London continues to see strong growth in terms of job vacancies in the financial sector and this trend shows no sign of abating despite concerns surrounding Brexit.
Article 50 was triggered by Prime Minister Theresa May at the end of March, but the number of financial job openings in London grew by 17% last month compared to the previous month, and up 13% year-on-year to total 8,145 new openings, according to Morgan McKinley's London Employment Monitor.
The analysis suggest the growth in job numbers is being fuelled by vacancies in regulatory finance, fintech and risk management.
Hakan Enver, operations director for Morgan McKinley Financial Services, said: "Businesses are done trying to read the tea leaves to see what lies ahead, and they're getting back to the business of hiring talent."
Although some firms such as HSBC, JP Morgan and UBS has indicated they will move some jobs out of the UK in preparation for its departure from the European Union, others such as Lloyds and Barclays have suggested the shift could be minor. Indeed in an article published yesterday, the Times newspaper are reporting that global banks are in talks with "lawyers and regulatory experts" over plans that would enable them to keep their main base and the vast majority of their staff in London after Brexit.
The newspaper reports Wall Street banks are considering setting up “pop-up” branches in European countries as a way of overcoming trading issues as a consequence of Brexit while keeping the bulk of their operations for continental clients in London.
The plan, which is being kept confidential as lawyers and regulatory experts refine the details, could put banks on a collision course with European regulators which fear a “brass plate” syndrome of lenders not having a proper presence in their countries.
The expectation was the big financial institutions would relocate significant sections of their operations to Paris or Frankfurt in order to retain access to the single market after Brexit. However, under the new proposals to establish only "pop-up" branches across the continent there would be very few London job losses or any need for a change of status.
Mark Boleat, policy chief for the City of London Corporation, recently commented things were looking "rather better" for financial firms after Brexit and suggested the outlook for the UK financial sector has improved since Article 50 was triggered.
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