Finance Job Vacancies in London Jumped 14% during Elections

Published Date : May 18, 2015

Job vacancies in the financial-services industry in London is witnessing a hike of 14% in April, 2015 pushing up pay, as enterprises continued to hire in spite of doubt surrounding the election in the U.K., a survey depicted.

Vacancies in the financial district of the capital raised to almost 10,458 in April, 2015 from 9,135 in March, 2015, the recruitment firm Morgan McKinley told in a statement. Those securing new jobs have had their salaries increased by 19% on average, the study states.

The unexpected parliamentary majority of the Conservative Party in the May 7, 2015 elections permitted the City, as the financial district of London is known, to avoid tougher policies, which were promised by the opposing Labour Party. Meanwhile, HSBC Holdings Plc. had threatened to abandon the U.K. over the enforcing of stricter rules and addition of a tax on their balance sheets.

Mr. Hakan Enver, the operations director at Morgan McKinley Financial Services, affirmed in a statement that in spite of jitters within the financial industry about the possible negative impacts of a hung parliament, the real effect on hiring was negligible. In the prelude to the elections, the hiring process was not affected as many had expected, added Enver.

The Managing Director of Astbury Marsden, Mr. Adam Jackson, commented that while the bulge bracket enterprises are picking up several mandates, based on the mergers and acquisitions; the smaller companies are also getting in on the action. The trend is even transforming the regional boundaries of the capital, with the new generation of the investment banks rapidly increasing in Mayfair.

Banks can also hire employees to manage their trading desks after some of the European and the U.S. securities enterprises reported higher revenue in their fixed-income businesses in the first quarter of 2015, Astbury Marsden stated.