Key facts

These are some of the Key facts about the Financial Services sector in Wales.

• Financial services employs more than 28,000 people in Wales and contributes 5% to GDP 
• It includes a mixture of blue chip players, such as Legal & General, Admiral Insurance and GMAC  
• Wales is also home to niche players like Composite Legal Expenses, Atradius and FIRSTPLUS 
• There are some 1,800 businesses in Wales' financial services sector in Wales  
• 73% of which employ less than ten staff; 22% employ 11- 49; 4% employ 50 - 199; and 1% employ 200 or more 
• banks and building societies account for 62% of the Welsh financial services workforce  
• insurance and pension funding is the second-largest sub-sector, employing 21% 
• the remainder work in other financial intermediation 
• Two thirds of the workforce are based in South East with 19% in South West Wales 11% in North Wales and 3% in Mid Wales 
• Many companies are currently reinvesting to expand in Wales. These include: Zurich, Legal & General, Lloyds TSB, and FIRSTPLUS 
• New investment is continuing. ING Direct recently announced 300 new jobs in Cardiff 
• A growing number of HQ operations are setting up in Wales, such as Admiral Insurance, FIRSTPLUS, and Moneysupermarket.com 
• More established financial services companies headquartered in Wales include Julian Hodge Bank and Principality Building Society 
• Academic collaboration is increasing within the sector 
• For example, Legal & General's medical underwriting team is expanding and developing through a partnership with Cardiff University 
• Cardiff and Newport represent a strong focus for the insurance sector