‘We do not live in normal times’: Available London finance jobs plunge 20%

Soap bubbles float past St Paul's Cathedral in central London, Britain April 17, 2017.

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Soap bubbles float past St Paul’s Cathedral in central London, Britain April 17, 2017.
source
REUTERS/Stefan Wermuth

  • Brexit uncertainty cited as available City jobs plunge 20% year-on-year in October.
  • Number of people seeking finance jobs falls 37%, according to recruiting firm Morgan McKinley.
  • “Brexit has businesses in a stranglehold,” said Hakan Enver, operations director at Morgan McKinley Financial Services.

LONDON – The number of new available jobs listed in the the UK’s financial centre fell 20% in October year-on-year to 6,300, according to a survey by recruiting firm Morgan McKinley.

The number of people seeking jobs also dropped by a huge 37% from October 2016, while month-on-month that figure is up 6%. Month-on-month new openings plummeted 14% from 7,290.

Those who did find new jobs in October got an average of an 18% pay rise.

“Brexit has businesses in a stranglehold. Try as they might to go about things as normal, we do not live in normal times,” said Hakan Enver, operations director at Morgan McKinley Financial Services.

“The economic tug of war that Brexit kicked off means we still have no idea quite where we’ll land,” Enver said.

Here is the chart of new jobs:

city jobs

source
Morgan McKinley

Prime Minister Theresa May’s government is lurching towards a so-called “hard Brexit,” which prioritises immigration control over membership of the European single market.

Such a move would also lead to the automatic loss of the City of London’s EU financial passport. The loss of passporting rights would be devastating to the City of London. The Financial Conduct Authority (FCA) said that 5,500 UK companies rely on passporting rights, with a combined revenue of £9 billion.

Last month Goldman Sachs CEO Lloyd Blankfein spelled out the bank’s post-Brexit plans for Europe in a Tweet.

“Just left Frankfurt,” he tweeted. “Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there. #Brexit.”

Goldman Sachs currently employs 6,500 people in the UK and currently has around 200 staff in Frankfurt.