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Finance firms slash hiring after Brexit vote

Finance firms slash hiring after Brexit vote

The City jobs market is in the doldrums as a result of the Brexit referendum, as banks and other finance firms freeze hiring amid the economic uncertainty.

The number of new jobs on the market dived by 27pc compared with July of 2015, according to recruiters Morgan McKinley.

It found just 7,890 new jobs last month, down from 10,920 a year earlier, and down from 9,060 on the month.

Banks such as JP Morgan and HSBC warned in the run up to the referendum that a vote to leave the EU could result in them moving jobs from the UK and into the rest of the EU.
New jobsThe number of new finance jobs on the market fell inJulySource: Morgan McKinleyNew finance jobs on the marketJul ’15Jan ’16Jul ’16Oct ’15Apr


Fewer financiers are looking to move jobs, too only 13,738 expressed an interest in jumping ship in July, down 13.4pc on the year.

That is also down 14pc on the month as the uncertain climate made workers more cautious about moving jobs.

Hakan Enver at Morgan McKinley said the decline was smaller than he had expected, and the number of new vacancies on the market is roughly in line with figures seen since late last year.

“Hiring slowed as institutions found themselves in a post-Brexit limbo, but the impact of the referendum was not as aggressive as we expected,” he said.

“The prompt formation of a new government was encouraging, and London Mayor Sadiq Khan has emerged as a vocal champion of the City”.
JobseekersThe number of workers looking for new jobs also fellSource: Morgan McKinleyFinanciers seeking new jobsJul ’15Jan ’16Jul ’16Oct ’15Apr ‘165k7.5k10k12.5k15k17.5k20kJanuary 2016● Financiers seeking new jobs: 16 924

He said that banks are hiring more compliance officers as the industry still needs to deal with incoming regulations, regardless of the decision to leave.

Mr Enver also believes that London will remain the world’s key financial centre as it “simply isn’t logistically or financially feasible” to move tens of thousands of workers to create a new centre of expertise elsewhere.

The average worker moving job received a 16pc pay rise in July, a number which was up from 13pc in June but firmly below the 19pc average over the previous 12 months.

Courtesy : telegraph.co.uk



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