Brexit Overview

Posted in: General

The Brexit out vote has had a substantial effect on the financial services recruitment market. Mainly it would appear from a candidate availability point of view. Cer Financial have not seen any slowdown in vacancies across any of its core sectors but the number of high calibre candidate has slowed dramatically.

The feedback we are receiving from candidates is mainly a "sit tight" and see what happens thought process. The amount of time, effort and expense required to attract these candidates has gone up. In addition to this candidates are looking for a more substantial remuneration increment to entice them away from a safe and steady role and employer.

It appears that position may not alter substantially over the Brexit negotiation period. 

With the move away from London of the historically classical London based clearing roles, there will no doubt be redundancies or internal movement, all of which slows down the general movement in the market and reduces the fluidity of calibre between organisations.

From a governance point of view it will no doubt create a substantial raft of new governance and adherence requirements which will keep demand in this area high.

The demand for permanent staff has stayed stead post Brexit but the demand for contractors has seen a slight rise as organisations position themselves to be more flexible with regards to Brexit conclusions. 

With or without Brexit cer Financial has seen a steady rise in financial services recruitment outside of London. Recent financial reports state that as few as one third of all financial services are based in London. As such we are recruiting today in all of top ten listed financial services locations outside of London.

As a conclusion I would say that the UK is robust and has dealt with far worse challenges to its global dominance of the financial services markets. That said markets love stability and the sooner the negations are settled the better for all.

Paul Mersh
Managing Director

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