Recruitment Agency Now

Navigation

Loading...
You are here:  Home  >  News  >  Main News Section  >  Current Article

City jobseeker confidence riding high

July 19, 2018  /   No Comments

Despite recent news of dropping EU migration and a tight labour market, this June saw a surge of confidence in the City’s financial services sector.

Morgan McKinley’s June London Employment Monitor uncovered some encouraging figures for Q1, with a 29% increase in professionals seeking jobs, month-on-month; Hakan Enver, managing director, Morgan McKinley Financial Services commented: “To have a non-January jobseeker spike like this demonstrates a return of extraordinary confidence in London’s financial services jobs market.”

However, there was a more subdued 4% increase in available jobs, and the year-on-year figures for both jobseekers and new jobs were less encouraging, coming in at 35% and 29%, respectively. “No one should uncork any champagne bottles just yet. Businesses still have a lot of pressing questions about their post-Brexit future. But with talks of a deal finally ramping up, optimism is slowly beginning to return,” said Hakan.

HSBC recently announced that it aims to expand both its mortgage market share and its commercial customer base in the UK, as part of a global $17 billion expansion, while Goldman Sachs announced plans to move some staff to Paris but is as yet showing no signs of backing off its London expansion plans.

“Actions speak louder than words: when Goldman Sachs says they’re moving jobs to Paris but also creates 150 new jobs in London as well as committing to a new nine-storey site in 2019, that’s what we measure,” continued Hakan. “We’re past an either/or scenario: some staff will be needed in the EU to manage the regulatory fallout, but the investments and innovation talent will remain concentrated in London.”

Two leading schools of thought on the City’s post-Brexit future have taken root. On the one hand are those who see Europe as the most important partner for a robust financial services industry in the Square Mile. On the other are those who are optimistic about a more global reach.

“London’s financial services ecosystem more closely mirrors systems farther afield, and many are looking forward to getting out from under Brussels’ regulatory thumb”, continued Hakan. “If new visa rules were to ease hiring from Asia and the United States, it could be a boom for jobs and innovation in London.”

Few still doubt that the City will thrive, no matter what the outcome. “The regulatory climate will naturally impact how business is done. But technology and automation are as disruptive as Brexit, and businesses aren’t waiting passively to see what happens with those; they’re leading the way and creating new jobs in the process”, said Hakan.

The confidence in the future comes in part from a decade of strong performance and ability to stay compliant and nimble in the face of regulatory shifts. In addition, the government’s increasing willingness to fight on behalf of City jobs means most expect to see a good deal for business one way or the other. “After two years, patience is wearing thin, but the government is finally on the right track. They just need to pick up the pace to avoid further unnecessary damage”, concluded Hakan.

    Print       Email

RA Now TV

RA Now 2016 Preview

RA Now 2016 Preview

View all →

Your Voice

  • Jul 19
    Via @recmembers on Twitter Google for Jobs launched today in the UK – in case you missed it, here’s REC marketing manager Michael Oliver's blog on how agencies can take advantage > https://t.co/1dHnR9P4Dl Read More
  • Jul 05
    Via @RecruitPrec on Twitter 80% of people who accept a counter offer leave 6-12 months later https://buff.ly/2oZZNzj Read More
  • Jun 21
    Via @Undercover_Rec on Twitter  Why employee storytelling is the most powerful form of recruitment marketing http://bit.ly/2kzJcAO Read More
  • Jun 07
    Via @AJ_recruitment on TwitterThe Care Provider Survival Guide: 5 recruitment mistakes you can't afford to make a moment longer https://bit.ly/2JlEQrq   Read More

RSS News

Archive