For Recruiters
The jobs market is a bit of a shark tank.

Want a job in London finance? There’s a 30,000-person queue

If you're looking for a new financial services job in London before Christmas, then good luck. Job openings are down dramatically, and the number of people looking for jobs is at a five-year-high.

Morgan McKinley, the recruitment consultancy, estimates that job openings dropped by 30% in London’s financial services sector in the third quarter compared to the second. At the same time, it estimates that the number of people looking for new finance jobs in London is at the highest level since early 2017. 

As the chart below shows, the upshot is that there were nearly 3.5 people chasing each financial services job in Q3, compared to fewer than 2 in Q1. This was a more favourable ratio than during the bad days of 2020, but is still far above the long term average.  

The rush of job-seekers and reduction in jobs follows a significant slide in 2022 investment banking revenues, with sharp falls in M&A advisory revenues and equity/debt underwriting worldwide.

Morgan McKinley pointed to a difficult environment for banks, compounded by the chaos precipitated by the new Prime Minister's mini-budget and the hiatus in activity following the death of the Queen.

The cost-of-living crisis was identified as a significant motivator for the rise in those seeking jobs, with many looking not only for an increased pay packet but also “better work-life balance, increased job satisfaction and expanded benefits,” according to the recruiter. Moving jobs brought a 20% salary increase on average, according to Morgan McKinley.

Average salaries in London's financial services are up 22% YTD, by Morgan McKinley’s estimation, despite a 5% downturn compared to 2Q2022.

Think you have what it takes to beat the odds? Click here to create a profile on eFinancialCareers and make yourself visible to recruiters.

Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORZeno Toulon
Cancel

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Selby Jennings QRF
Quantitative Researcher - Fixed Income
Selby Jennings QRF
Manhattan, United States
Alexander Ash Consulting
Market Risk Manager
Alexander Ash Consulting
London, United Kingdom
Selby Jennings
Analyst, Associate and VP, TMT M&A - London
Selby Jennings
London, United Kingdom
Pearse Partners
Hedge Fund Equity L/S Analyst
Pearse Partners
London, United Kingdom
Selby Jennings QRF
Quant Trader- Systematic Macro Launch
Selby Jennings QRF
Manhattan, United States