Scottish Financial Enterprise (SFE) says the latest index of global financial centres is evidence that the sector’s growth strategy launched at the end of 2023 is delivering results. 

Edinburgh remained unchanged at 29^th, while Glasgow is placed at 32^nd, up five places on last year and up from 51^st the year before, according to the latest Z/Yen Global Financial Centres Index.

Initiatives have included the establishment of regional hubs in Scotland for Barclays, Blackrock and JP Morgan, as well as a growing presence in fintech and AI.

Sandy Begbie, chief executive at SFE, said: “To have Scotland’s two largest cities continue to improve their rankings among the leading financial centres highlights the value of financial services sector to the Scottish economy.

“Our outstanding pool of talent, well-established ecosystem and world leading universities, combined with our relationship with London, provide a distinctive proposition for businesses looking to establish themselves in the UK market.  

“As our sector growth strategy outlined, our goal is to see Edinburgh and Glasgow break into the top 20 and 30, respectively, and we are actively pursuing strategies to achieve this ambition. We now need to capitalise on the achievements of our sector to secure Scotland’s position as a global leader in financial services”

Koral Anderson, site lead for Barclays in Scotland, said:   “At Barclays we recognise the strength of the financial services sector in Scotland and we are proud to be part of its continued growth which is reflected in these results.

“With 6,000 jobs at our Glasgow campus our investment in Scotland as a financial hub is clear and to see Scotland jump up the GFCI rankings highlights that our strategy is the correct one.”