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Home > Top Stories > BANKING JOBS SHIFT TO REGIONAL ‘HOTSPOTS’ OUTSIDE LONDON

BANKING JOBS SHIFT TO REGIONAL ‘HOTSPOTS’ OUTSIDE LONDON

Published by Gbaf News

Posted on October 26, 2015

3 min read

Last updated: January 22, 2026

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Banking jobs shift from London as employment increases outside of the capital by 2,450 between 2013 and 2014
77 local authorities ‘hotspots’ have faster growth in banking jobs than anywhere in London
Tunbridge Wells, South Gloucestershire, Chelmsford and North Tyneside among top ‘hotspots’ driving surge in regional jobs
Nearly 4,000 apprenticeships created by banks so far in 2015, with three quarters based outside London

New figures published today show that 77 local authority banking job ‘hotspots’ recorded faster growth last year than London, with thousands of new jobs being created for local people, according to a report from the BBA.

The Banking on British Jobs report shows that the industry accounts for 510,630 jobs across Great Britain, or 1.7% of the country’s workforce. Approximately a quarter of these jobs are in wholesale banking.

Among the fastest growing local authority ‘hotspots’ for banking jobs in 2013-14 were: Tunbridge Wells (1016% increase), South Gloucestershire (93%), Chelmsford (59%) North Tyneside (51%) and Bury (38%).

The banking industry has created 3,781 new apprenticeships so far this year. For every one apprentice based in London, there are three outside of the capital and 50% of banking apprenticeships are either 16-18 year olds or people aged 25 and over.

Commenting on the report, Chief Executive of the BBA Anthony Browne said: “These figures show that a strong banking industry benefits the whole country, not just the capital.

“The data highlights that banks are increasingly creating jobs and apprenticeships right across Britain – from Bournemouth to Belfast, Birmingham to Basildon – as part of a shift away from London.

“The industry is playing a crucial role in helping young people to get their foot on the careers ladder and providing highly skilled jobs for local communities.”

The report shows that cities and towns across the country are important international banking hubs in their own right:

JP Morgan employs 4,000 people in Bournemouth Poole, and a further 1,200 in Glasgow; and 300 in Edinburgh
Deutsche Bank has a headcount of 1,500 staff in Birmingham;
2,000 people are employed by Citibank in Belfast;
BNY Mellon employs over 1,100 people in Manchester;
Morgan Stanley has a headcount 1,200 in Glasgow;
Bank of America Merrill Lynch employs 1,000 people in Chester;
State Street has 800 staff in Edinburgh.

A number of Britain’s major cities have a higher concentration of industry jobs than the country as a whole. This includes Birmingham, Manchester, Leeds, Bristol, and Edinburgh where banking jobs range from 2.2% to 6.5% of local employment.

Despite strong regional growth, the overall number of banking jobs declined by 2,398 (0.5%) during this period. The number of banking jobs decreased by 4,848 between 2013 and 2014 in London but increased outside of the capital by 2,450. Since 2011 there are 13,559 fewer banking jobs, a decline of 3%. This is a reflection of structural changes in the industry and also issues affecting the UK’s competitiveness, such as regulation and taxation.

More broadly, the ‘Northern Powerhouse’ has seen significant jobs growth in financial services (including pensions and insurance). There are 55,041 people now employed across the wider sector in Manchester, Leeds and Liverpool – an increase of 2,773 jobs (5.3%) in the past year alone.