Job Offers in the City of London Drop 31% Compared to Last Year: Report

London, Apr 25 (.).- Job offers related to financial services in the City of London fell by 31% in the first quarter of the year compared to the first three months of 2022, according to a report published this Tuesday by the consultancy Morgan McKinley.

At the same time, the number of applicants trying to find a job in the British capital’s financial district has increased by 12% in the same period.

“Following the ‘boom’ of financial services in 2021, and as economies reopened from pandemic lockdowns, there was a marked slowdown in employment last year,” said the UK managing director of the consultancy. , Hakan Enver.

“This scenario has continued in 2023, with a 31% decline in available positions, due to economic uncertainty and the threat of layoffs,” he added.

Enver stressed that “it has not been a surprise” the increase in applicants to find jobs in the City of London, “given the recent setbacks in the financial sector, the news about redundancies, the collapse of Silicon Valley Bank and the fall of Credit Suisse “.

“Despite a drop in demand (by companies) and an increase in supply (of workers), there is a desire to hire and grow” in the City of London, said the Morgan McKinley executive, who pointed out that the labor market in the British capital is expected to grow in 2023.

London “has maintained its crown as a favorite destination for investment in 2022, with 20,000 million pounds (22,500 million euros) injected into emerging companies,” he added.