Financial services jobs may be on the decline in London, but it’s being made up for – and then some – by new vacancies in technology, compliance and legal departments.
According to new reports by Morgan McKinley, the hiring spree that’s currently going on in the capital is fuelled by the General Data Protection Regulation (GDPR).
The GDPR is a new EU legislation that aims to unify data protection laws in Europe, and make sure companies that use EU citizens’ data play fair. The Regulation was created two years ago, and the accommodation period officially ended on May 25.
“The new rules has meant huge changes for companies in the way that data is kept and it will require many companies to "bite the bullet" on hiring data experts,” said Hakan Enver, managing director at Morgan McKinley Financial Services.
“We've always had compliance teams and IT teams but we’re missing those in the middle that manage data.”
Companies that break GDPR or fail to comply with its rules and regulations face huge fines – up to €20 million, or 4 per cent global annual turnover – whichever sum is greater.
Job availability decreased 31 per cent, compared to last year, but the number of people looking for new work also decreased 21 per cent month-on-month, compared to the year before. Looking from a different perspective, it decreased 48 per cent year-on-year.
Those that did switch jobs, however, got a pay raise of 27 per cent.