London banks 'to employ 11,000 extra staff'

15 April 2011

Banks in London are expected to employ around 11,000 additional members of staff over the next three years, it has been claimed - despite lingering fears regarding regulation and taxation.

According to a study carried out by BNP Paribas Real Estate, 1.6m sq ft of space in central London will be required to house the extra employees, the Financial Times reports.

Financial services firms that are diminutive in stature are expected to see the most notable growth, the report predicted.

Fred Hargreaves, head of BNP Paribas Real Estate's City agency, said a high number of smaller banks are likely to take larger offices - similar to events following the 'dotcom bust' in 2003 and 2004.

However, the industry figure noted taxation continues to be a pressing concern.

The findings come after Lloyds Banking Group recently announced it is to cut a further 325 jobs from its wholesale group operations as part of its integration process with HBOS.

By Gary Cooper

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