Banking jobs in UK fall 40 per cent as Brexit effect hits City of London

Number of financial services professionals looking for work slumps 28 per cent

Brexit has taken a "considerable bite" out of financial services jobs with vacancies dropping 39 per cent in the last year, according to new research.

There was also a 28 per cent fall in the number of City professionals looking for work in November compared to a year earlier, recruitment firm Morgan Mckinley found.

Despite the fall, firms are offering 21 per cent higher pay packages for the right candidate, the research found.

Financial services firms have been among the broad chorus of business voices calling for clarity on Brexit as Theresa May's deal struggles to make it through the House of Commons.

Uncertainty is now set to continue after a crucial vote planned for Tuesday was postponed on Monday as the prime minister conceded that she would have lost.

Hakan Enver, managing director of Morgan Mckinley, highlighted the need for improvements in immigration processes to protect the UK financial services industry.

Statista (Statista)

"Ambitious professionals across the globe look to London for career advancement opportunities and growth, a scenario that is unlikely to change in a post-Brexit UK."

"However, financial services employers are anxiously awaiting signs from political leaders that they intend to ease the process of visas for highly skilled individuals worldwide.

“If visa regulations aren’t modernised, the government will shrink the City’s talent pool, effectively shrinking the economy.”

Banks, asset managers and insurers have added staff in European hubs to prepare for a no-deal Brexit.