Daniel Berehulak | Getty Images News | Getty Images
City workers walk towards the City Of London financial district on September 30, 2008 in central London, England.
It is the first quarter since 2009 that the business and financial services sector has recorded a negative outlook in the survey. Business categorized within the sector include banks, outsourcing firms, legal services, accountants and property professionals, among others.
The dismal outlook has followed hard on the heels on Monday’s data revealing that British manufacturing in April shrunk to post the biggest monthly fall in factory output in five years. Trade data released at the same time was also unexpectedly poor.
Hick said that a predicted shrinking of jobs in the U.K. banking world are in part due to technological innovation, where humans are being replaced by automated processes.
The recruiter added that new compliance rules, such as the second version of the “markets in financial instruments directive” (MiFID II), are now up and running and that means staff who had been hired to ensure a smooth transition could now be let go.
MiFID is a regulation that aims to increase transparency and standardization across the European Union’s financial markets.