The job vacancies in London’s financial sector have fallen by 52% in December 2017, which is the biggest decline in three years, according to a new study. The selection agency Morgan McKinley considers that drop is partly by the holiday season and said the data highlighted the allocation of employees from the London City after Brexit – mainly due to the 37% drop in jobs on an annual basis.
“In December, the London City is covered by Christmas parties, not by hiring, so a downward slump could be expected”, said the Operational Director of Morgan McKinley, Hakan Enver. “But such a shattering downturn is worrying”, added he.
Morgan McKinley points out companies’ disappointment with the lack of progress on Brexit agreement and says that very good news – such as the increase in the number of issued visas for skilled workers – is neglected against the backdrop of general chaos. Goldman Sachs, Deutsche Bank and Bank of America are planning to move from London to cities like Frankfurt and Paris, if Britain comes out of the EU without a deal.
There is a 30% fall in the number of London of those looking for new positions in December on an annual basis, says Morgan McKinley. The salaries of those bankers who have moved to new jobs last month have risen by an average of 14%.
“Brexit hit the city’s workforce in 2017”, says Enver. “Anyone who endures in 2018 will remain for a long time”, added he.