Thursday, Oct 21

Financial job vacancies in UK shrink in second quarter

The latest figures follow a rapid slowdown in hiring seen in March, when the number of available jobs dropped by 38% compared with February.
15.07.2020 - 12:43

The volume of UK financial sector job vacancies dropped by 60% in the quarter to end-June, data on Wednesday showed, as the pandemic inflicted fresh injury to a labour market already reeling from restructuring and Brexit.

MAJOR BANKS HAVE RESUMED PLANS TO AXE JOBS

The latest Morgan McKinley Spring London Employment Monitor, which details hiring trends across Britain’s financial industry, showed the number of job-seekers fell by almost a third in the three month period from April, with available jobs plunging by 72 percent year-on-year in that month alone.

The early part of the April-June quarter was dominated by government-imposed lockdowns to stem the novel coronavirus outbreak and there were tentative signs of job market activity resuming towards the end of the period.

Major banks including HSBC have now resumed plans to axe jobs after postponing layoffs at the height of the pandemic.