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FTs Banker Magazine to focus on Cardiff

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Cardiff & Co recently convened a roundtable discussion in partnership with the Financial Times’ Banker Magazine for a forthcoming feature on the success of the city’s financial services sector.  Chairing the meeting, Cardiff & Co Managing Director, Richard Thomas outlined the importance of the financial sector to the local economy with experts from the sector highlighting why Cardiff’s proposition in this field is a compelling one.

Representing financial services in the city were Peter Griffiths, Chief Executive, Principality Building Society; Adrian Clark, Location Director, Legal & General; Iwan Jones, Regional Commercial Director - Wales, HSBC; James Rudolf, Group Managing Director, Target Group; Mike Foley, Chief Executive, peterevans; Peter Evans, Financial Services Relationship Manager, Welsh Assembly Government and Richard Thomas, Managing Director, Cardiff and Co.

Cardiff is an important centre for Financial & Business Services that accounts for over 40% of total value added in the sector and 5% of Welsh GDP. Cardiff’s vibrant financial services sector employs almost 50,000 people according to the Annual Business Inquiry, which is bigger than most UK cities, including Liverpool, Nottingham and Newcastle.

Throughout the UK, the banking, finance and insurance employs around 22% of the total workforce. In Cardiff the equivalent figure was 25.5% in 2008, higher than many other UK cities.

The sector saw spectacular growth between 1998 and 2008 when the total number of net new jobs grew by over 18,000, or 60%, the highest growth rate of all the UK Core Cities.

The growing reputation and growth of the city’s Financial & Business Services sector is due in no small part to the arrival or expansion of a large number of globally recognised financial services companies, including Admiral, Atradius, GE,  GMAC, HBOS, HSBC, ING, Legal & General, Lloyds TSB, and Zurich.

In addition, home-grown companies such as The Principality Building Society, Julian Hodge Bank and Thomas Carroll have expanded dramatically over recent years.

 

17/06/10

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