Financial and Professional Services
Leeds is one of the largest business centres in the United Kingdom, around a quarter of a million people are employed in the financial and professional sector in the Leeds City Region with an output valued at £13 billion per year. Financial and professional services are largely based around the traditional business quarter in the city centre, as well as the newer area along the South bank of the River Aire. Many smaller legal and professional firms occupy the smaller Georgian office buildings around Park Square, while many banks and insurance underwriters are set around Park Row and East Parade. First Direct have their headquarters some distance from the main business districts in the industrial Stourton area.
Unlike many comparable Northern cities, Leeds had a mixed economy throughout the latter half of the 20th century and so did not suffer the same industrial decline as other cities. The service sector of the economy flourished in the 2000s, with legal, accounting, consultancy, banking, insurance and recruitment firms moving to the city. In 2002 it was estimated that 38,000 new jobs would be created in Leeds over the next ten years, and most would be in the financial services sector.
Companies with regional or national offices in Leeds, include KPMG, Norwich Union, First Direct, Lloyds Banking Group (Lloyds TSB), Lloyds Banking Group (HBOS), Allied Irish Bank, Royal Bank of Scotland, HSBC, Leeds Building Society, Alliance and Leicester, Yorkshire Bank, Zurich Financial Services and Direct Line. There are further financial institutions within the Leeds City Region with Yorkshire Building Society and Bradford and Bingley offices in Bradford and further HBOS offices in Halifax.
The Bank of England, who have their headquarters on Threadneedle Street in London, have their second offices on King Street in the heart of Leeds' business quarter.
The Financial crisis of 2007–2010 lead to the loss of jobs within the sector. A report produced in December 2008 predicted 28,000 jobs would be lost in Leeds, throughout the course of the recession, with many in the financial sector. The report however also predicted that other boroughs within the Leeds City Region would bear the brunt of job losses more than the city. A report produced in January 2009, stated that there was a possibility that employment in the financial sector in Leeds would not return to its previous levels with fears that 'Companies could be attracted by lower rent in other cities like Sheffield or Liverpool when recovery begins'.
Both the University of Leeds and Leeds Metropolitan University have established business schools, their presence being supported by businesses in the curt.
Read more about this topic: Economy Of Leeds
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