Morgan McKinley's London jobs report: Article 50 triggers, City shrugs

The Brexit beset seems to have veered slightly off the minds of those in the City, with hiring levels in March remaining unscathed by the invoking of Article 50.

According to Morgan McKinley’s London Employment Monitor for March 2017, a 17% increase in jobs available, month-on-month was recorded, as was a 13% increase in jobs available, year-on-year.

“Businesses are done trying to read the tea leaves to see what lies ahead, and they’re getting back to the business of hiring talent,” comments Hakan Enver, Operations Director, Morgan McKinley Financial Services.

“This time a year ago we were looking at significant drops in the number of jobs available. There’s a growing sense that we have a real opportunity to reshape how business is done, for the better. The jobs spurt is being fuelled by hiring in regulatory finance, risk management, and fintech. “Fintech jobs are opening up across the board, from ambitious new start-ups to major institutions.”

Despite prosperity in available roles, there was a nine per cent decrease in professionals seeking jobs, month-on-month and a 25% decrease in professionals seeking jobs since March 2016.

However, Enver reassures that March is always a quiet month for jobseekers. “With the first quarter bonus season wrapped up, we expect to see a spike in April figures,” he says.

Anxieties stirred by headlines announcing the relocation of significant financial services firms appear to have slowed, with institutions looking to move only specific units.  In order to maintain access to talent via the common European market whilst benefiting from investors and economic productivity in London, firms are more likely to look at expansion in Europe as opposed to full on relocation.  

“Investors are paying very close attention to freedom of movement,” Enver adds. “The financial services industry follows the money, and the money follows the talent. As of now, the talent is in London, and the government would do well to help keep it that way,”

With political uncertainty dominating Europe this year considering the forthcoming elections, Enver says the attitude encompassed by firms is to ‘adapt’ rather than burying their heads in the sand.

Furthermore, Europe’s economic performance was ‘lacklustre’ in comparison to Asia and the United States. According to Enver: “Some are looking at business as usual and thinking perhaps an updated model and economic pivot will serve them better. Europe is a vital and precious friend, but it is only one part of the larger global economy in which the financial services industry operates.”

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