Other worries included tightened regulatory controls (cited by 42% of respondents), implementing new business processes (35%), market instability, bank recapitalisation, and training and developing existing employees (all 32%).

The research revealed that new technologies such as Blockchain and automation are less of a worry, with many optimistic about their potential – only 13% and 6% fear their impact respectively. Cybersecurity is also low on the list, with just 28% concerned about this issue.

The firm polled 100 senior leaders in the UK financial services industry as part of an international study on hiring trends and career ambitions in the modern workplace.

Matt Weston, UK managing director at Robert Half, said: ‘Process, regulatory and geopolitical change are creating the perfect storm for the financial services sector to develop and grow. In a time of uncertainty, banks and other financial services firms need to be confident they can access the skills they need to help them through this current period of change and beyond.’

The survey results show that 27% of respondents are worried about staff retention, suggesting that companies are putting in place policies and options to ensure employees continue to build a career with them.

Weston said: ‘With only a finite number of skilled professionals, providing current staff with the means to grow and develop new skills provides tangible benefits to the business as a whole, including plugging skills gaps. Staff provided with such opportunities are more motivated, productive and loyal which has a positive impact on any organisation.’

Report by Pat Sweet