2023 Review: London hits record year for corporate governance vacancies with Barclays at the forefront
- Corporate governance vacancies peaked in London in 2022 as the rest of England and Wales experienced largest rise year-on-year, up 30.5%
- Outside the capital, vacancies within the South saw the biggest job volumes while the North saw the fastest growth, up 59.3%
- Accountant/Internal Audit roles took the lead in 2022; Banker/Fraud Risk/Compliance is the fastest-growing
- Barclays was the busiest hirer in 2022, while Citi ranked second despite the biggest fall
According to the latest UK Finance Labour Market Trends report by Morgan McKinley and market data analysts Vacancysoft, key recruitment trends show that the job market for corporate governance vacancies in London saw 1,990 new professional jobs across the banking sector in England and Wales (E&W) in 2022. This translated into a year-on-year rise of 27.7% (compared to 1,558 jobs in 2021). Outside London, jobs for corporate governance recorded the largest uptick, up 30.5% year-on-year.
London’s jobs market peaked in May 2022, with 205 vacancies published, while E&W reached a high of just under 100 (95) vacancies in July 2022. Q2 2022 was the best-performing quarter, with 582 vacancies posted in the capital, indeed a better performance than Q1 2023 (329).
Ben Harris, Associate Director, Head of Governance Recruitment at Morgan McKinley, commented:
“As we venture deeper into the second quarter of 2023, the Corporate Governance recruitment market within the London Financial Services sector remains relatively subdued, but there are indications of a nascent revival. I anticipate the market gaining momentum as we progress through Q2 and beyond. Overall, the governance market in 2023 has commenced at a slower pace compared to 2022. However, indications suggest that the situation will intensify as summer approaches, with the market gaining speed and witnessing an increase in available positions.”
Hiring in the South saw the biggest job volumes after London; the North experienced the fastest growth
Delving into the performance for corporate governance vacancies across the different regions in E&W, we observe that, while London represented a massive 68% share of total vacancies in 2022, the Southern regions were the following in terms of volumes, with totals above 300 for both 2021 and 2022, up 9.7% year-on-year.
Meanwhile, the Northern regions also managed over 300 vacancies in 2022, equating to an 11.1% share of the total vacancies – notably higher than corresponding 2021 numbers (204 vacancies and a 9% share). This constituted the fastest uplift year-on-year, up 59.3% in relation to 2021.
Accountant/Internal Audit roles lead in 2022; Banker/Fraud Risk/Compliance was the fastest-growing
When looking at the skills in demand, our data shows almost 800 (793) vacancies published for Accountant/Internal Audit roles, which despite being a marginal rise from 2021 (up 21.3%), nonetheless represents the highest numbers recorded during 2020-22 period. However, our forecasts say that jobs in 2023 will fall to just over 500 (531), resulting in a 33% year-on-year fall.
However, the most significant annual increase in 2022 was recorded by Banker/Fraud Risk/Compliance, an impressive 86.3% year-on-year rise in relation to 2021 (having published 259 new jobs in 2022). This segment accounted for an 8.8% share of total jobs in 2022, rising its percentage by 2.7 points from 2021 (6.1%).
Barclays busiest hirer in 2022, while Citi ranked second despite the biggest fall
Within the top 20 organisations hiring the talent of corporate governance professionals across E&W, Barclays was the busiest one across the 2021-2023 period, posting almost 600 (596) corporate governance jobs. Last year, the British multinational published 388 new jobs, cementing its position as the leader and registering an outstanding growth of 151.9% from 2021, the largest year-on-year rise in 2022.
Santander published 136 vacancies in 2022, experiencing a notable year-on-year change of 40.2%, having managed just under 100 (97) in 2021. Conversely, Citi took the runner-up spot with 186 new job postings, also representing the most prominent decrease year-on-year among the top firms, down 25.3% from 2021 (when 259 jobs were registered).
Top firms, Corporate governance vacancies, E&W, 2021-23
|Top Firms||2021||2022||2023 (Jan/Apr)||21-22|
|Bank of America||32||156||10||387.5%|
|JP Morgan Chase and Co||118||139||20||17.8%|