Vacancies are piling up in London’s monetary sector as pandemic and Brexit uncertainties are urgent

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London: Job vacancies in London’s financial industry slumped 54 percent in the third quarter compared to 2019 as uncertainty over coronavirus, Brexit and bank profits held off hires.

City firms posted 3,810 jobs in the three months ended September, according to data from recruiting firm Morgan McKinley. While this is a fraction of the options available in previous years, the total has increased from 2,490 three months earlier when the UK had stricter lockdown measures.

“Businesses and job seekers are grappling with the effects of the pandemic and are concerned about what a second wave will mean,” said Hakan Enver, Managing Director at Morgan McKinley UK. “But we mustn’t forget Brexit either. There are concerns about the long-term recovery and free flow of capital and equivalence of UK financial services that need to be addressed.”

The decline in job vacancies is due to increasing job losses across the UK and a backdrop of global cuts in the banking sector, which is grappling with extremely low interest rates and rapid technological change.