Finance Jobs in the City of London Are Disappearing as Workers Feel the Blues

Hey there! So, guess what? It seems like finance jobs in the City of London are drying up. Bummer, right? According to a report by recruitment consultancy Morgan McKinley, job postings in the financial services sector have dropped by almost a third in the last quarter. That’s a big decline, my friend. And it’s not just a recent thing. This downward trend has been going on since the hiring frenzy of 2021 and early 2022. Back then, financial firms were desperate to hire more people, but now they’ve ended up with too many employees. Talk about a staffing nightmare!

So, why the gloomy outlook? Well, it’s a combination of factors. First, there’s the economic uncertainty caused by the pandemic. It’s made companies and workers alike feel a bit down in the dumps. And let’s not forget about the rising borrowing costs and overheads. Those are definitely putting a damper on things. Plus, there’s a lack of clarity over when the global economy will fully recover. It’s like waiting for a bus that never comes.

And guess what? It’s not just the job postings that are taking a hit. The number of job seekers in the City has decreased by a whopping 34% compared to last year. Yikes! I guess the thought of a long and frustrating job search is enough to scare anyone away. But hey, it’s not all doom and gloom. There are still some businesses making critical hires. And if you’re lucky enough to land a new gig, you might even get a nice salary bump. According to Morgan McKinley, workers who moved from one organization to another in the last quarter saw an average salary increase of £11,823. Not too shabby, right?

So, what’s the takeaway from all this? Well, it’s clear that the finance job market in the City of London is going through a rough patch. But hey, that doesn’t mean it’s all over. There are still opportunities out there for those who are willing to keep searching. And who knows, you might just land a job with a sweet salary boost. So don’t give up hope, my friend. Keep your chin up and keep on hustling. The finance world is a tough one, but with a little perseverance, you’ll come out on top. Good luck!