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Regularly updated statistical information about the economy, employment, population and environment provided by The City of London Research team. Some of the statistics that we are most frequently asked about are listed below.

How many people are employed in the City?

People employed in the City
 Employment Market 2012 2011 2010 2009
City of London - total employment* 400,000 388,600 356,600 331,900
City of London - number of employees​ 383,600 374,100 345,100 328,100
Canary Wharf - total employment* 129,200 128,000 106,700 108,200
Canary Wharf - number of employees 128,200 127,100 105,900 106,700
Financial services employment in Greater London 360,000 357,900 333,800 323,300
Financial services employment in Great Britain 1,045,500​ 1,051,900​ 1,025,500​ 1,057,800​

Source: Office for National Statistics, Business Register and Employment Survey, October 2013

*includes working owners, including sole traders and sole proprietors

A detailed breakdown of City and Greater London employment numbers by industry can be found in our periodical, The Economic Outlook for London.

What is the future projected employment in the financial and professional services sector?

A number of agencies produce forecasts for employment in London's financial and professional services sector. Each uses its own system of modelling, and there are variations in how 'City-type' jobs are defined, with most agencies including the range of retail and investment banking, wholesale financial services, insurance, legal, accountancy and other supporting professional services hence there are differences between their predicted figures.

Oxford Economics forecasts for the City of London and Central London, published April 2014, estimate financial services jobs in the City will remain relatively stable over 2013 to 2023, with jobs increasing from 166,700 in 2012 to 167,200 in 2013, before declining slightly to 166,800 in 2014 and remaining at this level to 2023. While employment is projected to remain stable, the sector’s output is projected to grow from £31.3bn in 2012 to £41bn in 2023, reflecting the City’s highly productive workforce and the significant contribution financial services makes to the City, and more widely the UK’s economy. Similarly, at the Central London level financial services employment is projected to decrease slightly from 254,000 to 253,000 in 2013, remaining stable to 2017.

By contrast, professional services employment is forecasted to rise at both the City and Central London level, accounting for 30,000 of the 76,000 new jobs forecast in Central London over the next 2 years. Both reports are available to download from our periodicals webpage.

GLA employment projections (April 2013) forecast similar a similar picture at the Greater London level, with financial services employment declining slightly from 367,900 in 2012 to 367,700 in 2013, 367,400 in 2014 and 367,000 in 2015, while professional services employment rises from 684,700 in 2012 to 699,500 in 2013, reaching 730,000 by 2015.

Recent surveys look more optimistic in light of the increasing pace of economic recovery, with City recruiter Astbury Marsden (April 2014) estimated the rate of new job creation rose 4% in April, with 2,740 new jobs created in April compared to 2,640 in March. Despite a decline in the rate of hiring by larger investment banks, hiring by challenger banks, brokers and fund managers, coupled with continued demand for compliance and regulatory specialists, is sustaining job creation. Morgan McKinley’s London Employment Monitor (April 2014) reports similar findings, with year-on-year job availability increasing 67% in April, pointing to sustained growth in vacancies and financial services sector investment in intellectual capital. Similarly, with fixed income trading declining, growth is likely to come from the asset management, wealth and retail sectors, and continued demand for risk and compliance specialists.

TheCityUK’s London Employment Survey (February 2014) estimates that London’s financial services employment will have risen by 2% in 2013 to 367,300 from 360,000, reaching 380,000 in 2014. Professional services employment (including legal services, accounting and management consultancy) is expected to show similar growth, rising by 1.9% to 321,500 in 2013 from 315,600, and is projected to reach 327,500 in 2014. Growth in London’s financial and professional services industries is reflective of a broader UK wide trend, with UK financial and professional services employment growing by 1.9% in 2013 and 2.4% in 2014.

UK-wide, CBI/PwC’s Financial Services Survey (March 2014) found that 45% of financial services firms said they had increased employment, while only 7% said that it had decreased. Firms expect employment to rise even more strongly next quarter, with 46% projecting a rise in employment. Echoing the recruitment survey findings, 82% of firms are expecting to spend more on compliance costs over the next 12 months.

How many businesses operate in the City of London?

Number of businesses in the City
Number of City enterprises banded by numbers of employees 0-4 5-9 10-19 20-49 50-99 100-249 250+ TOTAL
9,275 2,065 1,415 840 335 240 215 14,385

Source: UK Business: Office for National Statistics, Inter-Departmental Business Register, October 2013

Number of finance and insurance businesses*
  Number of enterprises
City of London 2,510
London 11,945
Great Britain 44,555

UK SIC 2007

Source: UK Business: Office for National Statistics, Inter-Departmental Business Register, October 2013

What is the gender breakdown of number of jobs in Great Britain?

Gender breakdown of number of jobs in Great Britain
Area Male Female
City of London​ 217,000 125,000
Greater London​ 1,955,000 1,690,000
Great Britain​ 12,038,000 11,761,000

NB: Figures for Number of Jobs are for indicative purposes only and should not be considered an accurate estimate of employee job counts.

Source: Office for National Statistics, Annual Survey of Hours and Earnings, December 2013.

What is the contribution of the City and of London to the UK economy?

​The City of London’s contribution to the national income is estimated at 3.7% of the total, while financial services represent 22.1% of total income (or gross value added) in the whole of London.  The financial services sector accounts for 9.7% of the total national income of Great Britain.

Source: Oxford Economics, April 2013 (1mb)

London as a whole made a net contribution of £10bn to the UK Exchequer in the tax year to the end of March 2012, representing 18.8% of total UK taxes.

Source: Oxford Economics, London’s Finances and Revenues, December 2012 (1mb)

What is the contribution of financial services to the UK economy?

The financial services sector as a whole made a total tax contribution of £65bn in the tax year to the end of March 2013, representing almost 12% of total government tax receipts. This figure includes taxes paid, as well as taxes collected, by the sector.

The financial services sector employs 1.1 million people, representing 3.8% of the UK’s total workforce.

Source: PwC and City of London, Total Tax Contribution of UK Financial Services, December 2013

Financial services represent 22.1% of total income (or gross value added) in the whole of London, and the financial services sector in the UK accounts for 9.7% of the total national income of Great Britain.

Source: Oxford Economics, April 2013

For more information on the contribution of financial services to the UK, please download 'An indispensable industry' (2mb)

How many financial services firms in the UK are foreign-owned?

Financial services firms in the UK that are foreign-owned
Country Number of firms in the UK
USA​ 488
Switzerland​ 42
Japan 38
Germany 37
France 30

Source: IMAS UK Financial Services Industry Review, July 2012

What are the top world banks in 2013?

Top world banks
Rank Bank name Country City
1 ICBC ​ China ​ Beijing
2 JP Morgan Chase & Co ​ US ​ New York
3 Bank of America ​ US ​ Charlotte
4 HSBC Holdings ​ UK ​London
5 China Construction Bank Corporation ​ China ​ Beijing
6 Citigroup ​ US ​ New York
7 Mitsubishi UFJ Financial Group ​Japan ​ Tokyo
8 Wells Fargo & Co ​US ​ San Francisco
9 Bank of China ​ China ​ Beijing
10 Agricultural Bank of China ​ China ​ Beijing
11 BNP Paribas ​France ​ Paris
12 RBS ​ UK ​ Edinburgh
13 Credit Agricole ​ France ​ Montrouge
14 Banco Santander ​ Spain ​ Madrid
15 Barclays ​UK ​ London
16 Sumitomo Mitsui Financial Group ​Japan ​Tokyo
17 Mizuho Financial Group ​ Japan ​ Tokyo
18 Lloyds Banking Group ​ UK ​London
19 Goldman Sachs ​ US ​ New York
20 Deutsche Bank ​ Germany ​ Frankfurt

 Source: The Banker Top 1000 World Banks survey, July 2013

Sources of other statistical information

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