London has been at the centre of a frantic hiring spree as the world’s top banks double down on a recruitment drive to find workers in the capital.
Prior to Brexit, it was predicted that London would lose up to 30,000 jobs to Europe and other financial capitals, however, fewer than 5,000 jobs were said to have been moved, and London has increased its total pool of bankers since Britain left the European Union.
Despite the Brexit impact and ongoing disruption in the financial markets, London banking jobs are on the rise with the summer’s recent hiring spree breaking records. A reported 5,000 new banking jobs were created in June alone.
The wider recruitment drive in finance jobs shows London moving towards a new era of globally connected banking. With its booming fintech industry and some of the world’s top challenger banks setting up in the capital, there’s room for optimism that London is making a comeback in the finance world.
Over the summer, British banks have also been looking to beef up compliance and risks teams to deal with new international regulations on money laundering and tax avoidance. And with Britain’s potential membership of the CPTPP in the coming years, this could further improve London’s standing with Asia’s fast rising economies as a globally connected financial centre.