Britain’s banking sector saw job vacancies hit a record high last year as the economy reopened from lockdowns and London avoided a post-Brexit exodus of workers, a survey showed on Monday.

The number of job openings soared by 129 per cent between 2020 and 2021, according to a study by recruiters Morgan McKinley and data analysts Vacancysoft.

“Vacancies in the UK’s banking industry hit an all-time high in 2021... despite COVID restrictions, general sector underperformance and issues such as the post-Brexit financial services agreement still unresolved,” the study said.

Vacancies in the UK’s banking industry hit an all-time high in 2021... despite COVID restrictions, general sector underperformance and issues such as the post-Brexit financial services agreement still unresolved- Study by recruiters Morgan McKinley and data analysts Vacancysoft

US investment bank JP Morgan Chase was the industry’s leading recruiter in the UK last year, with vacancies up 122 per cent.

Among British banks, NatWest led the way with vacancies up almost fourfold, as retail banks benefit from strong mortgage demand and higher interest rates.

UK vacancies at Swiss bank UBS, however, dipped 3.5 per cent.

Hakan Enver, UK managing director at Morgan McKinley, said companies “felt confident in hiring again” after having put thousands of roles on hold in 2020.

Despite holding onto jobs in the wake of Brexit, London over the past year has lost out to European rivals on equity trading volumes. The ‘City’ financial sector has also yet to strike a post-Brexit deal with Brussels on equivalence, which would allow London-based firms to fully operate in Europe.

Banking job vacancies in London rose by 96 per cent to 29,000 in 2021.

“Brexit did not usher in the dramatic movement of finance professionals away from the UK as many previously thought – particularly in the capital,” the study said.

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