London’s financial services industry is hiring again, as the UK eases lockdown restrictions and anxiety around Brexit fades.
Morgan McKinley’s quarterly London Employment Monitor revealed that financial services job positing returned to growth last month. The sector saw a 70% increase in job postings in March and a 4.8% rise in job seekers. Available roles were up 50% year-on-year.
"As the vaccine rollout continues apace and the road out of lockdown clears, we are seeing the sector recover at a faster rate than anticipated," said Hakan Enver, managing director at Morgan McKinley UK. "We expect this recovery and confidence to continue as the country unlocks and normal working life resumes."
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Enver said the sector had "turned a corner".
"Banks are back in expansion mode with a strong uplift in appetite for hiring experienced professionals," he said. "The City is on par for a good recovery over the year, mirroring jobs available in 2018 with the easing of lockdown restrictions and shops reopening."
Despite the double whammy of the pandemic and Brexit, London remains a global financial centre. The UK capital retained its second spot behind New York in the Global Financial Centres Index and PwC’s annual survey of chief executives found the UK is a more attractive investment proposition than it was before Brexit.
"London continues to be recognised as a global financial centre," Enver said,
Last month, data showed the UK jobs market remained strong at the start of the year, despite a small uptick in unemployment.
Meanwhile, March saw the sharpest rise in permanent job placements for nearly six years as businesses prepare to re-open.
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