The UK’s top banks are looking to hire nearly 3,000 new candidates, according to research by recruiter Morgan McKinley and Vacancysoft
The City banking jobs market is booming as lenders rush to reverse
jobs cuts launched during the pandemic, reveals fresh figures published
The UK’s top banks are looking to hire nearly 3,000 new candidates,
according to research by recruiter Morgan McKinley and Vacancysoft.
A shortage of skilled workers is intensifying competition between City banks to secure top talent.
Bankers are capitalising on the worker-led recruitment market by
considering moving from their existing firm to secure a pay bump from
their new employer.
“The recruitment market is candidate-led, with job-seekers in 2022
being offered multiple options,” Ben Harris, associate Director at
Morgan McKinley, said.
A bumper round of banker bonuses announced by the likes of Barclays,
HSBC and NatWest during banks’ earning season over the last week is
likely to incentivise workers who were not previously considering a
career in financial services to flood into the sector.
Yesterday, Barclays announced its bonus pool has expanded 23 per cent
to £2bn, while HSBC also ramped up its bucket of distributions by a
third per cent to £2.6bn.
“The onset of bonus season will flood the market with talent that
wasn’t previously looking, requiring institutions to move quickly on
offering roles,” Harris added.
Banks are pivoting their recruitment activity to focus on
strengthening their risk and compliance teams to get to grips with the
changing UK regulatory environment.
There are some 98.9 per cent more risk and compliance vacancies in
the sector compared to last year, Morgan McKinley and Vacancysoft said.
© City A.M.
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