Belfast Telegraph

Fewer City workers eyeing new jobs amid political and economic upheaval

The number of City workers eyeing new jobs plummeted 46% in December as political and economic upheaval took its toll on the employment market , a report said.

The month-on-month slump covered the Christmas holidays and City bonus season, a traditionally quiet period when workers in the finance industry put off job hunting until the new year, according to Morgan McKinley.

The report said the City's bonus season was likely to be a damp squib amid signs that financial centres across the globe are reining in hefty handouts.

Hakan Enver, operations director of Morgan McKinley Financial Services, said after many months punctuated by political uncertainty City workers were feeling jaded.

"The good news is, when they're ready to start looking in the new year, they're looking at a growth in jobs," he added.

On bonuses, he said institutions were "having to be more strategic than ever".

"On Wall Street, the bonus system remains the key incentive tool used for retaining top talent, but in the City, a combination of stricter regulations and less fee-based revenue mean that banks operating in Britain are scaling back and changing their staff compensation models."

Morgan McKinley's London Employment Monitor found the number of jobs on offer had dropped 27% month-on-month in December, despite increasing 16% year-on-year.

Mr Enver said the strong annual performance could herald a rise in hiring for the new year.

"We're going into 2017 with an improved jobs landscape and expect to see a spike in hiring."

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