Tech vacancies in London’s financial services sector have soared over the past year as traditional and challenger banks vie to keep up with the latest technological advances and outpace their rivals.
Technology-based job vacancies within London’s financial services space increased by 88 per cent in 2024 in the capital compared to 2023’s monthly average, according to data shared with City A.M..
In the past 12 months, the number of tech professionals entering financial services jobs in the UK was up 24 per cent, found the upcoming hiring trends report from recruitment agency Robert Walters.
Chief executive of Robert Walters UK, Chris Eldridge, said: “The tech talent pool within financial services speaks volumes – banks are hiring experience and intelligence, the kinds of professionals that are adept at creating, implementing, managing, delivering new tech infrastructure.”
The financial services industry could be looking to seize on a talent exodus from the tech sector, which layoffs are currently rippling through. Globally, the tech sector has axed nearly 60,000 jobs lost so far this year, according to tracker site layoffs.fyi.
“The race is on in the City for traditional banks to match the growth and burgeoning tech offerings of smaller fintech start-ups. Especially as home-grown start-ups – such as Revolut – have stated their long-term goals of building the world’s first truly global bank,” Eldridge added.
London is known for its global fintech hub status, with success stories in the sector including Monzo and Starling. The UK’s fintech market is expected to grow to $24bn (£19bn) by 2029.
But heightened demand for tech expertise comes as companies are bracing for new regulations, especially in European markets, which UK firms will have to adhere to if they want to do business in the bloc.
For example, the European Market Infrastructure Regulation Refit (EMIR) is scheduled to take effect in September, while the Artificial Intelligence (AI) Act is expected to enter force by the end of 2024. Additionally, there are other upcoming milestones for the implementation of cryptocurrencies and proposed reforms to the UK Listing regime.
Both rapidly growing fintech start ups and established financial services firms will have to keep their heads above the water around these developments if they want to succeed.
Among the 88 per cent tech vacancies, employees with expertise in fintech and cyber security within London’s banking sector were some of the most highly sought after. This demand for cyber security professionals may be increasing as cyber attacks grow more frequent.