Scotland’s financial jobs market rises 20 per cent as Indy Ref fallout subsides

The number of new financial services jobs available in Scotland’s largest cities has increased by more than 20 per cent since the independence referendum, according to a new report.

New figures supplied by specialist contract and permanent recruiter Brightpool revealed that industry vacancies in Edinburgh and Glasgow climbed 21 per cent to 3,070 in the six months to early May, up from 2,530 recorded during the month of the referendum last September.

The report cites the rise of the so-called “challenger banks” as a driving force as they are attracted by Scotland’s large pool of skilled financial services employees and lower staff costs than London.

The upturn in Scotland is in contrast to a more stayed UK trend, where financial services vacancies in early May sat at about 46,000, compared to just over 45,000 at the time of the referendum.

Opportunities north of the border also outstripped London, including the City, which saw the number of jobs needing filled rise by 8.5 per cent over the same period to 20,630 from 19,010.

However, Brightpool managing director Angela Hickmore said financial services job vacancies fell 19 per cent in Edinburgh and Glasgow in the run-up to the referendum last year as some major employers in the sector considered relocating their head offices to England in the event of a ‘Yes’ vote.

And she warned that Scotland’s resurgent financial sector could suffer again if the sweeping General Election SNP victory transforms into renewed calls for independence.

Ms Hickmore said: “Recruitment in Scotland’s financial services sector has rebounded sharply after the industry put hiring on pause until the referendum was out of the way,” she said. “Glasgow and Edinburgh are two of the UK’S great financial services centres with significant reserves of sector expertise, so it would be a shame to see political uncertainty slow recruitment there.”

Ms Hickmore added: “Both challenger banks and the big established financial services employers are looking to keep cost/income ratios under control.

“Avoiding the high average salaries and rents of the City of London or the Docklands can mean significant savings.”

Several challenger banks have now set up operations north of the Border, with Tesco Bank, Sainsbury’s Bank and TSB (the latter being taken over by Spanish banking group Sabadell) all having key operations in Edinburgh.

Shawbrook Bank and Virgin Money have operations in Glasgow, while the city’s International Financial Services District is home to financial majors groups such as JP Morgan, Morgan Stanley, Barclays and BNP Paribas.