Regional growth behind rise in finance jobs | David Sapsted

Demand for professionals to work in the UK financial services industry grew by 3% in 2019 despite Brexit uncertainties, according to a new survey.

Compiled by the Association of Professional Staffing Companies (APSCo) and business intelligence specialist Vacancysoft, the data showed that while London remains by far the biggest hub for hiring financial services talent, it is in the regions that the strong increase in hiring this year has occurred. Recruitment activity in the capital has actually fallen by 4% this year compared to 2018. But the North East of England has seen a year-on-year increase in vacancies of 32%, while Yorkshire and the Humber saw a 31% increase. hundred.The report says the regional surge is likely due to a growing number of ‘north-shoring’ financial firms – the tendency of London firms to move their operations to northern cities to cut costs. Ann Swain, chief executive of APSCo, said: “Despite widespread fears that Brexit could lead to a hiring slump, the sector has shown signs of resilience, with vacancies outside London in particular, increasing as companies move or expand outside of capital to take advantage of lower overheads and rich talent pools. “Recent data released by recruitment software company, Broadbean, revealed that the average salary of finance professionals rose in 2019, reflecting the resilience of the market.”The report showed that consumer finance organizations were driving much of the employment growth in the sector, with job vacancies up 36%. Commercial banking continued to provide the lion’s share of job opportunities, despite job vacancies within these businesses falling 2% year-on-year. HSBC was the first company to hire in the sector, but Lloyds Banking Group recorded the largest annual increase, with the number of vacancies increasing by 87%.James Chaplin, CEO of Vacancysoft, said: “Advancements in technology have undoubtedly had an impact on the financial services industry and we can certainly see this development in the consumer finance industry, with big tech companies, like Google, Facebook, Apple, Uber and Amazon, offering services like payments. , checks, savings and investment services. “We have also seen an increase in consumer loans. In September this year, it rose by 8% to £9.86bn – marking the highest growth rate since October 2018 – increasing demand for industry professionals.

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