According to the latest London Morgan McKinley Employment Monitor, the number of available jobs decreased by 13% in March compared to the previous month. The number of job seekers was also down 25%.

Jobseekers decreased from17,219 in February to 12,998 in March. Meanwhile, year-on-year, the number of available jobs decreased by 21% while the the number of jobseekers increased by 44% compared to the same period last year.

“All the negative news came together in March giving us a rather morose end to the quarter,” Hakan Enver, Operations Director, Morgan McKinley Financial Services, said. “Reports of a slowing economy, redundancies, the Brexit referendum approaching and then the horrific terrorist attacks in Belgium, it’s little wonder that the figures are showing a decrease. With all this in mind, I’m surprised they held up so well.”

The report also showed that the average salary for professionals moving from one organisation to another grew 22% in March, compared to the previous month.

Morgan McKinley states that bonus rounds came to a close in Q1 and normally this is the time when job seekers will start looking for new opportunities, but this year they are staying put.

“The news about lower growth, lower M&A activity and reduced profits in Q1 is feeding into a general atmosphere of nervousness and job seekers’ desire to look for new opportunities,” Enver said.

The reports also shows that if the UK leaves the EU, it would negatively impact the economy and cost jobs.

In the financial services sector, disruption is a major subject as firms move from a traditional business model to an increasingly digital one.

“Fintech firms are still hiring actively and they are able to attract top candidates,” Enver said. “Many job seekers see fintech firms as more creative and innovative than traditional banks. Also, the younger generation of professionals are a lot more entrepreneurial than their predecessors. Fintech fits into that mindset perfectly. Although the salaries tend to be lower than in banks, the fact that Fintech firms generally offer a  better work life balance is also a big motivator,” Enver said.