The impact of the Brexit vote on the jobs market in the City of London has not been as "aggressive" as expected, according to a new study.
The latest survey from Morgan McKinley shows that the number of available jobs fell 2% between June and July, as the country witnessed the fallout from EU referendum. Compared with July 2015, however, things are not looking as rosey. The number of available jobs in the City was down by more than a quarter (27%).
The report also highlighted a 13% drop in the number of people searching for jobs in the City from July last year, and a 14% drop from June.
"Hiring slowed as institutions found themselves in a post-Brexit limbo, but the impact of the referendum was not as aggressive as we expected," said Hakan Enver, operations director at Morgan McKinley.
"Jumping ship in a climate of uncertainty is particularly risky for employees," he added. "But we're also seeing the usual seasonal factors playing out as people take their summer holidays, causing a lull in the marketplace. We would expect a bump in September figures."
Mr Enver believes that the swift resolution to political upheaval following the EU referendum was key to limiting the blow of Brexit vote. He said the formation of a new government, and Mayor of London Sadiq Khan's emergence as a "champion of the City" was encouraging for the jobs market.
Leo Bellometti, compliance consultant at Morgan McKinley, said: "Despite the economic and political landscape, we have seen an increase of hiring in specific areas within compliance: front of house advisory, compliance monitoring and guidelines/investment monitoring. Each of these roles require different skill sets; the front office advisory team will need to communicate efficiently and provide instant regulatory advice to the business, portfolio managers and senior stakeholders on real-time issues. Candidates with extensive experience of conducting thematic reviews are needed for compliance monitoring roles. Coding for Guideline/Investment Monitoring roles is a necessity - those with this experience are deemed even more desirable, therefore obtaining higher salaries."