Umbrella Company employees looking for new contracting assignments in the financial services sector have felt a frisson of anxiety over reports in the Times that Lloyds Banking Group intends to slash thousands of jobs and shut more branches; however, a leading recruitment firm insists that this will not undermine the newly rising confidence and buoyancy in the sector.

The original newspaper report claimed that Lloyds Banking Group’s digitisation strategy lay behind the cuts, which will drive greater automation of its business. Jobs in mortgage processing and new account opening would be amongst those falling under the axe, the Times reported.

According to Andrew Breach, Page Executive’s global banking and asset management chief, there is no reason to expect a hiring freeze elsewhere. He told Recruiter magazine: “It is not going to dramatically affect the market, which is pretty buoyant at the moment. London has emerged very strongly from the crisis in financial services.”

London is now considered by many financial organisations to be a more appealing option than many other places in Europe, none of which are seen to provide ‘encouraging’ environments for businesses to expand.

Recent figures from specialist professional recruitment firm Astbury Marsden corroborate Mr Breach’s view: 3,470 new jobs and contracts were created in the City in September this year, which is a staggering rise of 46% on the 2,380 created in September 2013.

Lloyds Banking Group declined to comment on the Times story; however, it did say that recent press coverage was based on speculation and could not be confirmed at this stage.

 

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