eFinancialCareers

Not yet. Scotland’s doing its best to attract finance employers, but the best that can be said about its global profile is that it’s ‘stable’.

The results of the latest Global Financial Centres Index (GFCI) are in, and it’s been a relatively successful one for Scottish cities – Edinburgh is up two places to 18th, and Glasgow has jostled its way into the league for the first time, coming in at a respectable 22nd.

There’s a push north of the border to increase Scotland’s profile as a hot spot to base financial services firms – with the first Global Financial Services Week kicking off in May – but even this is unlikely to boost its global standing.

Mark Yeandle, author of the report by Z/Yen in conjunction with the City of London, says: “One thing you can say about Edinburgh is that it’s stable, there are no real weak spots for it to fall down on. While all the big players are there, it’s unlikely to challenge for a top 10 spot.”

But is Edinburgh really so stable? The city’s financial services population seems to suggest otherwise. While banks in London have been cutting staff, Scottish financial services recruitment has grown by over 8% in the past year, according to Scottish Enterprise, with the industry now employing over 108,000 people in the country.

John Campbell, deputy chair of the Financial Services Advisory Board, says: “The industry continues to make a major impact on the economy of Scotland, contributing around £7bn to the economy and providing one in every 10 jobs.”

On its GFCI debut, Glasgow has managed to beat the likes of Amsterdam and Dubai in the global rankings. Are bigger and better things on the horizon?

Yeandle thinks not: “My perception is that it will slip. It has a good operational presence, but it’s still very much at the low salary and skills end of the job market. If you’re a big hitter looking to stay in the UK, you’re unlikely to base yourself in Glasgow.”

Still, Scotland’s finance secretary, John Swinney, says the Government is “determined to retain a competitive edge and attract companies to invest and expand in Scotland”.