Job vacancies pile up in London's finance sector as pandemic, Brexit uncertainties pinch
COVID-19 fallout is an immediate cause, but Brexit realities will add to general misery
London: Job vacancies in London's finance industry slumped 54 per cent 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. While this is a fraction of the opportunities available in previous years, the total has risen from 2,490 three months earlier, when the UK 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 UK. "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 UK financial services that need to be clarified."
The fall in vacancies comes amid growing job losses across the UK and a backdrop of global cuts in the banking industry, which is grappling with ultra-low interest rates and rapid technological change.