The latest Sector Trends report from APSCo, produced in conjunction with Vacancysoft, has revealed vacancies within financial services increased by almost one third (29.4 per cent) during the three months to May 2017 despite a 2.1 per cent dip year-on-year.
Commercial banking was the dominant area accounting for more than insurance, investment and consumer finance combined, but over the 12 months, there was a 2.7 per cent fall in the number of vacancies, year-on-year. While in the insurance sector, there was double-digit growth of 10.9 per cent over the same period.
Bankers remain the most sought after financial services professionals, however, demand decreased by 3.4 per cent over this period. Vacancies for insurance professionals increased by just over 10 per cent. While the appetite for sales staff increased the most rapidly by 14.7 per cent.
Regionally, London continues to be the financial capital of the UK with over half (54.9 per cent) of all vacancies located here. The best growth was experienced by the West Midlands with a 29.7 per cent increase, thanks, in part, to increased hiring activity by HSBC.
“Despite a slight dip in demand for financial services vacancies over the year, in recent months, the sector experienced significant growth," said Ann Swain, chief executive, APSCo. "While there are isolated cases of financial institutions such as the Nationwide Building Society announcing fewer vacancies, impacting on the South West of England in particular, we are, on the whole, seeing a sustained and measurable increase in opportunities in the sector which is very encouraging news for the economy as a whole.”