Why you can't find a new banking job in London: a chart

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If you're struggling to find a new banking job in London, you might be inclined to blame the EU referendum.  The complex perils of a Brexit are certainly discouraging banks from hiring, but they're not the only thing inhibiting your job search: there's also the fact that London is awash with financial services job seekers who don't have jobs to go to.

The chart below illustrates the extent of the problem.



It gets worse. Morgan McKinley's figures suggest there was also a shortfall of 24,000 jobs to candidates in the second half of 2015.  The cumulative shortfall for the last 12 months is therefore as high as 61,000. That's a lot of people sloshing about, chasing new jobs as they come onto the market.

Are things really this bad? They might seem so if you're looking for a job without success. In reality, some of those new job seekers are likely to have decided to stick with the jobs they've got, while others will have gone off to do something entirely different or returned to their home markets.  Still, that's a lot of disaffected job seekers in need of dissipation; now is probably not the time to find yourself unemployed.


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