AI and FinTech Hiring Boost London Finance Job Vacancies

Demand for FinTech and artificial intelligence workers is boosting financial sector vacancies in London.

Recruiter Morgan McKinley released figures Friday (Oct. 10) in its London Employment Monitor showing that vacancies in the sector climbed 2% between the second and third quarters of this year.

“While the quarterly rise is modest, the more striking figure is the 9% year-on-year growth, clear evidence that London’s jobs market remains on an upward trajectory despite the ongoing impact of AI,” Morgan McKinley Director Mark Astbury said in the monitor.

“The quarterly increase follows a sharp dip in Q2, when uncertainty around potential U.S. tariffs caused many firms to pause hiring,” he added. “Typically, recruitment slows over the summer months, but this year’s rebound reflects a catch-up effect as employers resumed previously delayed hiring plans.”

Employers have posted 6,425 FinTech jobs, already surpassing last year’s total, a sign of companies scrambling to commercialize AI platforms, Astbury said in the monitor.

“Looking more broadly, major U.S. investment through the [150-billion-pound (about $200 billion)] U.S.-U.K. Tech Prosperity Deal will inject momentum into the digital economy,” he said in the monitor. “London stands to benefit most as the U.K.’s financial and innovation hub, funneling capital, talent and expertise into the wider economy.”

The fear that AI will cost people their jobs is common. The PYMNTS Intelligence report “ Generation AI: Why Gen Z Bets Big and Boomers Hold Back ” found that one-third of generative AI users have that concern. Among members of Generation Z, it’s 40%.

“Much of the doom-and-gloom is coming straight from the horse’s mouth,” PYMNTS wrote Sept. 17. “In May, Sam Altman , the CEO of ChatGPT maker OpenAI , told a Congressional hearing that AI could displace 70% of all jobs .”

Also in May, Anthropic CEO Dario Amodei told Axios the technology could wipe out half of all entry-level white-collar jobs and lead to unemployment of 10% to 20% in the next one to five years.

However, there is also evidence that suggests AI will help existing workers do their jobs better while also creating new lines of employment.

Bain & Company said the market for AI-related products and services could reach $1 trillion by 2027, with workers needed to design that software, sell products and manage client relationships across a range of industries, including payments and financial services.

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