The number of job seekers in the City of London increased in the first quarter of 2023 even as the number of open positions fell by almost a third, underlining the tough job market for bankers amid economic uncertainty and the threat of redundancies.
(Bloomberg) — The number of job seekers in the City of London increased in the first quarter of 2023 even as the number of open positions fell by almost a third, underlining the tough job market for bankers amid economic uncertainty and the threat of redundancies.
The number of people looking for roles in the first quarter was 12% higher than the same time in 2022, while the amount of available jobs decreased by 31%, according to Morgan McKinley’s latest London Employment Monitor published Tuesday. The survey comes after a period of turmoil in the sector that saw the collapse of Silicon Valley Bank and demise of Credit Suisse Group AG.
“Due to the increase in candidates, we’re finding clients are more cautious and there are longer sign-off processes,” said Hakan Enver, managing director of Morgan McKinley UK. The surge “comes as no surprise given the recent setbacks in the financial sector,” he added.
For those in finance able to switch jobs, the average salary bump during the first quarter was 18%. Still, that’s the lowest salary increase expectation in almost two years.
The data comes with a number of City firms looking to reduce costs after a hiring binge during the pandemic. Banks including Barclays Plc have cut staff in recent months while EY’s UK firm is reportedly planning cost cuts following the firm’s failed attempt to split its audit and consulting businesses.
Read More: Barclays to Cut About 100 Roles in Investment Banking Group
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