The number of jobs available in London decreased by 50% in the second quarter ended in June 2019 when compared to a year ago, according to the London Employment Monitor report by recruitment firm Morgan McKinley. At the same time there was a 19% decrease in professionals seeking jobs.

On a quarter-on-quarter basis, the number of available jobs also decreased by 33% in and the number of professionals seeking jobs fell by 22%.

Morgan McKinley’s data showed a sluggish financial services job market.

Hakan Enver, Managing Director, Morgan McKinley UK commented, “While most sectors in Britain have seen an increase in hiring despite the deadlock, the financial services sector is especially vulnerable to regulatory uncertainty and remains slow.”

“Major banking organisations as well as those from the wider financial services space, have refrained from investing in talent due to the lack of clarity,” Enver said. “Furthermore, banks have made no secret of announcing job cuts, various restructuring and moving jobs overseas, all of which contribute to the ongoing sluggishness of city hiring with countless projects and plans on hold.”

Despite flattening out in the first quarter of 2019, projections for financial technology’s growth in the UK remain optimistic, according to Morgan McKinley. Experts estimate needing to fill thousands of fintech jobs in the UK in the decade ahead.

“As applications for visas for the technology sector grew by 45%, a record number of visas were issued to technology professionals and the government made a resounding commitment to ensure that top technology talent will be welcome in Britain,” Morgan McKinley stated.