London Finance Job Vacancies Slumped Nearly 40% In 2023  

• The London financial sector experienced a significant downturn in job opportunities, with a notable decrease of nearly 40% in available positions in 2023 compared to the previous year, while the number of job seekers also declined by 16%.
• In the fourth quarter of 2023, the decline intensified, reaching 42% compared to the same period in 2022. This marked the most substantial quarterly drop since the 2008 global financial crisis, indicating a challenging period for the industry.
• Despite robust profits in the banking sector, margin pressure and a deal making slump influenced a more cautious approach by employers. Factors such as market turbulence, high inflation, and geopolitical turmoil contributed to employers tightening their budgets, leading to a reduction in job openings.
• "After a year of strong pay growth and over-hiring, driven by a tight labour market, signs of a cooling market emerged as we approached the end of a challenging year," said Hakan Enver, managing director of Morgan McKinley UK.
• "We saw a decrease in job seekers, candidate supply, and the number of jobs available. Employer confidence receded amid the sustained economic slowdown and conflict in the Middle East, prompting spending and hiring to be reined in." However, Enver noted that the number of jobs available last year was broadly on par with 2019, prior to a significant post-pandemic hiring boom.

(Source: Reuters)