Financial Services

The financial services sector has seen the dramatic growth of both home-based institutions and new national and international companies. The region has a well developed administrative base, offering an extensive range of support services and a varied and skilled supply of staff.  
 
Today, around 232,000 people (15% of the regional workforce) are employed in the region's banking, insurance and financial services sector, working for companies like Chase Manhattan, Cheltenham & Gloucester Building Society, Clerical Medical, DAS Financial Services, Lincoln National, Lloyds TSB Bank and AXA Sun Life. 
 
The former county of Avon, and more particularly Bristol, is considered the hub of the region's financial services base and employs almost 89,000 people. 
 
The South West benefits from its proximity to London as one of the three international global financial services centres. This closeness has led to significant growth in the sector as many companies chose to move their operations to locations such as Bournemouth, Bristol and Swindon.  
 
The region is strong in the life and pensions business and a large proportion of the total workforce is involved in back-office clerical/administration activities.  
 
The region can also boast a lower cost base and good staff retention which can be an issue in other parts of the UK.