City firms launch recruitment drive despite Brexit warnings
City firms are scrambling to snap up the best talent in the financial services industry, suggesting the London jobs market has shaken off post-Brexit gloomy forecasts, reveals a closely watched survey published today.
Banks, brokers and insurers in the Square Mile are recruiting for 73 per cent more roles in the first three months of this year compared to the same period in 2021, according to recruiter Morgan McKinley.
Some 11,000 jobs in the City were available in the first quarter.
A resurgence in the world economy from the Covid-19 crisis has lifted activity in the global financial services industry by boosting sentiment toward the business environment.
Stronger income generated from deal making and higher listing volumes has incentivised finance firms to expand their workforces.
The number of workers looking for a job climbed 51 per cent, mainly driven by workers seeking to capitalise on a tight jobs market by bagging a pay rise.
Workers that hopped jobs received a 22 per cent pay bump, Morgan McKinley said.
Elevated vacancies have also been driven by staff leaving their posts after banking their bonuses.
Finance firms are struggling to plug roles due to a scarcity of highly-skilled workers, prompting firms to hike starting pay to outcompete rivals.
“Question marks certainly remain around the supply of professionals to fill the ever-increasing volume of opportunities in the City,” Hakan Enver, managing director at Morgan McKinley, said.
“Significant steps are also being taken to retain existing staff, commonly in the form of larger bonus payouts,” Enver added.
The robust recruitment drive comes despite some experts predicting Brexit would hit the attractiveness of London among the finance industry’s top brass.
Some expected an outpouring of banks, funds and brokers from the City to the Continent to avoid Brexit-related complications in completing trades.
Russia’s war in Ukraine is set to weigh on the City jobs market in the coming months as a result of Moscow being frozen out of the global economy.