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Financial Services Overview. Financial Services Key Facts. Financial Services makes a major contribution to the Scottish economy, generating £6 billion (6.4%) of Scottish GDP

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Financial Services

Key Facts

  • Financial Services makes a major contribution to the Scottish economy, generating £6 billion (6.4%) of Scottish GDP

  • The Financial Services Industry accounts for 10% of Scottish jobs, employing over 113,000 people directly and over 100,000 more in support services

  • Financial Services continues to be the fastest growing sector of the Scottish economy growing by 36% in the last five years (200-2005)

  • Scotland is a Global Fund Management Centre with over £300 billion managed directly from Scotland

  • Scottish based Life Assurance companies manage over £640 billion of funds with over £200 billion of these managed directly from Scotland

  • In Scotland over 5,000 people are employed directly in Asset Servicing, managing over £305 billion of funds

  • Scotland hosts the headquarters of two of Europe’s top ten banks – Royal Bank of Scotland (RBS) and Halifax Bank of Scotland (HBOS)

  • Scotland ranks second to London as a European Financial Location


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Total employee jobs – 113,000

Asset Management – 8.3%

General Insurance – 5.7%

Life Assurance – 15.6%

Banking – 62%

Financial Services – Breakdown of Expertise

Source: Deloitte SWOT/PEST 2004, ABI Dec 2005 Release


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Financial Services – Sustained Growth

The financial services industry continues to impress and remains one of the

fastest growing parts of the Scottish economy. Since 2000, the Scottish

financial services industry has grown by over 40%.

Source: Scottish Executive 2006


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Financial Services -

Worldwide Context

  • Scotland is now one of Europe’s leading financial centres and the second largest financial hub in the UK next to London

  • A national strategy for Financial Services in Scotland has been developed by the industry, the Scottish Executive, Scottish Financial Enterprise and Scottish Enterprise

  • Scotland ranks 6th in Europe and 15th in the world in terms of funds under management

  • Scotland is one of the world’s major fund management centres with over £300 billion managed directly in Scotland


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Financial Services -

Scottish Context

  • The Financial Services industry contributes around 6% to Scottish GDP and accounts for 10% of Scottish jobs, employing over 113,000 people directly and over 100,000 more in support services.

  • The industry comprises four main sectors:

    • Banking accounts for over half the jobs and Scotland boasts the HQs sector of two of Europe’s top ten banks, Royal Bank of Scotland and Halifax Bank of Scotland HBOS

    • Scotland is one of the world’s major fund management centres with over £300 billion managed directly in Scotland

    • Edinburgh especially has become a major European centre for Asset Servicing and in the last 10 years has attracted a number of US Asset Servicing operations

    • Prudential and Direct Line are major players in the General Insurance sector

    • Scotland has a disproportionate share of the UK’s Life and Pensions industry

    • The Financial Services industry in Scotland is a mature industry dominated by a small number of large players

    • The top three players are all Scottish and account for 40% of all financial services (HBOS / RBS Group / Standard Life)

    • It is worth noting that outside this top three, most of the major players are controlled from outside Scotland


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Financial Services -

Scotland’s Competitive Advantage

Scotland’s Competitive Advantage

Return on investment without a reduction in Quality

  • In context:

  • Internationally recognised as a Financial Services location

  • Critical mass and expertise

  • Low risk option

  • World Class reference sites

  • One of the lowest tax rates in the European Union

  • High Quality of Staff at lower cost

  • Lower staff turnover

  • High quality property at lower cost

  • Lower Overheads

  • Extensive Broadband telecommunications

  • Excellent Quality of life

  • National strategy for Financial Services


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Scotland’s Competitive Advantage – Business Environment

  • The UK (Scotland) holds fifth position in the EIU world ranking, 3rd in Europe, and scores well across a range of business categories. The survey predicts that it will remain an attractive business location.*

  • Scotland named as “European Region of the Future” in 2004/05 and 2006/07

    (Financial Times – fDi Magazine)

    • Beat 7 other UK regions and a number of European locations, including Saxony and Hungary

  • Judging assessment included:

    • Economic Potential;

    • Cost Effectiveness;

    • Transport;

    • Human Resources;

    • Telecommunications and IT infrastructure;

    • Quality of Life

    • Security

  • Scotland also won separate awards for:

    • “European Region with best FDI strategy”

    • And; Glasgow: “The Best Place to do Business in Britain” by Growing Business magazine

(*Source: Economist Intelligence Unit (EIU) June 2005)


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Scottish Workforce

Scotland’s workforce is estimated at 2.5 million people, with an employment rate of 75.3%

The quality of Scotland's workforce is internationally recognised. The people of Scotland make up one of the best trained, most reliable and cost-competitive labour forces in the world. With a world-renowned educational system and its ratio of graduates per capita, Scotland surpasses most countries of comparable size in Europe.

Labour market regulations in the UK including working hours, are the most flexible in Europe, and staffing costs are highly competitive. Scottish salary costs, including indirect social wage costs such as employer national insurance are among the lowest in Europe

Source: Scottish Executive, Analytical Service Division, May 2006



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Educated Workforce – Students in Scotland’s Universities

Illustration of Scotland’s universities – 21 higher education institutions including 14 universities and 43 colleges

Student population of over 276,000

2004/2005 graduates:

Higher education 50,650

Further education 19,235

Range of courses:

Financial Services

Accountancy with finance

Finance with legal studies

Business Studies

IT and Financial Services

Business and Languages Skills

Scotland also has 17,389 qualified and 7,257 part-qualified Accountants.


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Education in Scotland

Examples of some course include:

- Financial Services

- Accountancy with Finance

- Finance with Legal Studies

- Business Studies

- Risk Management

- IT and Financial Services

- Business/Law

- Business Economics, plus many combined courses incorporating finance with languages.

Scotland has one of the best education systems in the world and continues to develop and adapt to meet the needs of a modern economy. The central belt of Scotland

has one of the highest concentrations in the UK

with over 270,000 students in higher education institutions (HIES) and further education

colleges (FECS) in 2003-04

Key Facts

There are 20 higher Education Institutions in Scotland, including 14 universities

Scotland also has 45 collages of further and higher education

There are over 65,000 student graduates with a degree qualification

Scotland has an innovative education system and courses are continually being developed to accommodate the needs of businesses. One example is the MSc in Finance and Investment from the University of Edinburgh


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Skills Availability

For further information an the awarding bodies and websites, see below.

ICAS

Institute of Chartered Accountants in Scotland

www.icas.org

CIMA

The Chartered Institute of Management Accountants

www.cimaglobal.com

ACCA

The Association of Chartered Certified Accountants

www.accglobal.com

ICAEW

Institute of Chartered Accountants in England & Wales

www.icai.ie

CIPFA

The Chartered Institute of Public Finance & Accountancy

www.cipfa.org.uk

Scotland has approximately 24,600 accountants whose qualifications cover a range of disciplines including: Management accounting, chartered accounting and applied accounting.

Nearly 1,000 accountants graduate annually with either this or ACCA and CIMA qualification in Scotland.

Source: Professional Bodies, June 2005


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Financial Services Skills Initiatives

  • The Financial Services Team at Scottish Enterprise and Careers Scotland aim to provide effective support for the Financial Services Sector across Scotland

  • In order to ensure a labour supply to fuel the growth of the Financial Services Sector in Scotland it is essential to create an aspiration amongst potential recruits to become part of this dynamic sector.

  • We aim to assist companies to address their own strategies – raising their profiles as employers and developing skills for success to meet business needs.

  • Our Initiatives fall into two areas:

  • - Helping to raise awareness of the sector and the career opportunities it offers to potential recruits and careers advisers

    • - Designing and delivering training both pre and post recruitment to ensure people have the skills to succeed in the sector.


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Language Availability

Language Graduates

Scotland produces around 1,400 language

graduates each year. This is comprised of a

combination of language only qualifications and

courses where language is combined with other

subjects.

Combining full and part-time study,approximately7,200

individuals in Scotland are studying for degree level or

above qualifications in languages in any given year.

Foreign Nationals

There are some 190,000 foreign nationals in Scotland

many of them students, and many attracted by the

high quality of life, particularly in the culturally exciting

and thriving cities of Glasgow and Edinburgh.

In addition there are over 37,000 overseas students

studying for a degree or equivalent qualification, of

which nearly 19,000 are from European countries

(including the UK)

Source: Scottish Executive, February 2005

European Residents by Country of Birth


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Attracting Talent to Scotland

Promoting Scotland as a place to Live and Work

  • Talent Scotland

  • Scottish Executive Fresh Talent Initiative

  • Globalscot

  • Friends of Scotland

    Relocation Advisory Service - www.scotlandistheplace.com - ‘first stop shop’ providing advice on visas, work permits,

    studying and working, accommodation, health, leisure activities, cultural support

    Encouraging Students in Scottish Universities to stay in Scotland

    Student Visa Scheme

  • From this summer non EU students graduating from a Scottish college or university with a HND, degree, Masters or PhD will be able to apply to stay and work in Scotland for two years without the need for a work permit;

  • should intend to work in Scotland and either leave the country at the end of the two year period or switch to one of the managed migration schemes;

  • must be able to maintain themselves and any dependants who are in Scotland without applying for help from public funds;

  • are no restrictions on the kind of job they can do. They can also choose to be self-employed.

    Post-graduate scholarship scheme

  • Scottish Executive is funding 22 scholarships for students from China (9), India (6), South Africa (2), Australia (2), New Zealand (1) and Singapore (2) who want to study for a Masters in Scotland;

  • Start in the academic year 2005/6.  Must be a Masters programme of not more than 12 months;

  • scholarship covers the tuition fees and a living allowance;

  • available for any course but science & technology and the creative industries (including arts, design and culture) will be given priority;

  • Administered by British Council on behalf of the Executive.

    Scottish Networks International (SNI) Work Placements

  • SNI arranges work placements for high calibre international postgraduates (Associates) studying in Scotland in companies wanting to access new international markets or strengthen their presence in existing ones;

  • We are giving SNI £75k a year for 3 years to provide and manage around 20 work placements for international postgraduates in Scotland; will also enhance the experience of a further 200 overseas postgraduates;

    Scottish Executive Paper: Attracting Fresh Talent to meet the Challenge of Growth


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Financial Services

Industry and Linked Associations

The Chartered Insurance Institute is the premier professional organisation for those working in the insurance and financial services industry.

The Chartered Insurance Institute

Scottish Investment Operations Limited represents and promotes careers in Investment Operations (Asset Servicing)

Scottish Investment Operations Limited

Scottish Executive is the devolved government for Scotland.

The Scottish Executive

Scottish Financial Enterprise is the independent organisation formed in 1986 that supports and represents the interests of Scotland’s financial services industry.

Scottish Financial Enterprise

The Chartered Institute of Bankers in Scotland is Scotland’s leading provider of Professional Qualifications to the Financial Services Sector.

The Chartered Institute of Bankers in Scotland



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Property Residential

Housing in Scotland provides very good value for money and a wide selection of properties are available, from large country residencies to compact townhouses. There is also a wide choice of public and private education, including a selection of international schools.

In the first quarter of 2006 the average price of a house in Scotland was £113,995

Source: www.hbosplc.com, May 2006


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Transport Infrastructure

  • Road

  • Scotland offers a modern and comprehensive road network with considerably less traffic densities than other parts of the UK

  • The main motorway in Scotland, the M8, connects Glasgow and Edinburgh (approx. 50 miles)

  • Over 400 bus services operate daily throughout Scotland

  • Rail

  • Scotland benefits from a fast and frequent InterCity service from all parts of the country

  • Services between Edinburgh and Glasgow operates every 15 minutes with a journey time of approx 50 minutes

  • Commuter trains are very frequent and are around major cities allowing easy commuting to work. Most rail routes operate every 15 minutes to the main cities.

  • Glasgow benefits from an underground train system, providing fast and efficient transport around the city

Air

  • Although there are 40 airports in Scotland, the 6 main ones are: Glasgow International, Glasgow Prestwick, Edinburgh, Inverness and Aberdeen which all service international destinations, and then Dundee, which services UK locations.

  • Thirty-five carriers provide flights

    to 30 destinations throughout the

    UK Europe, North America and

    global destinations.

  • Glasgow International Airport is 8

    miles from the city centre

  • Edinburgh International Airport is

    7 miles from the city centre

Connectivity – Scotland to London Airports


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Scotland’s Airports

Scotland boasts four key airports:

Glasgow - Scotland’s largest airport & 5th in UK

  • Boasting over eight million passengers in the past year,

  • 17 airlines operating to 54 destinations and almost 90,000

    flights a year,

  • British Airways Maintenance has a substantial maintenance

    facility catering for A320s.

    Edinburgh - One of the UK’s fastest growing airports

  • seven and a half million passengers a year on some 39 airlines

    to 75 destinations, Edinburgh is Scotland’s second largest and

    the UK’s seventh largest airport.

  • extensive domestic and international short haul scheduled network

    Prestwick – MRO centre of excellence

  • the airport carries over 2 million passengers a year, chiefly through Ryanair, Europe’s largest low fare airline, which has recently expanded its operations with the opening of a £10m MRO facility.

  • Boasting the two longest commercial runways in Scotland, no night time flying restrictions and the best weather record of any airport in Europe, Prestwick is the UK’s largest 24 hour freight airport – factors which together have contributed to its reputation as a growing centre of aviation excellence.

    Aberdeen – World’s busiest heliport

  • With over 40,000 helicopter movements a year, Aberdeen is the world’s busiest commercial heliport, which is host to a cluster of highly successful airframe, gas turbine and avionics overhaul companies.


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International Connectivity

Scotland is served by a god choice of direct links from most UK cities. There are three major airports in Scotland :

- Glasgow International

- Glasgow Prestwick

- Edinburgh

As well as the major established airlines such as British Airways, bmi, low cost operators such as Easy Jet, bmibaby, Germanwings and Ryanair operate from Scotland. These airlines offer direct flights to other parts of the UK, Europe and worldwide locations.

Examples of direct flights include –

London, Amsterdam, Barcelona, Paris, Frankfurt, Milan, Dublin, Dubai, New York, Orlando, Toronto, Vancouver, Atlanta and Los Angeles


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Quality of Life

As well as having a vibrant economy, Scotland is

also renowned for the quality of life on offer:

  • Scotland was awarded the Foreign Direct Investment European Region of the future 2004-2005, and was named UK Region of the future 2006-2007 (FDI Magazine, Financial Times 2004 + February 2006)

  • Scottish cities are ranked amongst the highest in Britain as having the best quality of life

  • Distinguished education and legal system

  • Edinburgh is home to the Scottish Parliament

  • Excellent communications network

  • World Famous museums, art galleries and castles – Burrell Collection, The Gallery of Modern Art, Museum of Scotland, National Gallery of Scotland and not to mention Edinburgh Castle

  • Glasgow is one of the UK’s most visited cities and has the best shopping in the UK outside of London from high street chain stores to chic boutiques in the exclusive Princes Square and Italian Centre

  • Glasgow has many accolades including City of Architecture & Design 1999, European Capital of Sport, 2003

  • Both Edinburgh and Glasgow have a thriving nightlife culture with countless restaurants, bars, cinemas and night clubs

  • In 2003 Edinburgh hosted the MTV Awards and hosts the legendary annual Edinburgh Festival, Hogmanay Party and Military Tattoo

    More information can be found at:

    www.visitscotland.com and www.talentscotland.com


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Tax & Funding

  • Tax

  • In the UK, all businesses regardless of size benefit from very attractive rates of tax on their profits. The UK remains a relatively lightly taxed economy compared to the EU average with key advantages including:

  • one of the lowest main corporate tax rates in the EU,

  • low personal taxes plus low social welfare contributions,

  • generous tax allowances and no local taxes on profits or surpluses,

  • the most extensive network of double taxation treaties in the world and,

  • no exchange controls to prevent profits from being paid overseas.

  • Funding

  • Information on various sources of funding can be found below:

  • Other schemes/contacts that may be appropriate to companies are as follows:

  • R&D Plus scheme

  • Regional Selective Assistance

INTERNATIONAL TAX COMPARSIONS

Detailed below in Table 1 is a comparison of all forms of taxation across major countries.


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Scottish Development International

Scottish Development International (SDI) works with both Scottish-based and overseas companies and organisations. Its objective is to benefit the Scottish economy both by encouraging inward investment into Scotland and by helping Scottish-based companies to develop trade activities out with Scotland. SDI’s role is becoming increasingly complex since international trade can no longer be defined simply in terms of inward or outward flows of knowledge or other resources. Strategic alliances, joint ventures, value added reselling, franchising, technology licensing and intellectual property transfers are some of the categories of business partnership that may entail more complex exchanges.

SDI provided a wide range of support services, including advice, access to specialist expertise, selective business mentoring and development, market information, financial assistance, business location information, investor aftercare and specific services covering each phase of international trade activity.

More information can be found at:

www.sdi.co.uk

www.scottishdevelopmentinternational.com

Investment Incentives and Support

Regional Selective Assistance (RSA)

Regional Selective Assistance (RSA) is a national grant scheme, aimed at encouraging investment and job creation in the areas of Scotland designated for regional aid under European Community (ECI) Law (The assisted Areas). Grants for the project and, or, the number of new jobs created by the project.

Many service related projects tend to receive grant based on the number of jobs created and the salaries of those jobs.

Job Creation Assistance

Most projects require a substantial amount of capital investment. However for projects involving relatively low levels of capital expenditure but which involve the creation of new jobs, RSA can still make a meaningful contribution to project funding.

For these projects, we can calculate limits on potential grant by applying the appropriate aid intensity limit (based on the assisted area status) to the first 2 years’ salary costs of the projected jobs. This will generally mean that we can offer more grants for highly paid jobs.

Grant Limits

Grant limits vary across the Assisted Areas – a map can be found at www.rsascotland.gov.uk. Assistance in Scotland typically ranges from 10-20% of eligible capital expenditure.

Multiple Grants

RSA is not limited to a single grant, it can be awarded several times provided the qualifying criteria are satisfied.

For more information visit: www.rsascotland.gov.uk

Training and Employment Grants

Scotland offers incentives to inward investors to help fund training and retraining of employees. Assistance is negotiated on a case by case basis and is dependant on the type and nature of the training required. Our Executives either in country or at our HQ in Scotland will be delighted to work with you in determining your location needs.

Continued Support

Once a company is established in Scotland, Scottish Development International continues to offer close support. A senior Executive will be available to assist you in setting in process. In partnership with other areas in the network, we shall ensure that your company continues to prosper and grow in Scotland, receiving ongoing assistance and advise.


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Scottish Development InternationalWho we are and services we offer

Scottish Development International is the international arm of Scottish Enterprise, Scotland’s economic development agency


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Financial Services - Features and Benefits

  • Critical mass of companies

  • Breadth of capabilities

  • Excellent reputation and proven track record – integrity; probity; innovation – outperforms the rest of UK and Europe

  • Support, supplier and professional services infrastructure in place

  • Strong skills base – large pool of experienced people / 2.5million within central belt catchment area / quality of education (schools / colleges and universities)

  • Low risk – in all forms

  • Costs around 30%+ lower than London

  • Top quality, sector focused office accommodation

  • Quality of Life – two cosmopolitan cities with breadth of cultural opportunities / residential options both City and Rural

  • Political commitment from the Scottish Executive


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Financial Services - Features and Benefits

Features

  • Scotland has established itself as a strategic location for global financial institutions.

  • Scotland is an important European financial services centre ranked sixth in terms of institutional equities and the second largest UK centre outside London.

  • Scotland is a key location for global financial services companies with an international reputation for responsible management and innovation with many international companies having established a presence in Scotland including, JP Morgan, Morgan Stanley, all of which are planning to strengthen their presence in Scotland.

  • Financial Services continues to be the fastest growing sector of he Scottish economy. In the last five years (200-2005) financial services in Scotland grew by 36% while the overall Scottish economy grew by 9% and the whole of the UK financial services industry grew by 15%

  • Scotland has an important corporate finance and venture capital industry and linking this the professional services (accounts, legal, consultancy, IT) contributes to the success of this dynamic sector

  • Scotland’s government is committed to the growth of the Scottish Financial Services Industry and has developed a national strategy in collaboration with the industry, Scottish Financial Enterprise and Scottish Enterprise

  • Scotland has a flexible, stable and motivated workforce with highly developed and innovative skills for the financial services sector.

  • One in ten jobs in Scotland is directly / indirectly supported by Financial Services. 113,600 people are directly employed within financial services with another 100,000 indirectly employed.

  • Scotland has critical mass and expertise and high quality of staff at lower cost and over 500,000 students within the central belt.


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Financial Services – Features and Benefits

Benefits

  • Maturity of the industry – financial services has been the cornerstone of the Scottish economy for hundreds of years. It is home to two of Europe’s largest banks – the Royal Bank of Scotland and HBOS – which were established in 1727 and 1695 respectively. It is also home to four substantial insurance businesses.

  • Scotland is the UK’s second largest financial centre outside of London with an International recognition as a key place to do business. Scotland has attracted a number of international players including JP Morgan, Morgan Stanley, State Street and Citigroup, all of which are planning to strengthen their presence in Scotland.

  • These companies are drawn to Scotland by advantageous regulatory conditions, skilled financial workers, modern communications and international linkages.

  • Compared to London any Scottish location, including Edinburgh, represents a significant cost saving in terms of property and wage costs. This is especially true in higher value operations such as investment management where the London bonus culture is not replicated in Scotland, keeping salary costs under more control. In fact companies reported as much as 50% wage arbitrage when moving high value investment jobs to Scotland. (Frontline Research, 2003).

  • Scotland has one of the lowest tax rates in the EU.

  • Investment of £1bn is planned to support the growth of the industry at two specific locations, one in Edinburgh (Waterfront) and the other in Glasgow (International Financial Service District).

  • Of the top ten financial services centres in Europe, Scotland has the highest output of financial services related degrees.

  • The quality of Scotland’s workforce is internationally recognised. The people make up one of the best trained, most reliable and cost competitive labour force in the world. It has a world-renowned educational system and a higher ratio of graduates per capita than most comparable European locations and the highest output of financial services related degrees of the top ten European financial centres.

  • Scotland has a large labour pool of potential recruits.

  • Access to a labour pool of over 2.5 million people within the central belt. The growth of the sector in Scotland has ensured that training and development initiatives are at the forefront of Scotland’s ambitions to grow as a strategic location for financial institutions throughout the world.


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Financial Services -

Key Companies in Scotland

Please click on the company logos to link into their site.

Franklin Templeton Investments


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Financial Services –

Scotland has a healthy mix of inward investors and world renowned indigenous companies with a highly developed supporting infrastructure in the financial services and Business Processing sectors. The following are some of the recent announcements we have been involved with:

In 2006, US Investment bank JP Morgan announced plans to create an additional 100 new, highly skilled jobs in the IFSD, as they expand its European Technology Centre.

JP Morgan’s operation in Glasgow develops software for its business throughout Europe and the organisation has been impressed with the pool of high quality technology graduates for recruitment in Glasgow.

The new jobs at JP Morgan include graduate recruits, junior and senior software engineers. The bank considered expanding its other operations in London, India and the USA before concluding Glasgow offered the best option.

Mike Ashworth, Head of IT for JP Morgan confirmed that the decision to go ahead in Glasgow was the result of a combination of factors, which included the software talents of the local workforce, as well as its knowledge of the financial community and the fact that these workers are relatively close to JP Morgan’s target client markets.


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Financial Services –

UK, 150 jobs, 2006

moneyQuest is one of the UK’s leading telephone and online mortgage, insurance and loan brokers. In 2006 they announced 150 new jobs at a Glasgow operation. In 2005 the company grew by 30% achieving over £8.5 million in turnover. The operation will involve employing highly skilled financial sales consultants, customer service staff and administrators on flexible working patterns.


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Financial Services –

HSBC Securities Services (UK) Limited is a wholly owned subsidiary of HSBC Holdings plc (HSBC) and is part of HSBC’s Institutional Fund Services (IFS) Division.

HSBC recently announced expansion of its Edinburgh Park operation creating a further 280 jobs. As a result of the project, HSS will become a key processing centre and centre of excellence within the IFS division for the provision of outsourced fund administration and performance measurement services.

Ace is a major global provider of business-to-business commercial property and casualty insurance and reinsurance. It was established in 1985 by a consortium of 34 Fortune 500 companies, to provide hard-to-find excess liability, and directors' and officers' coverage.

Ace went public on the New York Stock Exchange in 1993 and today employs about 1000 in the UK and 9000 world-wide. Ace recently announced they will open a centre of operations in Glasgow, creating 420 jobs handling underwriting, claims handling and support for insurance lines. The centre will also handle associated back-office functions such as credit control, finance and administration.


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Financial Services –

Morgan Stanley is one of the world’s largest financial services companies with over 60,000 employees worldwide operating from 600 offices in 28 countries. In Europe, the company has approximately 7,000 employees throughout 13 different offices. The company’s first presence in Scotland was in 1999, when the Credit Services division set up its first European operation in Cumbernauld in order to launch the company’s Discover Card product in the UK. This customer support facility currently employs 600 staff.

In early 2000, the European Institutional Securities Division underwent a review of its operations and a decision was taken to transfer certain functions from Canary Wharf to alternative sites outside of London. Competition was between Dublin, other UK centres and Scotland. In the summer of 2001 Glasgow was chosen as the location for the ISS shared service facility. The company presently employs over 800 people at the Glasgow operation due to the successful expansion in early 2006.

The confirmation of the new posts follows the recent completion of Morgan Stanley’s Card Services division’s acquisition of the Glasgow based Goldfish credit card operation in February 2006. With the retention of the 320 Goldfish employees’ jobs and with today’s announced expansion, this will bring the company’s total Scottish workforce to almost 1,800.


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