"The market has almost become complacent, with many expecting to receive huge salary increases, but the market is responding to that demand, with companies being more realistic in what they offer, so as to minimise any internal disruption amongst incumbent employees," Enver said. (Reporting By Sinead Cruise, editing by Elizabeth Howcroft)
Messaging: sinead.cruise.thomsonreuters.com@reuters.net)) LONDON, April 25 (Reuters) - The number of jobseekers in
London's financial sector surged 19% in the first quarter
compared with the last three months of 2022, Morgan McKinley
said on Tuesday, as workers chased improved job security amid
heightened layoff fears.
The collapse of U.S. lender Silicon Valley Bank and the
rescue takeover of Credit Suisse by UBS last month has
put thousands of UK-based finance roles at risk of redundancy,
with few signs of an imminent end to high inflation and
geopolitical woes that have crushed global economic prospects.
These factors, combined with continued challenges to
business posed by rising interest rates, are pushing employers
to exercise caution in hiring plans, the recruiter said in its
quarterly London Employment Monitor.
"After the boom in financial services in 2021, as economies
reopened after pandemic shutdowns, last year was markedly slower
for jobs," Hakan Enver, managing director at Morgan McKinley UK,
said.
"This has continued into 2023, with a 31% decrease in jobs
available due to economic uncertainty and the threat of
redundancies compared to this time last year," he added.
Reflecting the uncertainty, the survey also showed the
uplift in salary secured by finance workers moving from one job
to another in the first quarter had dropped to 18%, pointing to
the lowest salary increase expectations in almost two years.
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