financial services
DESCRIPTION
LONDON’S IMPORTANCE AND REGIONAL PROFILE. FINANCIAL SERVICES. Supported by:. Financial Services: London Therese Reinheimer-Jones: LONDON REGIONAL DIRECTOR. CONTENTS. London’s unique position and its importance Key business districts and focus Skills mix Employer ‘fit’ and next steps. - PowerPoint PPT PresentationTRANSCRIPT
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FINANCIAL SERVICES
LONDON’S IMPORTANCE AND REGIONAL PROFILE
Supported by:
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Financial Services: London
Therese Reinheimer-Jones: LONDON REGIONAL DIRECTOR
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CONTENTS
• London’s unique position and its importance
• Key business districts and focus
• Skills mix
• Employer ‘fit’ and next steps
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London’s uniqueness & strengths
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• 34% global share of foreign exchange daily turnover
• LSE 29% share of global foreign equities turnover
• 70% of all eurobonds traded in London
• Leading location for IPOs in 2008 with 9% global share
• London 15% of global trade in commodities via Liffe, LME & ICE Futures Europe
• 353,000 ‘City’ jobs at the end of 2007
BUT cannot afford to rest on laurels and suffering as global financial system under strain
= opportunity as change is what London is good at
London Financial Services Fast Facts
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London’s 5 major business districts
Business District Sector Focus
The City Finance, broking, insurance, legal
Westminster Private banking, hedge funds, real estate, Head Offices, government
Camden & Islington Finance, creative industries, architecture
Canary Wharf Banking, legal, media
Lambeth & Southwark Accountancy, consultancy, local government
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Central Business District (CBD)
Zone plus Canary Wharf covers 10 miles employing 750k people in finance and business services
Source: Cabinet Office Prime Minister’s Strategy Unit London Project (July 2004)
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• Ability of local people to feel engaged in their
community
• Need for a skilled workforce – reflecting local diversity
of the population
• Access to finance
• Regulation
• Economic situation
...but skills building is long term
Issues likely to impact on medium term growth
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Geographical source of City non-graduate employees
Inner London
Outer London Kent Essex UK wide
Ancillary
Secretarial
Customer Support
Clerical
Technical - Insurance
Technical - Accountancy
Employees are rarely recruited from these areas
A sizeable minority of employees are recruited from these areas
Employees are predominantly recruited from these areas
Source: Corporation of London
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London skills talent
• NSAFS Tower Hamlets success in placing 250 students
into employment in the City and Canary Wharf since
launch in January 2008
• People with the lowest level of skills not necessarily
lacking in ability but opportunity
• Must be flexibility in the development of communities
and infrastructure so that skills providers can respond
to business needs
Source: FT 26 November 2008 on the London Thames Gateway and skills
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Skills Mix
• Hard e.g. statistical analysis and technical writing
• Soft e.g. communication, leadership and teamwork
• ‘Globalist’ e.g. foreign languages, cultural awareness
and ability to manage people and projects across
international financial time zones
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Financial Services: a ‘big’ industry
• Directions – created by the FSSC http://www.fssc.org.uk/129_13.html?i=0&l1=true
• http://www.efinancialcareers.co.uk/
• Individual banks often have profiles of ‘a day in the life of’
• www.nsafs.co.uk
• Don’t forget small to medium enterprises – not just the big companies – a large proportion of financial services is made up of SME’s.
• Trade associations for example ‘The British Bankers Association’ , CISI and the CII.
• Not traditional qualifications but more professional qualifications such as CEFA
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Recession v New Talent
• There is a real need to rebuild confidence among potential entrants to the industry, including students, so there's a job to be done in universities and colleges as well as on the high street with customers.
• I think the industry breaks down into different sectors as to how successful they are at recruiting talent. Traditionally the banking industry has been way ahead of the insurance and financial planning industries. In financial planning there is a real demographic problem arising where there are a lot of people reaching retirement age and not a lot of people coming into the business. Helping people to manage their finances effectively, with less reliance on the state, is absolutely critical. So anything we can do to make financial planning an attractive career path for people is vitally important.
John Tiner – Chief Executive Resolution Group
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Questions and further details.....