Friday 09 July 2021 6:00 am | Updated: Thursday 08 July 2021 3:34 pm

Hiring in the City roars back to life

64 per cent of investors with at least £60,000 in investible assets have more than a quarter of their portfolio invested in the UK

The City is roaring back to life driven by financial services firms ramping up hiring activity as the spectre of Covid on the Square Mile recedes, new figures published today reveal.

The number of jobs available in London’s financial services sector rose more than twofold over the last year, according to Morgan McKinley’s spring employment monitor.

The surge in job postings has been triggered by trading conditions improving markedly amid a rebounding UK economy.

Available jobs were up 22 per cent over the last quarter. However, the number of job seekers rose sharply by 43 per cent, indicating that firms may be able to lower starting salaries and still attract talent.

Hakan Enver, managing director at Morgan McKinley UK, says: “14 months ago, Rishi Sunak announced an ‘economic intervention unprecedented in the history of the British state’.”

“As we now emerge from lockdown, we’re experiencing a rebound in economic activity and across recruitment.”

London firms have been buoyed by the success of the vaccination rollout and hiring activity is expected to run hot in the medium term, analysts at Morgan McKinley noted.

“There’s a sense of real momentum and gratitude for the UKs successful vaccination programme that has been critical to getting us back on track” Enver added.

“This is set to continue in the capital with the lifting of all restrictions, increased spending, the continued vaccination rollout and people returning to the office.”

Strong competition for talent has prompted firms to offer more generous benefits – average salaries for staff in the City jumped 17 per cent.

Prospects for graduates is improving, with firms on the Square Mile expanding their junior staff intake, Morgan McKinley said.

“There’s also great news for younger job seekers as we’re seeing more employment opportunities for graduates. Many companies are increasing their intake and can choose from a large pool of talent from this and last year’s university leavers” Enver said.