According to Morgan McKinley, the number of job openings in the UK financial sector has increased by 12% compared with the same period a year earlier, with the strongest demand seen in roles related to AI, data science, cybersecurity and software engineering. Financial institutions are clearly competing for specialists capable of deploying machine-learning models, automating processes and meeting increasingly complex regulatory requirements related to technology.
Looking at more detailed figures, roles in software and computer services now account for over 16% of all vacancies in the UK financial sector, overtaking traditional functions such as investment management and banking, which each represented 15% of job openings last year. At the same time, clerical and administrative positions have fallen by 16%, while broking roles have declined by 20% year on year. According to the data, this shift is directly linked to the growing use of AI and service automation, which is reducing demand for staff in these areas.
Notably, the rise in vacancies is occurring despite a broader slowdown in the UK labour market and increased caution among employers in other industries. Banks, investment firms and insurers, however, continue to treat AI as a strategic priority, viewing it as a tool for cutting costs, improving risk management and strengthening competitiveness.
A report by PwC indicates that in the UK, jobs requiring AI-related skills offer on average around 14% higher pay than comparable roles without such competencies, with the wage premium in some specialisations reaching as much as 58%.
At the same time, the expanding use of AI is drawing closer scrutiny from regulators. The UK financial sector must adapt to new rules on model governance, algorithmic transparency and accountability for decisions made with the support of artificial intelligence. This, in turn, is further increasing demand for professionals who can combine technological expertise with a strong understanding of legal and compliance requirements.
If the current trend continues, demand for AI specialists is likely to keep driving growth in financial-sector vacancies, even as other parts of the labour market remain under pressure. For the UK, this points to a deepening shortage of highly skilled technology professionals and an increasingly intense competition for talent.
