London and Manchester Drive the Latest Surge in Banking Jobs in the UK

The banking jobs UK market is showing steady upward momentum into 2026. While nationwide job openings are projected to expand by 9%, recruitment activity is increasingly concentrating in key financial capitals, notably London and Manchester.

Here is an executive overview of where the banking jobs UK market is heading:

• Capital vacancies are set to jump 18% in 2026, compared to just 1% across the rest of the UK combined.
• Following a 9% contraction last year, commercial banking roles have rebounded by 31%, making it the nation’s fastest-growing banking function.
• Regional hiring in the North-West is surging by 32%, largely propelled by a massive 69% boom in Manchester.
• JPMorgan Chase, Barclays, and Citi remain the top three recruiters, together accounting for nearly a quarter of all open UK banking roles.

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London Leads Banking Vacancies

Following an 11% increase in banking job openings through 2025, national banking recruitment is poised for a further 9% lift in 2026.

However, growth across the country is quite uneven. London continues to serve as the primary engine for this recovery, with vacancies expanding by 18%, while regional growth elsewhere in the UK remains flat at 1%.

Year-on-year quarter comparisons underscore London's persistent dominance:

• Q1: London vacancies climbed 20% year-on-year, compared to 5% across the rest of the UK.
• Q2: London maintained a 17% year-on-year increase, while the remaining regions registered a marginal 0.4% bump.

Overall, London is projected to command 53% of all UK banking vacancies this year, up from 49% in 2025 and 49% in 2024.

Commercial Banking Takes the Lead

The functional priorities of banking hiring managers have shifted sharply heading into 2026. While operational and software engineering functions led demand in 2025, commercial banking has taken over as the primary growth sector.

Job openings in commercial banking are forecast to climb 31% this year, reversing a 9% decline in 2025. Meanwhile, technology demand remains steady, albeit at a more moderate pace, with IT management vacancies forecast to increase by 14% and IT development and engineering forecast to rise by 8%.

Traditional support functions are cooling off. Risk & Compliance roles are up by a modest 2%, while banking operations vacancies dropped by 1%.

Accounting has seen the steepest adjustments, with total Accountant hiring dropping 6%, including audit (-16%), tax (-19%), Financial Services Specialists (-13%) and financial accounting (-10%). Management accounting stands out as the lone exception in the group, posting a 5% gain.

Manchester Powers Regional Expansion in the North-West

Beyond London, the North-West represents the UK's most dynamic regional market, with banking vacancies expected to rise by 32%. This growth increases the region's total share of nationwide hiring from 7% to 8%.

Manchester is the primary driver of this regional momentum. After securing a 14% increase in vacancies during 2025, the city's job openings are projected to surge by 69% in 2026, raising its national market share from 3% to 5%.

Whereas 2025 growth was distributed across regional hubs like Glasgow and Belfast, 2026 is seeing a tighter concentration of talent demand. Together, London and Manchester will hold 58% of all UK banking job openings this year.

Top Employers Driving Banking Recruitment Volumes

Global tier-one banks continue to account for the lion's share of job creation, led by JPMorgan Chase, Barclays, and Citi.

• JPMorgan Chase: Vacancies forecast to rise by 13% (following a 24% expansion in 2025).
• Barclays: Projecting 24% vacancy growth (on top of 42% growth last year).
• Citi: Maintaining high demand with a projected 45% increase (following a 58% surge in 2025).

Combined, these three institutions represent 23% of all available UK banking roles in 2026, up from 20% in 2025.

Beyond the top three, mid-tier and institutional firms are making aggressive hiring pushes. BNY leads this tier with vacancies expected to more than double (+102%). State Street (+40%) and Santander (+36%) show significant upward momentum, while M&G, RBC, and AJ Bell are all tracking growth rates above 20%.

Chris Lawton, UK Senior Managing Director at Morgan McKinley, said: “The UK banking jobs market continues to show resilience, but the recovery is becoming more selective.

“The real story is not simply that vacancies are growing, but where that growth is happening and the skills employers are prioritising. London is strengthening its position at the centre of UK banking, while Manchester is emerging as a significant growth hub outside the capital.

“For employers, a growing market does not necessarily mean an easier hiring market. As demand becomes more concentrated around particular locations and capabilities, competition for the right talent is likely to remain strong.

Top Companies: Banking Sector, UK, 2024 - 2026* Est

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