Financial sector see jobs growth

The report was conducted by the Bank of Scotland

Employment in financial services has grown faster in Scotland than anywhere else in the UK, according to new research by the Bank of Scotland.

The study shows there are 20,000 more finance jobs than five years ago. London and the south east of England lost 21,000 over the same period.

Jobs in life insurance and pension funds in Scotland fell by 4,000, but new banking jobs rose by 24,000.

Business and financial services employ 107,000 Scots or 4.7% of the workforce.

Average wage

Scotland's two biggest companies the Royal Bank of Scotland and the Bank of Scotland employ about 35,000 people between them.

The report said that the average full-time financial sector worker in the UK earns, on average, £699 per week.

This is the most of any major industry group and almost £200 more than the average UK wage.

Across the UK there are 30 local authority areas where more than 25% of the workforce are employed in the broader business and finance sector.

Twenty-five of these are in London and the south east of England, four are in the east of England and one is in Scotland.

More recently significant growth in banking jobs in Scotland has more than offset job losses in insurance and pension funds Tim Crawford Bank of Scotland

The study said that 26% of people living in Edinburgh work in business and financial services.

The next highest local authority areas were East Lothian and East Dunbartonshire (19%), followed by Midlothian (18%) and West Lothian (17%). Glasgow was 14%.

Tim Crawford, group economist at Bank of Scotland, said: "Scotland has delivered the strongest percentage growth in financial services employment in Great Britain on a five, 10 and 20 year time frame.

"Good pay levels and the sector's ability to generate new jobs in ancillary areas such as IT and the law have made a real difference to Scotland.

"More recently significant growth in banking jobs in Scotland has more than offset job losses in insurance and pension funds."