More than half (55%, 24,667) of all new financial services jobs are based outside London, up from roughly 20% before the credit crunch, according to research from specialist financial services recruiter BrightPool.
This is evidence that London’s dominance of the UK financial services jobs market is being eroded by cost-cutting measures from financial services institutions, which are increasingly setting up new offices outside London, says BrightPool.
Angela Hickmore, managing director, BrightPool, says: “Since the credit crunch retail banks and insurance businesses have been aggressively targeting opportunities to save money by moving middle office units, such as credit checking centres, to areas with a cheaper workforce. That’s had a big impact on the UK financial services jobs market.”
According to BrightPool the top three UK cities outside London for financial services jobs are:
- Edinburgh (1,995 new job vacancies in April)
- Manchester (1,992 new job vacancies in April)
- Leeds (1,602 new job vacancies in April)
Recruiter.co.uk recently reported Stuart Duncan, operations director at recruiter Morgan McKinley, saying that the South-West is increasingly a hub of financial services jobs, with Bristol becoming a top location particularly for accountancy roles.