[London] Salaries up this quarter as the City moves beyond worst of pandemic

As the city moves beyond the worst of the damage caused by the COVID-19 pandemic, salaries in the City of London are up 14 per cent on the last quarter, City A.M. reports.

Despite facing the triple threat of the pandemic, Brexit trade deal and the US election the city jobs market has stayed resilient. Brexit did not deliver the predicted hit to financial services employment and initial warnings that jobs would leave the city have now been toned down.

Figures from Morgan Mckinley reportedly show that London has weathered the worst of 2020’s difficulties. There has been a quarter-on-quarter salary increase of 14 per cent and a one per cent increase in job seekers.

But London has not fully recovered from the pandemic’s impact. The figures shows a two per cent decrease in the number of jobs available in the city this quarter which year-on-year represents more than a third (36 per cent) fewer jobs available. The job opportunities available in 2020 overall, fell by nearly half (49 per cent) compared to 2019.

Hakan Enver - Morgan McKinley’s managing director - said, “Brexit on its own would have been hard enough. However, the city had to deal with the disruption of the global pandemic and the potential upheaval of the change of leadership in the U.S.

“Despite this, Q4 ended with jobs seeing a small decrease of two per cent, which continued to counter the massive drop of 60 per cent in Q2. This shows real resilience and steadiness in stark contrast to the beginning of the year when overall numbers for 2020 fell dramatically compared to 2019.”

He concluded, “Job numbers are steadily moving in the right direction. The financial sector is continuing to hire and we are seeing a renewed optimism as we head into 2021.”

Source: City A.M.

(Quote via original reporting)

As the city moves beyond the worst of the damage caused by the COVID-19 pandemic, salaries in the City of London are up 14 per cent on the last quarter, City A.M. reports.

Despite facing the triple threat of the pandemic, Brexit trade deal and the US election the city jobs market has stayed resilient. Brexit did not deliver the predicted hit to financial services employment and initial warnings that jobs would leave the city have now been toned down.

Figures from Morgan Mckinley reportedly show that London has weathered the worst of 2020’s difficulties. There has been a quarter-on-quarter salary increase of 14 per cent and a one per cent increase in job seekers.

But London has not fully recovered from the pandemic’s impact. The figures shows a two per cent decrease in the number of jobs available in the city this quarter which year-on-year represents more than a third (36 per cent) fewer jobs available. The job opportunities available in 2020 overall, fell by nearly half (49 per cent) compared to 2019.

Hakan Enver - Morgan McKinley’s managing director - said, “Brexit on its own would have been hard enough. However, the city had to deal with the disruption of the global pandemic and the potential upheaval of the change of leadership in the U.S.

“Despite this, Q4 ended with jobs seeing a small decrease of two per cent, which continued to counter the massive drop of 60 per cent in Q2. This shows real resilience and steadiness in stark contrast to the beginning of the year when overall numbers for 2020 fell dramatically compared to 2019.”

He concluded, “Job numbers are steadily moving in the right direction. The financial sector is continuing to hire and we are seeing a renewed optimism as we head into 2021.”

Source: City A.M.

(Quote via original reporting)