Tuesday 19 March 2019 8:58 am

City jobs market 'in slow motion' as Brexit uncertainty hurts banking sector

The City jobs market has “gone into slow motion” as Brexit uncertainty hits confidence, according to recruitment firm Robert Walters.

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Job creation at big banks in London lagged behind other European cities last year, Robert Walters said.

"Headcount at the world’s biggest investment and corporate banks grew more strongly last year in Frankfurt (up 10 per cent), Milan (up eight per cent), Paris (up six per cent) and Ireland (up three per cent) than in London (up two per cent)".

Across banking and financial services as a whole, Robert Walters' 2018 data showed more candidates leaving London for other parts of the world than being hired.

Founder and chief executive Robert Walters said political uncertainty had negatively impacted recruitment in the City as firms and candidates craved clarity.

“It’s impacted confidence, the London jobs market has gone into slow motion, it’s not frozen as there is still plenty going on but it’s like walking through treacle at the moment," he said.

“Doom and gloom is not the right phrase, it’s just a ‘rabbit caught in the headlights.’”

The recruitment veteran said no specific city had emerged as a rival to London despite a significant amount of relocation activity.

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He said: “There is no single location of choice, everywhere has pros and cons – it’s not easy to relocate.

“For Frankfurt the major obstacle might be language, whereas in Paris it may be the rather onerous employment law.”