City firms are scrambling to snap up the best talent in the financial services industry, suggesting the London
Banks, brokers and insurers in the Square Mile are recruiting for 73 per
cent more roles in the first three months of this year compared to the
same period in 2021, according to recruiter Morgan McKinley.
Some 11,000 jobs in the City were available in the first quarter.
A resurgence in the world economy from the Covid-19 crisis has lifted
activity in the global financial services industry by boosting
sentiment toward the business environment.
Stronger income generated from deal making and higher listing volumes has incentivised finance firms to expand their workforces.
The number of workers looking for a job climbed 51 per cent, mainly
driven by workers seeking to capitalise on a tight jobs market by
bagging a pay rise.
Workers that hopped jobs received a 22 per cent pay bump, Morgan McKinley said.
Elevated vacancies have also been driven by staff leaving their posts after banking their bonuses.
Finance firms are struggling to plug roles due to a scarcity of
highly-skilled workers, prompting firms to hike starting pay to
outcompete rivals.
“Question marks certainly remain around the supply of professionals
to fill the ever-increasing volume of opportunities in the City,” Hakan
Enver, managing director at Morgan McKinley, said.
“Significant steps are also being taken to retain existing staff, commonly in the form of larger bonus payouts,” Enver added.
The robust recruitment drive comes despite some experts predicting
Brexit would hit the attractiveness of London among the finance
industry’s top brass....
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