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FAQs

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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?

How many people are employed in the City?
  2013
City of London - total employment 392,400
City of London - number of employees 377,900
Canary Wharf - total employment* 141,500
Canary Wharf - number of employees 140,600
Financial services employment in the City of London 147,600
Financial services employment in Greater London 343,500
Financial services employment in Great Britain 1,022,200
People employed in the City
 Employment Market 2012 2011 2010 2009
City of London - total employment* 400,800 388,600 356,600 331,900
City of London - number of employees​ 384,300 374,100 345,100 321,200
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 the City of London 159,300 155,000 151,000 136,700
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 (these are slightly higher than the ONS’ BRES numbers due to the inclusion of the ONS’ Workforce Jobs data). 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, updated every two years) 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 (September 2014) estimated the rate of new job creation rose 46% on September 2013, with 3,470 new jobs created in September compared to 2,580 in August, an increase of 34% due to a strong global equity market, with an increase in flotations and rights issues, increased hiring in risk control, regulatory compliance and technology functions, coinciding with a recovery from a traditionally slow summer recruitment period.

Morgan McKinley’s London Employment Monitor (September 2014) suggests employment growth in the City labour market, with year-on-year job availability increasing 7% in April, compared to September 2013, and the number of jobseekers increasing by 19% since August. This reflects wider confidence in the economy, with GDP rising 0.9% during the second quarter, 3.2% higher than during the same period in 2013, and stability following the Scottish referendum, which may have encouraged some institutions to resume recruitment. Increases in jobseeker numbers reflects an increase in the number of EU professionals looking to relocate to the UK, and a seasonal pick up in numbers following the summer period. Challenges for the employment outlook include the decline in activity in the Eurozone economy, and the potential impact of a capital markets union on London’s financial markets.

TheCityUK’s London Employment Survey (October 2014) estimates that London’s financial services employment will have risen by 0.1% by the second half of 2014 from 343,600 to 344,100, projected to reach 348,500 by the end of 2014. Professional services employment (including legal services, accounting and management consultancy) is expected to show similar growth, rising by 3.1% to 359,800 in the second half of 2014 from 349,600 in 2013, and is projected to reach 366,000 by the end of 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 from 2.10m in 2013 to 2.4%, the second half of 2014, an increase of 1.8% in 2014.

UK-wide, CBI/PwC’s Financial Services Survey (September 2014) found that employment in the sector has improved, following an unexpected fall in the previous quarter, with employment in building societies showing a particularly strong increase. However firms are still experiencing skills shortages in digital and compliance areas, reflecting recruitment survey data showing increased hiring in risk, compliance and IT functions. Firms are expected to increase headcount over the next quarter.

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 UK's national income (or gross Value added, GVA) is estimated at is estimated at £48.7bn in 2013, or 3.6%, while London accounts for £320.3bn or 23.7% of the UK's GVA. 

Source: Oxford Economics, April 2014 (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 63.7% of the City's total income (or GVA) 17.9% of London's economy, and the financial services sector in the UK accounts for 7.9% of the total national income of Great Britain. Taken together with professional services, financial services contributed £174bn to the UK economy in 2012, accounting for 12.6% of total output.

Source: Oxford Economics, April 2014, and TheCityUK, April 2014

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?

Altogether, there are over 1,400 financial services firms in the UK that are majority foreign-owned, from around 80 countries. Overseas owned companies represent 46% of all financial services groups worth in excess of £100m. This is nearly three times larger than any other constituency and demonstrates the continued international nature of UK financial services.

Financial services firms in the UK that are foreign-owned (July 2012)
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

While in 2013 the US remains the largest absolute investor in UK financial services, other economies are increasing their investment. European countries like Belgium, France and Cyprus, have significantly increased their outward investment in the UK, together with emerging markets such as India and South Korea.

What are the top world banks in 2014?

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

NB: rankings are based on amount of Tier 1 capital, expressed in US$ terms. 

Source: The Banker Top 1000 World Banks survey, July 2014, available The Banker Database website.

Sources of other statistical information

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