The UK jobs market is steadier than it has been for years. Permanent placements have finally stabilised, ending a decline in place since Liz Truss's premiership 45 months ago, while temporary billings rose for a fourth consecutive month REC / KPMG Report on Jobs (S&P Global). That matters for banking employers in cities like Manchester, where a more confident hiring backdrop makes it easier to plan ahead and move quickly on the right person.
The wider picture is still cautious. The labour market is currently described as 'low hire, low fire', with weaker recruitment but only slight increases in redundancies, and vacancies have dropped below pre-pandemic levels Low Pay Commission Report 2025, GOV.UK. For financial services, that means competition for the best people is sharp, even where overall vacancy numbers are softer. The latest market reading continues to track these shifts closely KPMG and REC, UK Report on Jobs June 2026.
Demand is weighted heavily towards skilled, qualified roles. In the financial services sector, recruitment was generally for Regulatory Qualification Framework (RQF) 6+ roles, rather than RQF 3 to 5 GOV.UK - Temporary Shortage List: Stage 2 report. In plain terms, RQF 6+ sits at degree level and above, so banks are hunting for experienced, specialist talent rather than entry-level hires.
For Manchester, that shapes the whole hiring playbook. The roles in short supply tend to be the ones that keep a bank running safely and growing responsibly: risk, compliance, regulatory reporting, data and technology, and senior relationship and lending roles. These are exactly the higher-skilled positions the market is leaning into GOV.UK - Temporary Shortage List: Stage 2 report, and they are the hardest to fill well when the labour market stays tight Low Pay Commission Report 2025, GOV.UK.
Speed and precision win. When demand concentrates on qualified, RQF 6+ roles GOV.UK - Temporary Shortage List: Stage 2 report, the people you want are often already in work and rarely on the market for long. So define the role tightly, agree the must-have qualifications and regulatory experience up front, and keep your interview process short enough that strong people do not drift away.
Build a shortlist on evidence, not gut feel. Map the specific skills each role needs, screen against them consistently, and treat how people experience your process as part of your brand. With permanent placements only just stabilising REC / KPMG Report on Jobs (S&P Global), the employers who respond fast and communicate clearly are the ones who secure the right hire first.
When you are competing for scarce, qualified talent, the right match found fast makes all the difference. We search 15 million candidates to surface people who fit your banking role, and we manage recruitment end to end so your team can stay focused on the business. Our recruitment agent manages recruitment end to end for 8% on a successful hire, with no monthly fee and no upfront cost. Ready to hire your next banking specialist in Manchester? Start today with Reed.ai.
