Fintech vacancies in London increase by 88 percent

Vacancies in London’s financial services sector have soared over the past year, as traditional and challenger banks compete to keep up with the latest technological advances and get ahead of their rivals.

Technology-based job postings in London’s financial services sector increased by 88% in 2024 in the capital compared to the 2023 monthly average, according to data shared with City AM.

Over the past 12 months, the number of technology professionals moving into financial services jobs in the UK has increased by 24 percent, according to the upcoming report. hiring trends report from the Robert Walters recruitment agency.

Chris Eldridge, managing director of Robert Walters UK, said: “The technology talent pool within financial services speaks volumes: banks are recruiting for experience and intelligence, the kind of professionals who can create, implement implement, manage and provide new technological infrastructure.

The financial services sector could look to take advantage of an exodus of talent from the technology sector, which layoffs are currently impacting. Globally, the technology sector has removed nearly 60,000 jobs lost so far this year, according to the tracker site layoffs.for info.

“The race is on in the City for traditional banks to align with the burgeoning growth and technology offerings of small fintech start-ups. Especially as local start-ups – such as Revolut – have declared their long-term goals: to build the world’s first truly global bank,” Eldridge added.

London is known for its status as a global financial technology hub, with success stories in the sector including Monzo and Starling. The UK fintech market is expected to grow to $24 billion (£19 billion) by 2029.

But the increased demand for technological expertise comes as companies prepare for new regulations, particularly in European markets, which British companies will have to comply with if they want to do business in the bloc.

For example, the proposed overhaul of the European Market Infrastructure Regulation (EMIR) is expected to come into force in September, while the Artificial Intelligence (AI) Act is expected to come into force by the end of 2024. In addition, more steps are coming for the implementation of cryptocurrencies and proposed reforms to the UK listing regime.

Fast-growing fintech startups and established financial services companies will need to keep their heads above water in the face of these developments if they are to succeed.

Among the 88 percent of vacancies in the technology sector, employees with fintech and cybersecurity expertise within London’s banking sector were among the most sought after. This demand for cybersecurity professionals could increase as cyberattacks to grow more common.