The Bank of England in London. Hiring is buoyant in the banking sector again, after 7,000 jobs were lost in the City of London when the UK left the EU. EPA
The Bank of England in London. Hiring is buoyant in the banking sector again, after 7,000 jobs were lost in the City of London when the UK left the EU. EPA
The Bank of England in London. Hiring is buoyant in the banking sector again, after 7,000 jobs were lost in the City of London when the UK left the EU. EPA
The Bank of England in London. Hiring is buoyant in the banking sector again, after 7,000 jobs were lost in the City of London when the UK left the EU. EPA

UK banking vacancies surge to record high in 2021


Alice Haine
  • English
  • Arabic

Vacancies in Britain’s banking sector hit a record high in 2021, despite Covid restrictions, general sector underperformance and a lack of resolution over the post-Brexit financial services agreement.

New banking jobs were up 129 per cent last year from 2020, according to global recruiter Morgan McKinley, with JP Morgan the industry’s leading recruiter in London.

However, the fourth quarter of last year resulted in a 5 per cent dip in vacancies on the previous three-month period — the first quarterly drop in new job postings since the start of the pandemic.

“The UK financial services sector entered 2021 with renewed optimism, suggesting that the negative impact of Covid-19 on business had peaked,” said Hakan Enver, UK managing director of Morgan McKinley.

Having put on hold thousands of roles during 2020, companies felt confident in hiring again by opening up vacancies, which resulted in a 129 per cent increase in jobs from the prior year.”

The surge in banking job postings reflects a wider surge in vacancies across all sectors, particularly towards the end of last year, as Britain's labour market improves.

While Britain’s unemployment rate dipped to 4.1 per cent in the three months to the end of November — the lowest level since the start of the coronavirus pandemic — job vacancies surged to a record 1.25 million in the fourth quarter.

British business activity cooled unexpectedly in January to an 11-month low but cost pressures stayed high, with the IHS Markit/CIPS Composite Purchasing Managers' Index at 53.4, compared with 53.6 in December.

The spread of the Omicron coronavirus strain again hit consumer-facing companies and manufacturers said orders grew at their weakest pace for a year, although business and financial services companies reported a quicker rate of expansion.

“Business confidence in the outlook also picked up, driving sustained solid jobs growth,” said Chris Williamson, chief business economist at IHS Markit.

JP Morgan led the banking sector's recruitment drive last year, according to Morgan McKinley, with 5,338 vacancies, a 122 per cent rise on the 2,403 jobs posted last year.

NatWest and Nationwide also experienced remarkable recoveries with 287.4 per cent and 202.5 per cent more vacancies, respectively.

UBS was the only bank in the top 20 to record a reduction, posting 4 per cent fewer jobs in 2021 than in 2020.

Professional vacancies for corporate finance specialists experienced the largest growth, with a 165 per cent annual increase in new jobs in 2021 — a sign of the buoyant M&A market.

UK takeover volumes reached their highest level in 14 years, driving a surge in fees for investment bankers, and, in turn, hiring for investment managers, which were up by 129 per cent.

“The last two years have seen changes to the UK deals market in terms of activity contributing to the best year on record for the global mergers and acquisitions market. With this increase in appetite, it was not surprising that there was a rise in demand for corporate finance specialists,” Mr Enver said.

“As finance professionals continue to play a key role in the transformation of the working world driven by mid-cap and challenger banks, audit and tax professionals were highly sought after by employers. Tax departments saw increases in tax compliance and tax risk management, in order to keep a handle on domestic issues, as well as any arising from international expansion.”

London remained the largest region in the UK for new banking vacancies, recording about twice the number of job postings in 2021 compared with a year earlier, showing that Brexit did not usher in a significant movement of finance professionals away from the UK.

In January last year, Bank of England governor Andrew Bailey said up to 7,000 financial services jobs were lost because of the UK's exit from the EU.

The 29,000 new London banking jobs published in 2021 represent a 96 per cent increase on 2020, although as a share of overall UK banking vacancies, new jobs in the capital fell by 3.7 percentage points to account for a little more than half of total vacancies.

The largest growth was in Wales, where volumes were up 451 per cent on the year.

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
GULF MEN'S LEAGUE

Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2

Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

Opening fixtures

Thursday, December 5

6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers

7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles

7pm, Pitch 5, Bahrain v Dubai Eagles 2

 

Recent winners

2018 Dubai Hurricanes

2017 Dubai Exiles

2016 Abu Dhabi Harlequins

2015 Abu Dhabi Harlequins

2014 Abu Dhabi Harlequins

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Updated: January 24, 2022, 11:32 AM`