Glasgow's superb transport networks allows employers in the IFSD
to draw on a huge labour pool with 1.5 million people in the
city's travel to work area.
Glasgow builds on a strong heritage in financial services with
some of the city's major players such as Ignis Asset Management
having a presence in the city for over 100 years.
Latest estimates show that over 30,000 people work in the
financial services sector in Glasgow. That's an impressive one in
13 of the city's entire workforce.
It's very much a case of quantity and quality.
Financial sector staff are better qualified in Scotland than the
rest of the UK, with a higher proportion gaining post-secondary
Over half of all Glaswegians in employment have qualifications
at NVQ Level 3 or above, more than most comparative cities (NOMIS
official labour market statistics 2010) Indeed, over 32% of adults
in Glasgow are qualified to degree level, which is well above the
Staff retention is good, according to 73% of employers who
responded recently to an independent survey - with Glasgow
companies developing new initiatives to further reduce staff
turnover and keep costs down.
Salaries in financial services in Scotland are highly
competitive. Indeed, overheads generally are 32% lower than in
London for a comparable business.
Scotland has proportionately high IT professional employment in
the financial sector.
A fact underlined by JP Morgan which established its European
Technology Centre in the IFSD in 2001, to develop complex financial
software for application across its operation.
Initial plans to recruit a total of 300 have expanded
consistently to the point where the company now employs 700 mainly
graduate level IT professionals at its IFSD base.
Glasgow's workforce is highly rated by companies already located
in the city, many of whom comment favourably on a 'can do' attitude
in the workplace, accompanied by the traditional Glaswegian
reputation for warmth, humour and friendliness.
Future Skills Development
The public sector, led by Scottish Enterprise and Glasgow City
Council, are working with financial services companies to develop a
strategy for the future, including further skills development.
With support from Glasgow City Council and Scottish Enterprise,
the Insurance and Actuarial Society of Glasgow has developed a
major centre of excellence for the insurance industry at the
Mitchell Library in Glasgow, the first of its type in the UK.
If you have any queries or would like more information on the
range of support available to financial services companies in
Glasgow, then contact Colette McBride of Scottish Enterprise on
0141 842 3565 or at firstname.lastname@example.org
THEY SAID IT …
"Glasgow continues to provide JP Morgan with access to a highly
talented and skilled workforce and it is a key strategic location
for JP Morgan globally. Visiting colleagues are pleasantly
surprised at the variety of work done in the Glasgow office, and
the capability of staff. What comes across most is the enthusiasm,
commitment and quality of the staff - at the end of the day, that's
what makes the difference."
Paul Murphy, CEO, JPMorgan Scotland
"We were keen to identify a location that would offer us the
ability to recruit additional teams of high calibre contact centre
personnel as well as give us the opportunity for further expansion.
Glasgow, with its vibrant financial services district, is well
suited for our needs."
Simon Rubin, Managing Director, First Data