Better Opportunities Available in Banking Jobs in Scotland
Better Opportunities Available in Banking Jobs in Scotland
John Smith
While banking and financial center jobs continue to attract university graduates because of their inflated pay structures, the financial institutions themselves seem to be playing games with their workers in Scotland.
This year alone there have been almost continuous announcements in the newspapers of job losses and creations, the biggest winners seeming to be those who have successfully been awarded huge financial incentives in the form of monetary grants from that unelected business quango, Scottish Enterprise.
Barclays BankIn September 2010, Barclays announced the creation of 600 new jobs with the expansion of its presence in Glasgow, with a new wealth management and investment banking division.
This announcement came hot on the heels of the announcement where Scottish Enterprise was to award Barclays £6.5 million of tax-payers money. Barclays is one of the biggest banks in the world, and their directors do not publicity declare their earnings. However, some reports have said that they individually earn up to £20 million per year, which is a mind-boggling sum in anyone’s language. BarclayÕ ¢ï¿½ï¿½s Banks owns a massive .7 trillion worth of assets.
Their new grant award came with the condition that they expand their banking centers in Scotland to finally employ more than 2,000 people throughout Scotland, and this announcement of 600 jobs brings those figures up to the magic 2,000. It could be said that the strings attached to the grant from Scottish Enterprise are nothing more than paying lip service to a giant corporation. A simple massaging of figures that costs the tax payer dearly.
The financial services sector already employs around 95,000 people in Scotland, and accounts for 8% of the country’s GDP.
Lloyds BankIn October 2010, Lloyds announced the loss of 400 jobs, mostly in Edinburgh, as part of a huge cost-cutting exercise after it had to be rescued by the UK government. The now part-nationalized bank has to slim down its operations after their top bankers lost vast sums of money buying out debt-ridden Halifax Bank of Scotland.
Their latest figures show a slow return to profit with their bad debts down and assets improving.
The Royal Bank of ScotlandIn May, the Royal Bank of Scotland announced it was to shed 500 insurance and banking jobs in Scotland over the next year. This news came on the heels of the good news that Esure and Tesco banking were expanding into Scotland.
The Royal Bank of Scotland has been in trouble in recent years thanks to overreaching and bad investment decisions, and it was finally rescued from complete collapse by the UK government in 2009.
A massive 83% of RBS is now owned by the British taxpayer and latest figure released November 2010 puts the company’s latest figures for the third quarter of 2010 at £1.4 billion in the red. Despite an earlier recovery, those latest figures include a huge hit of £825million in relation to their use of the government’s Toxic Asset Protection Scheme.
These figures also who an underlying trend upwards as their earnings for the 3rd quarter period were £726million, up from £250million in the 2nd quarter as they continue to benefit from lower bad debt.This can only mean good news for the future of banking jobs in Scotland, which should continue to improve as the financial institutions recover from the recent recession.
If you are looking for Banking Jobs then you should consider applying for some Edinburgh Banking Jobs
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