The number of both available jobs and job seekers was up in April despite the uncertain economic backdrop, according to the recruiter.

London’s financial services job market proved resilient in April with an 11 per cent rise in available jobs to 8,070 and a 5 per cent jump in the number of job seekers to 13,679, according to Morgan McKinley.

The growth came in spite of April’s market weakness and mounting fears surrounding the "Brexit" referendum in June. Morgan McKinley highlighted a slowdown in the UK economy, pointing towards research by Ernst and Young that the number of profit warnings from UK-listed companies was “remarkably high”. Meanwhile, a report by PwC estimated that as many as 100,000 jobs in the financial services sector could be lost if the UK decides to exit the European Union in the 23 June referendum.

“The leave campaign is doing well in the polls, but it’s still too early to make a prediction,” said Hakan Enver, operations director at Morgan McKinley Financial Services. “In the two previous referendums the polls have been wrong and it’s important to remember that despite today’s general perception and popular beliefs, things can change last minute.”

Compared to April 2015, the number of available financial service jobs in London fell by over a fifth, while that of job seekers rose 18 per cent year-on-year. Enver noted sluggish growth and a hazy outlook for the asset management industry. 

“They haven’t ceased hiring, but there is an atmosphere of reflecting on their needs for the rest of the year,” said Enver. “Overall, bank margins are down, which inevitably results in cost cutting measures. With all this uncertainty, people just aren’t sure of the near-term future.”

He added that May and June will likely bring muted growth, with everyone waiting on the results of the referendum.