23rd February 2017

UK regions lead growth in banking jobs

  • South West and West Midlands top banking employment ‘hotspots’
  • Scotland cements its dominance as a banking jobs hub, growing by 4% in 2015, twice as fast as the UK average
  • 90 of the top 100 constituencies with the highest share of bank and building were outside of London
  • Over 3,700 banking apprenticeships created in 2015 and Q1 2016

The UK is continuing to benefit from sustained regional growth in banking and building society jobs, according to the latest research from the BBA.

Figures from the BBA’s Jobs in Banking Factsheet published today, reveal that the South West (10%)¹ and West Midlands (5.9%)² have seen the fastest rise in banking jobs in the UK, maintaining a year-on-year increase. North of the border, Scotland grew by 4% in 2015, accounting for 11% of all banking jobs and growth that outstripped both London and the UK average³.

Regional Banking & Building Society employment figures 2015

Region 2014 to 2015
Change
Share of Total
Local Jobs
Total Banking &
Building Society Jobs

South West

10.0%

1.3%

33000

West Midlands

5.9%

1.1%

27000

Scotland

4.0%

1.8%

44500

London

2.3%

2.9%

143750

Wales

2.0%

1.0%

12750

East of England

1.7%

0.6%

15250

East Midlands

0.0%

0.8%

17000

Yorkshire and Humber

0.0%

1.5%

36000

North East

0.0%

1.1%

12250

South East

-0.8%

0.7%

29250

North West

-7.7%

1.1%

36000

Northern Ireland

N/A

1.5%

11010

The BBA’s figures show that the UK Banking industry employed 406,750 people in 2015, an increase of 6,700 (1.7%) on the previous year. This provided the sector with the first year of positive growth for bank and building society jobs since 2010. However, despite strong regional growth, the overall number of banking jobs was still down by 8% from 2010, influenced by issues affecting the UK’s competitiveness, such as regulation and taxation, as well as reflecting the structural changes in the industry.

Poplar and Limehouse in East London was the top location for banking jobs, providing over 20% of local jobs. However, the 100 constituencies with the highest share of bank and building society jobs (accounting for more than 1% of the local employment in 2015), 90 were outside of the capital. There are five parliamentary constituencies with more than 10% of local jobs in banking and building societies in 2015, of which four are outside London: Edinburgh West (14%), Edinburgh South West (11%), Bournemouth East (11%) and Halifax (11%).

The industry is also maintaining its stake in employees’ futures, with 3,700 apprenticeships created in 2015 and Q1 2016, three quarters (75%) of which were outside London. Around one in 10 (11%) of new apprenticeships across the UK were based in Scotland, with a further 6% in Wales and 3% in Northern Ireland.

Commenting on the figures, BBA Chief Executive Anthony Browne said: “Despite the impression of banking being London based, our latest figures show the overwhelming contribution the industry makes to communities across the UK, through jobs and apprenticeships. From Edinburgh to Exeter, Birmingham to Bournemouth, Britain’s regions have continued to maintain their impressive growth, cementing their reputation as great places for banks and building societies to find talented local people and to do business.”

ENDS

For more information please contact the BBA press office on 020 7216 8989.

Notes to editors:

  • 3,300 banking and building society jobs created in the South West in 2015 and Q1 2016, taking total number of regional banking sector jobs to 33,000.
  • 1596 banking and building society jobs created in the West Midlands in 2015 and Q1 2016, taking total number of regional banking sector jobs to 27,000.
  • 44,500 banking and building society jobs in Scotland accounting for 10.94% of all UK banking sector jobs.
  • Total of 406,750 banking and building society jobs in the UK in 2015 and Q1 2016.
  • The BBA’s Jobs in Banking Factsheet draws on the latest data from the ONS and the BBA Annual Census 2016.

Methodology
This BBA factsheet uses data which is aggregated and based on ONS, Nomis/Business Register and Employment Survey (BRES) 2015, published in September 2016. This factsheet focuses only on two ONS SIC 2007 industry codes – Banks only: 64191 and Building Societies: 64192. Therefore, employment in areas such as the Central Bank are excluded. The apprenticeships data is from the BBA’s Employment Census; the data is aggregated and based on a compiled survey of BBA member banks from March 2015 to March 2016.

  • A list of the parliamentary constituencies where banks and building societies make up more than 2% of local jobs is set out below.
Parliamentary constituencies with bank and building society jobs above 2% of local jobs, 2015

 

Poplar and Limehouse

20.3%

Edinburgh West

14.1%

Edinburgh South West

11.2%

Bournemouth East

10.9%

Halifax

10.5%

Houghton and Sunderland South

9.6%

South Swindon

9.5%

Bethnal Green and Bow

8.1%

Liverpool, Wavertree

7.4%

Northampton North

7.4%

Leeds West

7.2%

Staffordshire Moorlands

6.9%

Tatton

6.6%

West Dunbartonshire

6.5%

Rutherglen and Hamilton West

6.3%

Dunfermline and West Fife

6.3%

Cities of London and Westminster

6.0%

Bootle

5.2%

South Northamptonshire

4.9%

Bristol West

4.7%

Wolverhampton North East

4.6%

Newport West

4.4%

Sheffield Central

4.2%

Brentwood and Ongar

4.1%

Glasgow Central

3.9%

Bradford East

3.9%

Stockton South

3.9%

Stockport

3.8%

Manchester Central

3.7%

Cardiff South and Penarth

3.6%

Islington South and Finsbury

3.6%

Edinburgh East

3.5%

Leeds Central

3.4%

Inverclyde

3.4%

Birmingham, Ladywood

3.4%

Newcastle upon Tyne Central

3.4%

Milton Keynes North

3.3%

Skipton and Ripon

3.3%

Gloucester

3.3%

Shipley

3.3%

Bradford West

3.2%

Coventry South

3.2%

City of Chester

3.1%

Birmingham, Edgbaston

3.1%

South Leicestershire

2.8%

Meon Valley

2.8%

Coventry North East

2.7%

Morley and Outwood

2.7%

Cardiff North

2.6%

West Lancashire

2.3%

Pudsey

2.3%

Poole

2.3%

Penistone and Stocksbridge

2.3%

Birmingham, Yardley

2.3%

Edinburgh North and Leith

2.2%

Bolton West

2.2%

Enfield, Southgate

2.2%

Rochester and Strood

2.0%

Jobs in banking (388KB PDF)

Please register or login to add this to your interests.