If you're gainfully employed in a London financial services job today, you can probably count yourself lucky. The buy-side excepted, our figures suggest hiring in the City of London has slowed dramatically since the EU referendum. At the same time, the number of people with a toe in the hiring waters has increased: we saw a surge in the number of people tweaking their CVs after the Brexit vote.
Recruitment firm Morgan McKinley produces its own data on the London banking jobs market. So far this year, it estimates that around 66,000 finance jobs have become available in London and that around 118,000 finance professionals have actively started looking for roles. In other words, it thinks there were 52,000 more people looking for London finance jobs in the first eight months of this year than there were jobs for them to go to. 52,000....
So, who are they all? Morgan McKinley doesn't say and we don't know exactly. We do, however, know which categories of CV have been kept particularly up to date in our CV database. And given that keeping your CV up to date is usually an indication of a readiness to look for a new job, we can extrapolate who's in the market and who's not.
On this basis, using our figures for CVs updated in the past month as a proportion of CVs uploaded in the past year, these are the categories of person most likely to be looking for a job now.
30% of the quant CVs uploaded to eFinancialCareers in the past year have been updated in the past month. This compares to just 19% of the technology CVs.
Statistically speaking, it therefore looks like quants are readier to apply for new jobs than technologists. That might be because quants are hot, or maybe it's because they appreciate that they have greater probability of being picked up by recruiters if they keep their CVs up to date.
There's not a huge variation in the propensity of people to pursue a new banking job now based upon the companies they've worked for, either now or in the past. People with Citi on their CV do, however, seem marginally more inclined to keep their CVs up to date than the rest. By comparison, people who've worked for Goldman Sachs look less active in chasing new opportunities.
The French have a slightly greater propensity to keep their CVs updated than the Spanish and the Italians. Does this mean the French would like to apply for your job? Maybe.
People with ten to fifteen years' finance experience are proportionately more likely to have updated their CVs in the past month than those with no experience at all. This might be because people with no experience at all have nothing to update, or it might be because financial services employees aged between around 30 and around 35 are particularly eager to advance their careers. Either way, this age group looks slightly more opportunistic than the rest. Beware.
Lastly, women look a lot more likely to keep their CVs updated than men. Anecdotally, however, women are less prone to swapping jobs and more likely to show fidelity to a good employer. Either this is changing or women just like to keep their CVs in order.