JOBLIFT COMPARES THE STATE OF THE UK’S FINANCIAL SECTOR WITH GERMANY

London, 28th June 2018 – Since the Brexit vote in June 2016, the prominence of Britain’s financial sector has come under threat. With Britain’s imminent exit from the European Union and likely the single market, many banks have already relocated out of the United Kingdom in favour of an EU member state. To test how far this threat has materialised, job search platform Joblift has looked into the UK’s financial job market over the last two years, in comparison to Germany. While the UK is still massively dominant in terms of the number of vacancies on offer, Germany’s job market has increased yearly at four times the rate of the UK.

JOBS IN THE UK’S FINANCIAL SECTOR HAVE DECREASED BY 3% MONTHLY IN THE LAST 12 MONTHS

According to Joblift, 863,366 jobs in the financial sector have been advertised in the UK in the last 24 months. While these positions have seen an average yearly increase of 6%, looking closely at the last two years throws a more negative light. From June 2016 to June 2017, the UK’s financial job market increased by 6% on average each month, much more buoyant than the 3% monthly decrease in vacancies between June 2017 and June 2018.

UK VS. GERMANY: 4 TIMES MORE YEARLY GROWTH IN THE GERMAN FINANCIAL JOB MARKET

In comparison, 680,793 vacancies have been published in Germany in the same time period. However, these vacancies have seen a much more promising increase of 25% year on year and maintained an average monthly increase of 3% from June 2016 to 2017, and from June 2017 to 2018. The first six months of 2018, in particular, have seen the UK’s financial job market decrease by an average of 6% monthly, while Germany has seen a 6% monthly increase. Considering banks including Goldman Sachs and JP Morgan have already taken steps to relocate from the UK to Germany, this shift in increases becomes more apparent.

LONDON HAS 5 TIMES MORE VACANCIES THAN FRANKFURT BUT ALMOST -6 TIMES THE GROWTH

London has long been heralded as the world capital of finance, but with major banks choosing to relocate in the face of Brexit, Joblift looked closely at the city in comparison to its hotly tipped European competitor, Frankfurt. London has been home to 207,742 finance vacancies in the last 24 months, however, vacancies located in the city have seen an unsettling average decrease of 5% year on year. On the other hand, Germany’s financial centre, Frankfurt, has been the location of 38,006 financial sector job vacancies – more than five times less than London. Nonetheless, the German city has seen a huge average yearly increase of 29% with continuing growth looking likely. This supports the statement made by the economy minister for the state of Hesse (where Frankfurt is situated), Tarek Al-Wazir, who in April this year said that there were already “18 entities… that have committed” to relocating to Frankfurt, from the UK capital.

About Joblift

Joblift is a job search platform providing candidates with the most intuitive and frictionless experience during the recruiting process. Joblift applies latest machine learning techniques and big data-based algorithms to offer the optimal match between employer and job seeker. Currently active in the US, the UK, Germany, France and the Netherlands, Joblift cooperates with over 4.000 partners to incorporate over 10 million vacancies on its platform. Joblift is a highly energetic and entrepreneurial team led by the experienced founders Lukas Erlebach (CEO), Alexander Rausch (COO) and Malte Widenka (CTO), who most recently held C-Level positions at companies such as Zalando, Amorelie and Frontlineshop.

Pressekontakt

Edgar Fluijt
VP Marketing
E-Mail: press@joblift.com
Tel.: +49 40 87407947
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