LONDON (Reuters) – Employment in London’s financial sector fell by almost a third in the first quarter from a year earlier, recruiter Morgan McKinley said on Tuesday, as companies struggled with economic and geopolitical headwinds.
The collapse of U.S. bank Silicon Valley Bank and UBS’s rescue takeover of Credit Suisse last month put thousands of UK finance jobs at risk of redundancies, while there is little sign that high inflation is coming to an end
These factors, combined with continued challenges to business from rising interest rates, are prompting employers to exercise caution in their hiring plans, the recruiter said in its quarterly London Employment Monitor.
“After the 2021 financial services boom, employment slowed markedly last year as the economy reopened after the pandemic shutdown,” Morgan McKinley UK Managing Director Hakan Enver said.
Available jobs are down % compared to a year ago due to economic uncertainty and the threat of layoffs,” he added.
Citywide job seekers surge Percentage of 18 first quarter compared to last three months of 2022, Morgan McKinley says some workers seek better job security, While others seek to move to specializations in green finance and the environment,
Reflecting uncertainty, the survey also showed that finance workers dropped from Job-to-job has dropped to 18 percent, indicating wage rise expectations are at their lowest in almost two years.
“The market has almost changed Many are expecting big raises, but the market is responding to that demand and companies are being more realistic in what they offer to minimize internal confusion among any current employees,” Enver said.
