This was despite the financial services jobs available increasing by 9% quarter-on-quarter, according to the Morgan McKinley’s latest London Employment Monitor.
The report found that Brexit confusion and uncertainty led to reduced risk appetite, which resulted in available roles decreasing from 24,105 roles in Q1 2017 to 11,009 in Q1 2019. Vacancies dropped 9% year-on-year, from 16,935 in Q1 2018.
Morgan McKinley also noted a 15% decrease in the number of professionals seeking jobs year-on-year, currently less than half the 32,389 recorded in Q1 2017.
Hakan Enver, managing director of Morgan McKinley Financial Services said that the job market at the end of 2018 was “dramatically poor” due to it being “virtually impossible for businesses to grow” in London.
“The inability of the government to reach consensus on a Brexit deal has crushed confidence among City employers,” Enver said.
“[The government] didn’t do the homework, they didn’t complete the assignment and now they’re asking for one extension after the other as jobs continue to flow out of London, with Dublin being by far the biggest beneficiary, followed by Luxembourg, Paris, Frankfurt, and Amsterdam,” said Enver.
Research in March found that UK financial services had already shifted £1trn of assets out of the UK to Europe, and around 7,000 jobs had been relocated to the continent.
It is the smaller businesses that have been hit the hardest, Enver explained, as they have less resources than the big banks, many of which have already enacted their Brexit contingency plans by redeploying staff across Europe.
UK businesses were sceptical of the six-month Brexit extension granted by to the UK by EU leaders last week, with many worried politicians would waste the extra six months.