London is Experiencing Lowest Employment in 5 Years

London is Experiencing the lowest employment in 5 years. While thousands of employees have been laid off in the banking sector all over the world, it is stated that new job opportunities in London have been at the lowest level since 2015. The number of new positions opened in London's financial sector fell by almost half in 2020, both due to the uncertainty caused by the coronavirus epidemic and the impact of Brexit. According to the data released by the human resources company Morgan McKinley, 16,335 job postings were published in the sector in London last year. These postings, which were published at the weakest level since 2015, showed a 49 percent decline compared to the previous year. Hakan Enver, executive director of Morgan McKinley's UK unit, said, “Brexit was tough enough on its own. London had to deal with the damage from the global pandemic and the prospect of turmoil from leadership change in the US.” When the uncertainty that did not fall off the agenda due to the trade agreement with the EU in 2020 was resolved on December 24, it did not contribute much to the financial sector. On the other hand, the coronavirus epidemic that emerged in China and spread all over the world caused many employees to work from home. Although some banks profited from additional volatility, some large companies in London and Europe had to lay off their employees in order to offset the cost of extremely low interest rates and technological changes. Hakan Enver stated that after the epidemic, with the employers being more flexible about working remotely, and due to factors such as the decrease in the need for travel, the average wages are likely to decrease.