London monetary job vacancies hit 4.5-year low in This fall, says recruiter

LONDON (Reuters) – The variety of job vacancies in London’s monetary sector dropped by nearly a fifth within the final three months of 2024 in contrast with the earlier quarter, to its lowest degree since June 2020, Morgan McKinley’s London Employment Monitor on Monday confirmed.

Job postings of three,664 for the fourth quarter interval had been additionally down 12% on the ultimate three months of 2023, whereas the variety of vacancies throughout 2024 as an entire was down 28% on the prior yr.

“These stark figures paint a sobering image of an trade grappling with mounting challenges, together with financial volatility, geopolitical uncertainty, strategic overhauls, and the fast tempo of technological disruption,” mentioned Mark Astbury, a director at Morgan McKinley.

The information comes as optimism in regards to the enterprise outlook for UK monetary corporations fell on the sharpest tempo in two years within the fourth quarter of 2024, a survey by the Confederation of British Business (CBI) confirmed on Thursday.

Respondents to that survey flagged considerations about elevated prices related to Britain’s autumn Price range, however Astbury mentioned the hiring slowdown started “properly earlier than” finance minister Rachel Reeves introduced tax rises to assist public spending.

As a substitute, Astbury pointed to London’s dwindling enchantment as a inventory market itemizing venue as a key issue.

“If the federal government is critical about reviving development, an pressing precedence have to be to revive the London Inventory Change (LON:LSEG)’s enchantment and stem the tide of capital flight,” Astbury mentioned.