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LONDON (Reuters) – Job opportunities in London’s financial sector plummeted by nearly 40% last year as market turmoil and high inflation led employers to cut costs, recruiter Morgan McKinley said on Monday. said.
According to the company’s London Employment Monitor, the number of job openings in the financial industry in 2023 was down 38% from the previous year, and the number of job seekers was down 16%.
According to Morgan McKinley, the number of job openings in the fourth quarter of 2023 was down 42% from a year earlier, the largest decline since the 2008 global financial crisis.
Banks in particular enjoyed strong profits last year, but the outlook was clouded by margin pressure from high inflation, weak trading and deepening geopolitical turmoil.
The job market worsened further as several major employers made significant cuts. Barclays is cutting thousands of jobs and Swiss rival UBS is wielding the ax, including in London, after merging ailing rival Credit Suisse.
Hakan Enver, managing director at Morgan McKinley UK, said: “After a year of strong wage growth and overemployment due to a tight labor market, there are signs of a cooling market as we approach the end of a difficult year. appeared,” he said.
“We saw a decline in job seekers, the supply of candidates, and the number of job openings. Employer confidence declined amid a sustained economic slowdown and conflict in the Middle East, requiring restraint in spending and hiring.”
But Ember noted that job openings last year were about the same as in 2019, before the huge post-pandemic hiring boom.
(Reporting by Iain Withers; Editing by Kirsten Donovan)
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