Job vacancies in London are up 70% attributable to financial optimism

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Job openings in the London financial sector rose 70% in the three months to March, compared to the previous quarter, as the UK began to pull out of its third national lockdown.

The increase partly reflects a low baseline after a year of uncertainty over a trade deal with the European Union and the coronavirus pandemic that kept many office workers at home.

According to data from recruiting firm Morgan McKinley, released on Thursday, people who change jobs could expect an average salary increase of 18% in the first quarter, the highest in more than a year.

“Banks are back in expansion mode and have a strong increase in appetite for hiring experienced professionals,” said Hakan Enver, managing director of Morgan McKinley in the UK sector is recovering faster than expected. “

Financial services companies in the UK are becoming increasingly optimistic. The majority said in March that they were confident about the future. A net balance of 52% of respondents said they felt positive in the coming months, up from 44% in December, according to the Times of London, citing a report from the Confederation of British Industry and PwC.

That increase is the fastest pace in more than seven years, and according to the Times, about a third of companies are forecasting higher earnings for the next quarter.

The gradual re-opening of the economy “is clearly driving expectations of a strong recovery in business volume and earnings in the second quarter,” said CBI chief economist Rain Newton-Smith.

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