Financial Services expansion across Scotland’s Central Belt – is Scotland becoming the UK’s Financial Services Operations hub?

 19 Mar 2017

Banks and Financial Services institutions are shunning the UK’s traditional Finance hub, London, in favour of a move north of the border. Scotland’s central belt cities – Glasgow and Edinburgh – are benefiting from this growth across Financial Services in areas such as Finance/Accountancy, Operations and Technology.

Banks’ profits are being squeezed due to increased regulation post the financial crisis requiring them to hold more capital, alongside record-low interest rates and ambitious EPS targets for shareholders and investors, as a result financial institutions are cutting costs to boost profits, leading to a move away from traditional, more expensive financial centres.

 London has lost 15,000 jobs over the past 18 months as companies offshore or “North Shore” their operations, expanding their presence in Scotland’s Financial Services centres, a ringing endorsement for the level of talent and opportunities across Scotland’s largest cities. 

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