Demand for FinTech and artificial intelligence workers is boosting financial sector vacancies in London.<\/p>\n
Recruiter Morgan McKinley<\/a> released figures Friday (Oct. 10) in its London Employment Monitor<\/a> showing that vacancies in the sector climbed 2% between the second and third quarters of this year.<\/p>\n \u201cWhile the quarterly rise is modest, the more striking figure is the 9% year-on-year growth, clear evidence that London\u2019s jobs market remains on an upward trajectory despite the ongoing impact of AI,\u201d Morgan McKinley Director Mark Astbury<\/a> said in the monitor.<\/p>\n \u201cThe quarterly increase follows a sharp dip in Q2, when uncertainty around potential U.S. tariffs caused many firms to pause hiring,\u201d he added. \u201cTypically, recruitment slows over the summer months, but this year\u2019s rebound reflects a catch-up effect as employers resumed previously delayed hiring plans.\u201d<\/p>\n Employers have posted 6,425 FinTech jobs, already surpassing last year\u2019s total, a sign of companies scrambling to commercialize AI platforms, Astbury said in the monitor.<\/p>\n \u201cLooking more broadly, major U.S. investment through the [150-billion-pound (about $200 billion)] U.S.-U.K. Tech Prosperity Deal<\/a> will inject momentum into the digital economy,\u201d he said in the monitor. \u201cLondon stands to benefit most as the U.K.\u2019s financial and innovation hub, funneling capital, talent and expertise into the wider economy.\u201d<\/p>\n Advertisement: Scroll to Continue<\/p>\n The fear that AI will cost people their jobs is common. The PYMNTS Intelligence report \u201cGeneration AI: Why Gen Z Bets Big and Boomers Hold Back<\/a>\u201d found that one-third of generative AI users have that concern. Among members of Generation Z, it\u2019s 40%.<\/p>\n \u201cMuch of the doom-and-gloom<\/a> is coming straight from the horse\u2019s mouth,\u201d PYMNTS wrote Sept. 17. \u201cIn May, Sam Altman<\/a>, the CEO of ChatGPT<\/a> maker OpenAI<\/a>, told a Congressional hearing that AI could displace 70% of all jobs<\/a>.\u201d<\/p>\n Also in May, Anthropic<\/a> CEO Dario Amodei<\/a> 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.<\/p>\n However, there is also evidence that suggests AI will help existing workers do their jobs better while also creating new lines of employment.<\/p>\n