September made for an unusually slow start after the summer holidays, said recruiter Morgan McKinley.

The number of available financial services jobs in London fell 14 per cent month-on-month to 8,865 in September. For employers, speed was of the essence when securing talent, according to Morgan McKinley.

“August was a surprisingly quiet month, which trickled through to September,” said Hakan Enver, operations director at Morgan McKinley Financial Services. 

“After the holiday season, things were unusually slow to get going. We only started seeing a pickup in activity during the second half of last month. This explains the monthly decrease in jobs.”

The recruiter highlighted that job seekers with the necessary skills are still in demand and usually go for the employer who is the quickest to make an offer, meaning that slower employers are struggling to recruit the best talent.

“I can understand why it makes sense for job seekers to go with the more active and willing employer. Institutions who show a keen interest and are in a position to commit are seen by job seekers as dynamic places to work,” said Enver.

Compared to last year, job growth was more encouraging, with a 12 per cent increase in available roles. Meanwhile, wages in the financial services sector have continued to rise. In September, those moving jobs within banking and financial services secured a 20 per cent increase in their basic salary.

“On the back of such a strong year, I expect growth to flatten out towards the end of this year. We’ve seen some large institutions make significant cuts and with the market volatility of last summer still fresh on everyone’s mind, it’s expected that employers will be a little more cautious in the final quarter of this year,” said Enver.