Finance job vacancies in London fell to 4.5-year low in fourth quarter, recruiter says By Reuters
LONDON (Reuters) – Vacancies in London’s financial sector fell by almost a fifth in the final three months of 2024 compared with the previous quarter, to the lowest level since June 2020, Morgan McKinley’s London Employment Monitor showed on Monday.
Job postings of 3,664 for the fourth quarter are also down 12% from the last three months of 2023, while vacancies for all of 2024 are down 28% year over year.
“These stark numbers paint a sobering picture of an industry grappling with growing challenges, including economic volatility, geopolitical uncertainty, strategic change and the rapid pace of technological disruption,” said Mark Astbury, director at Morgan McKinley.
The data comes as optimism about the business outlook for UK financial firms fell at the fastest pace in two years in the fourth quarter of 2024, a survey by the Confederation of British Industry (CBI) showed on Thursday.
Respondents to that survey highlighted concerns about increased costs associated with Britain’s autumn budget, but Astbury said the slowdown in employment had started “well before” Chancellor of the Exchequer Rachel Reeves announced tax increases to support public spending.
Instead, Astbury pointed to London’s declining appeal as a listing location as a key factor.
“If the government is serious about reviving growth, the immediate priority must be to restore it London Stock Exchange (LON:) appeal and stem the tide of capital flight,” Astbury said.
