A boom at financial technology firms and growing demand to get to grips with artificial intelligence lifted financial sector job vacancy numbers in London in the third-quarter, Morgan McKinley’s London Employment Monitor showed on Monday.
Vacancies in the sector rose 9% year-on-year, the recruiter said, although it warned that graduate-level hiring was slowing as more roles are automated.
Mark Astbury, director at Morgan McKinley, said a sharp dip in hiring earlier this year caused by uncertainty around potential trade tariffs had been offset by a striking rebound, as employers resumed delayed hiring plans.
This year, employers have posted 6,425 fintech roles, already exceeding last year’s total, reflecting the race to commercialise AI platforms, Astbury said.
But with the upcoming budget on November 26, many businesses, already hit by the British government’s increase in national insurance taxes, are concerned about further tax rises, making them cautious.
“In most cases, decisions are being delayed rather than withdrawn,” Astbury said.
He also noted structural changes that were reshaping the financial sector employment market, with more junior roles going to cities like Belfast and Glasgow and automation reducing administrative roles. London, on the other hand, continues to attract the bulk of senior positions, such as in technology, corporate finance and AI strategy.
(Reporting by Phoebe Seers; Editing by Tommy Reggiori Wilkes and Toby Chopra)
