London’s banking jobs plummeted by a staggering 79% post-Brexit.

January 15, 2024
1 min read


In the years since the Brexit referendum in 2016, the number of banking jobs in London has decreased by 79%, according to recruitment firm Morgan McKinley. The firm estimates that newly open banking jobs in the city fell from a peak of 108,000 in 2015 to just 23,000 last year. The decline in jobs can be attributed to factors such as high interest rates, inflation, a shortage of workers, and uncertainty following the post-pandemic boom and geopolitical conflicts. The average salary change for finance professionals moving companies decreased from 22% in 2022 to 16% in 2023. The number of jobseekers also decreased from 94,000 in 2022 to 79,000 in 2023, but there is still a high level of competition with three jobseekers for every job available.

In the future, it is unlikely that London will see a return to pre-Brexit job numbers, as many banks now have EU outposts in Paris and Frankfurt. Citi is preparing for a new round of redundancies and Barclays may also make cuts. Despite the decline in job opportunities, competition has decreased, providing some relief for jobseekers. However, the overall outlook for banking jobs in London remains challenging.

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