BELFAST has been ranked as the 10th most important financial services city in the UK outside London, according to new research.The report from financial and professional services industry body, TheCityUK highlights the growing financial services sector in the north, which now amounts to around 33,000 jobs, mostly in banking.And unlike other parts of the local economy, where productivity is a major challenge, Northern Ireland's financial services sector bucks the local productivity trend, accounting for 4.6 per cent of total employment, but generating 5.1 per cent of GVA (Gross Value Added) – worth roughly £2 billion annually.TheCityUK report says Belfast is the 10th most important financial services city in the UK after London, with around 18,200 employees, generating 10 per cent of local GVA and worth over £1 billion a year. This puts Belfast ahead of a number of English tech centers such as Reading.The report states that while London remains the UK's largest financial … [Read more...] about Belfast among the top cities in the UK for financial services
0 Have your say BOSSES at Yorkshire’s financial services firms are being urged to offer graduates and apprentices the prospect of promotion in order to ensure the region remains competitive on a global scale. A report from TheCityUK concluded that Yorkshire continues to be an important region for financial and related professional services, with 133,000 people employed in the industry in 2016. However, this was less than the 141,000 people who worked in the sector in 2015. TheCityUK’s ‘Enabling Growth across the UK 2018’ report shows that, while London remains the country’s largest financial centre, the industry is a national asset, making a significant economic contribution to the UK’s regions. A spokesman said: “In Yorkshire and the Humber this was £8.1bn in 2016 and collectively across the country this amounted to £174bn, with two thirds of the 2.3 million industry jobs based outside London. Yorkshire has a … [Read more...] about ‘A focus on local decision making will boost financial services’
0 Have your say Scotland’s financial services sector is outstripping London’s when it comes to jobs growth, after 10,000 posts were added in the past year. The number of people employed in the financial and related professional services industry north of the Border grow by 6.6 per cent from 151,000 to 161,000 in the last year, a new report today reveals.That compares with London – the UK’s largest financial centre – which saw its overall headcount grow by 5 per cent, according to the latest research by industry body TheCityUK.Financial and related professional services account for about 9 per cent of the Scottish economy, making the largest area contribution outside London.The study noted Scotland’s “particular strengths in banking, life assurance and pensions”. The country is also a renowned “centre of excellence” in investment management and data science, and has an emerging financial technology … [Read more...] about Scotland’s financial services industry outstrips London
Financial services M&A is off to a flyer in the first half of 2018 with 83 deals valued at £12bn executed this year to date. Against the backdrop of a booming M&A market, financial services companies are being driven to do deals by low interest rates and stiff competition in the sector. Read more: CYBG and Virgin Money agree £1.7bn deal as Jayne-Anne Gadhia steps down Gavin Jordan, UK financial services transactions leader at EY, which collated the data, said the level of M&A was “encouraging” given “the backdrop of continued Brexit uncertainty and ongoing regulatory change”. “Over recent months alone, deals and discussions, particularly among UK challenger and digital banks, have evidenced a push for further consolidation across the segment,” he added. Recent deals in the sector include CYBG’s acquisition of challenger bank Virgin Money for £1.7bn. David Madden, an analyst at CMC Markets, said consolidation among the … [Read more...] about Financial services M&A has a strong first half of 2018 with further dealmaking expected
Is the financial services industry at fault for the ‘glaring’ gender pension gap? Maike Currie, investment director for Fidelity International, says YES. It’s fair to say that the industry as a whole has not done enough to improve the public’s knowledge, understanding, and trust in pensions. It’s the one vehicle that can change your financial destiny, yet our research found that most of us don’t know where our pension is invested, how much it’s valued, or how much we’re contributing. This lack of engagement is not just the fault of industry – pension policy also falls short. The lack of women in the industry means that products and policy don’t cater for the needs of female consumers – many of whom will take career breaks to raise families. Women can still fall through the cracks of auto-enrolment because of the earnings cap, which ignores the fact that many of them work part-time or earn less. The gender pay gap means … [Read more...] about DEBATE: Is the financial services industry at fault for the ‘glaring’ gender pension gap?