The intensive news flow, particularly in politics, in recent months has had the effect of stimulating and increasing financial markets volatility over the summer period. What can we learn from those market developments?
As a specialist in tax recruitment for financial services, I work across a wide range of financial institutions, and therefore get good visibility of market movements and it is apparent that tax recruitment is still very much active within the financial services market (see our latest jobs here). The global banks have undoubtedly scaled back tax recruitment in the last 12 months, but we have seen significant activity across asset management, insurance, fintech and the challenger banks, leading to a healthy and fluid market within the sector. There has been significant demand for corporate tax specialists in London this year at the manager level along with increased appetite for contractors to lead certain tax projects such as Brexit planning and M&A.
UK and Europe
Financial companies and consultancies have been offshoring new offices or “centres of excellence” in other European destinations. Cities such as Lisbon, Luxembourg, Warsaw, Krakow, Amsterdam and financial hubs such as Paris and Frankfurt have been very busy in the past two years.
What the Brexit situation has done is increase the number of tax recruitment opportunities across Europe. Most of these European locations now hold the second and third-line operations, with the operations in London being slightly scaled back, but still taking the lead. The main bulk of the tax teams across financial groups in London will remain in the UK, although there will also be some additional hires across the continent, as circumstances demand.
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