Getting a Job in Finance in London after Brexit

Getting a Job in Finance in London after Brexit

Getting a Job in Finance in London after Brexit: Is There a Difference?

After the Brexit vote, a think tank stated that job vacancies in the UK’s financial sector had dropped more than 10%. The fall in vacancies came off as striking, considering that it’s the first time in four years that this trend occurred.

In addition, a BBC report notes that job adverts and postings for executive positions have declined in London and several areas beyond. But new Prime Minister Theresa May ends people’s doubts by saying that there is nothing to worry about and that the trend is only a result of the UK’s pursuit of prioritising access to the single market and passporting rights.

Financial Industry Remains Strong

The banking sector remains strong as Brexit rules are still being negotiated. Perhaps, the next few years will be marked by a period of uncertainty over the fate of British banking. Passporting rights let banks operate anywhere in the European Economic Area without many restrictions.

Following the referendum, it was reported that major banks, including Citi, HSBC, and JP Morgan started talking about plans of moving jobs to Dublin and into the rest of the EU. This could only mean a major loss of jobs in London, one of the world’s financial centres. But it most certainly will depend on the new Prime Minister and how she will be negotiating Britain’s exit from the European Union.

Getting a Job in London

London is still one of the most sought-after job destinations in the world. It not only attracts millions of tourists from across the globe but also thousands of finance job candidates and several thousand business travellers.

In August this year, financial firms and banks slashed their hiring amid the economic uncertainty. But Morgan McKinley notes that the decline is small and is just in line with the number of new vacancies on the market.

London remains a centre of expertise in banking and finance regardless of the UK’s referendum to leave the EU. The job market may experience a short period of uncertainty, but regardless of how the negotiations turn out, the banking sector will continue to lead the job market to its most favourable situation.

If you’re looking for new prospects in London’s thriving financial sector, consult with Kennedy Pearce, the country’s leading finance recruitment agencies. Get in touch with us today for more details.

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