SCOTLAND has seen the biggest fall in job vacancies in the financial-services sector across the UK in the last two years, as the referendum led firms to put recruitment plans on hold.
Jobs created in Edinburgh fell 20 per cent to 1,595 in the two years to the end of quarter three this year, compared with the 1,995 outstanding positions available at the same stage in 2012.
Research by BrightPool, the specialist financial-services recruiter, also found the availability of roles dropped significantly in Glasgow, by 16 per cent to 935 over the two-year period. This compares with the 1,115 roles which had been available two years previously.
The recruitment firm said the uncertainty caused by the independence referendum has had a major bearing on companies' recruitment plans north of the Border, but expects the market to pick up now the vote has taken place.
Angela Hickmore, managing director at BrightPool, said: "Concerns over the impact of Scottish independence was voiced widely among the financial-services sector.
"This led to a slowdown in recruitment north of the Border - despite the cost advantages of Glasgow over other UK cities.
"The financial-services industry is traditionally very strong in Scotland. Now the referendum is over, business confidence is returning and recruitment trends in the financial-services sector should start to match closely those of other regions."
Elsewhere in the UK, the report found that vacancies in financial services grew faster in the north of England than London and the south east over the two-year period.
As financial institutions have shifted more jobs to lower-cost areas, Liverpool has seen a 49 per cent rise in vacancies over the last two years, to 1,088 in the third quarter this year from 730 in 2012. Vacancies rose by 43 per cent in York to 1,406, in Manchester by 41 per cent to 2,714, and in Leeds by 28 per cent to 2,044.
At the same time, openings in financial services in London fell by four per cent to 19,011 over the two years.
BrightPool put down the south-to-north trend to companies shifting operations to the north of England to lower their cost bases.
Ms Hickmore said: "Moving more back and middle office jobs out of London to the regions is a key part of efforts to improve cost-to-income ratios.
"There are big savings to be made in both property and staff costs. Financial-services employment growth in the regions is outpacing rapidly that of London - that is a clear reversal of the trend before the credit crunch when higher returns on capital meant staff costs were not such a concern."
However, while costs are lower in the north of England versus London, Ms Hickmore noted the talent pool for experienced financial-services staff is not as large as it is in the south.
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