Job vacancies in London’s financial services sector dropped by 17% in the third quarter of 2024 compared to the same period in 2023. This decline is largely attributed to inflation, global economic challenges, and post-Brexit adjustments in Britain.
Mark Astbury, Associate Director at Morgan McKinley, explained that companies are becoming increasingly cautious and focusing more on strategic hires rather than aggressive recruitment.
However, the City of London saw a 7% rise in job vacancies from the previous quarter, driven by growing demand for professionals in regulatory compliance, digital transformation, and ESG (environmental, social, and governance) projects. This surge highlights the specialized roles companies continue to seek despite broader market slowdowns.
The lingering impact of Brexit continues to affect London’s financial center, with the loss of around 40,000 jobs, a figure recently confirmed by the Lord Mayor of the City of London.