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London

  • Wholesale banking, investment management and wholesale insurance are key activities in London
  • the sector is located in the City and Canary Wharf
  • it is a focal point for investment and fund management and security broking and is home to all the UK’s major exchanges and financial markets
  • there are 325,813 people employed in the region
  • average earnings are £96,909 per annum, which is not representative of the majority of the London financial services workforce
  • there are more males (192,575) in the sector workforce than females (133,238)
  • 22,900 people working in the sector are aged 16-24 years, 220,600 25-44 years, 28,100 45-54 years and 13,200 54 years plus
  • about one third of the workforce are qualified at or above degree level, which is low compared to other regions
  • there are significantly more people in financial services in the region working full-time than part-time, plus employed people than self employed – this is representative of the entire sector
  • employment is predicted to decrease by 1% per year to 2011, but this will have accelerated as a result of global economic downturn
  • the greatest demands to 2011 will be for managers and senior officials
  • the sector will have to source 1,200 new entrants annually to 2011

London is reported to have the smallest percentage of skills-challenged employers. There is competition for school leavers and graduates as employers graduate schemes target the graduate market. Skill shortages in London mirror those of the wider UK.

Source: FSSC LMI report 2009, FSSC The Skills Bill: England 2008 and London Market Skills Review 2008