, said: “Businesses are done trying to read the tea leaves to see what lies ahead, and they’re getting back to the business of hiring talent.”
Meanwhile, the number of financial sector job seekers fell 9% month-on-month, and 25% compared to the same period last year, to 9,695.
Mr Enver explained that March tends to be a quiet month for job seekers as the first quarter bonus season is still wrapping up, and that there is likely to be a spike in April figures.
A number of firms have already publicly announced plans to move operations out of the UK in order to safeguard segments of the business reliant on access to the single market for financial services.
But Morgan McKinley says those moves are not translating into higher unemployment across the Square Mile.
“As London continues to attract investors from across the globe, institutions are grappling with the need to maintain access to the common European market, as well as the wealth of investors and economic productivity in and around London.
“Instead of relocating to Europe, therefore, financial services are increasingly looking for the best of both worlds by keeping their foothold in London, and expanding operations in or to other European financial hubs,” the report said.

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