Morgan Mckinley 2020 – Finance 2020 in Review

Morgan Mckinley and Vacancysoft

As the finance industry approached last spring, it slowly became apparent that this new era, the dawn of which the Prime Minister welcomed on January 30, 2020 , would start with uncertainty. Covid-19 quickly spread, delaying preparations for a sector still awaiting the resolution of key issues upon Britain’s exit from the EU.

The labour market swiftly entered a volatile period with professional vacancies across the largest British financial firms falling dramatically. In the City, recruitment dropped by 56.3% in Q2
compared to the previous quarter; across the rest of England and Wales (rE&W) it dropped 67.5%.

The late surge couldn’t prevent overall year-onyear vacancies in E&W finishing -30.5% down compared to 2019. The City (-27.1%) weathered the storm slightly better than rE&W, where overall recruitment fell 36.5% year-on-year.

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