Financial Industry: Industry Facts
- Scotland is the fifth largest financial services centre in Europe and the largest centre in the UK outside London .
- The industry accounts for £7 billion (7 per cent) of Scotland 's GDP (Measured as Gross Value Added). It includes both Scottish companies that are leaders in global markets and international companies that have operations in Scotland .
- The financial services industry accounts for one in ten Scottish jobs. With over 108,000 people directly employed in the industry and over 100,000 more employed in support services
- Key sub-sectors are:
# Banking (62 per cent of jobs)
Life and pensions (15.6 per cent of jobs)
General insurance (5.7 per cent of jobs)
Asset management and servicing(8.3 per cent of jobs) and
Intermediation (8.4 per cent of jobs).
- Seven of the top 20 companies in Scotland are financial services companies accounting for 67 per cent of turnover, 78 per cent of profit and 52 per cent of employment of the top 20.
- Financial Services continues to be one of the fastest growing industry sectors in Scotland . From 2000 to 2006 the Financial Services industry in Scotland grew by 55 per cent, while the overall Scottish economy grew by 13 per cent and the whole of the UK financial services industry grew by 44 per cent in the same period.
- In 2005, analysts believe that profits from high street banks were £30 billion, £1000 per second. In defence, the banks advise that the UK is one of the cheapest places in the world to bank and that most of these profits were made in international business and corporate banking and not from individual customers.
- Scotland is HQ to four 'High Street' banks:
Clydesdale (part of the National Australia Group)and
Lloyds TSB Scotland
- There are few areas of business (and our lives) that are not affected by globalisation. Many of the organisations in the UK financial services sector are part of international groups (eg HSBC) or have overseas interests. On that basis, opportunities to work overseas might arise for those who make their careers with global firms.
- The new Scottish Labour Market Report, shows salaries in the country increasing at their fastest level for four years. The report highlights soaring demand for contractors in the financial services sector, where it says pay is rising particularly rapidly.