Smaller finance firms are creating more City jobs

SMALLER financial firms are growing faster than the bigger banks since the recession and now employ more than 350,000 people in the UK, according to research seen by City A.M.

FSA-registered finance firms with fewer than 250 staff now employ around 45 per cent of the market up from 43 per cent in 2007, says a research paper released today by the New City Initiative, a group of independent asset management firms.

The research, based on FSA figures, also shows that smaller finance groups hired more women after 2007, though the gender ratio of 87 to 14 per cent still lags behind the larger banks.

Mark Hoban MP, financial secretary to the Treasury, said the report “is an important reminder that the City of London is so much more than just the big banks”.