Post-pandemic hiring frenzy has left some firms overstaffed; Number of job seekers also declined, employment report says
The City of London has fewer finance jobs to offer after a post-pandemic hiring boom left companies overstaffed while economic uncertainty caused a sense of gloom among workers and businesses alike.
Financial services job postings in the Square Mile dropped almost a third in the quarter through September from a year earlier, according to a report published by recruitment consultancy Morgan McKinley. The decline extends a downward trend in vacancies seen since the end to the hiring frenzy of 2021 and early 2022, when financial firms were desperate to bolster their workforce.
“Many firms ended up with too many people and spiraling salaries caused falling staff attrition rates and reduced demand with lots of underutilized employees,” Hakan Enver, Morgan McKinley UK’s managing director, said in the London Employment Monitor report.
Hiring is Slowing
Financial firms in the Square Mile are scaling back on headcount
Source: Morgan McKinley
Many businesses are scaling back headcount to control expenditure amid higher borrowing costs, rising overheads and lack of clarity over a recovery in the global economy. In September, KPMG LLP floated plans
to cut UK staff numbers, while rival Deloitte announced it would be culling 800 roles. Barclays Plc and Citigroup Inc. are also among many banks laying off staff...
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