Discover your dream Career
For Recruiters

London bankers struck by abnormal apprehension & anticipation

London bankers have had their most fearful quarter for job seeking in years, an employment report has revealed.

The report, authored by recruitment consultancy Morgan McKinley, found that there was a 23% reduction in financial services professionals looking for new roles between the third and fourth quarters of 2022.

Although a reduction in financial services jobseekers is standard in the fourth quarter, mostly due to bonuses being announced around January of the next year, the fall reported in 2022 was the biggest since the COVID pandemic started. In 2021, the number of jobseekers fell by only around 12%. In 2020, the number actually increased slightly.

Jobseekers sat tight despite higher pay for moving. Morgan McKinley said the average salary change for a finance professional moving role was 21%, a slight increase on the 19% seen in 2021. Hakan Enver, managing director of Morgan McKinley UK, said that “the overall wage inflation is likely to continue into 2023, particularly if that glimmer of a quicker recovery continues.”

Candidates' reticence meant it should have been easier to find a new finance job in Q4 than Q3: applicants per job fell, but were still higher than earlier in the year. The number of job postings fell, but not by enough to counter the fall in applicants. 

Morgan McKinley didn't comment on why finance professionals' willingness to look for new jobs fell more than usual in Q4. However, with job cuts increasing apprehension about being first in first out was a likely factor, alongside anticipation of 2022 bonuses - even if they have been mostly disappointing. 

 

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for jobs in finance and technology.

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

Sign up to our Newsletter!

Get advice to help you manage and drive your career.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Cobalt Recruitment
Private Equity- Investment Analyst
Cobalt Recruitment
London, United Kingdom
Bruin
Portfolio Manager
Bruin
London, United Kingdom
Vertus Partners
Quant Analyst - Front Office - London
Vertus Partners
London, United Kingdom
Fourier Ltd
Global Macro Quantitative Researcher
Fourier Ltd
London, United Kingdom

Sign up to our Newsletter!

Get advice to help you manage and drive your career.