Job vacancies in London’s financial services sector have exploded over the past year as traditional and challenger banks race to keep up with the latest technological advances and outpace their rivals.
Technology job vacancies in London’s financial services sector are expected to increase by 88% in 2024 in the capital compared to the monthly average in 2023, according to data shared with City AM.
Over the past 12 months, the number of technology professionals entering financial services jobs in the UK has increased by 24%, according to the upcoming report. Hiring Trends Report from the recruitment agency Robert Walters.
Chris Eldridge, Managing Director of Robert Walters UK, said: “The tech talent pool within financial services speaks volumes: banks are recruiting experienced, intelligent professionals – the kind of professionals who are adept at creating, implementing, managing and delivering new technology infrastructures.”
The financial services sector may be looking to take advantage of the exodus of talent from the tech sector, which is currently experiencing layoffs. Globally, the tech sector has shed Nearly 60,000 jobs lost to date this year, according to the tracking site layoffs.fyi.
“The City is in a race for traditional banks to match the growth and thriving technology offering of smaller fintech start-ups. Especially as local start-ups, such as Revolut, have announced their long-term goal of creating the first truly global bank,” added Mr Eldridge.
London is known for its status as a global fintech hub, with industry success stories including Monzo and Starling. The UK fintech market is should grow to $24 billion (£19 billion) by 2029.
But the increased demand for tech expertise comes as companies prepare for new regulations, particularly in European markets, that British firms will have to adhere to if they want to do business in the bloc.
For example, the reform of the European Market Infrastructure Regulation (EMIR) is expected to come into force in September, while the Artificial Intelligence (AI) Act expected to come into force by the end of 2024. In addition, further important milestones are coming for the implementation of cryptocurrencies and proposed reforms to the UK listing regime.
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% of vacancies in the technology sector, employees with expertise in fintech and cybersecurity within London’s banking sector were among the most sought-after. This demand for cybersecurity professionals could increase as cyber attacks to grow more frequent.