The job market is improving for many in the sector and many of the job seekers are getting a better deal than the job they had a decade ago.
It is also a sign that, at least at the moment, the UK is benefiting from a recovery in the UK economy.
“If you think back to the recession that we had and the recession and the economic slump that followed it, the jobs market was pretty grim,” says Mark Barden, managing director of London-based Barden and Co. However, the job market has now picked up and, in many ways, it is a far more robust and flexible job market than the one that existed a decade or so ago.
There is more demand for finance professionals than there was a decade back and the sector is expanding at an accelerating rate, Mr Barden says.
More people are working for a better pay dealThe latest data from the Office for National Statistics (ONS) shows that the number of people in jobs in the finance sector increased by 2,900 to 9,800 in April.
The number of jobs in finance rose by nearly 10,000 in April compared to March.
The total number of new jobs was almost double the number at the end of the last financial year, when the number was about 3,400.
While there is still a lot of slack in the market, Mr Smith says that the pace of job growth has increased significantly since the financial crisis.
In addition, the number and types of jobs available have changed dramatically.
In the last six months, there has been a surge in the number on offer in the banking and investment and insurance sectors.
For example, in April, the average salary for a senior bank executive rose by £2,500 to £100,000.
That was in line with inflation and a rise of 5.7 per cent on average in the previous year.
There has also been a jump in the amount of money people can save for retirement, according to the Office of National Statistics.
According to the ONS, the median annual savings in the United Kingdom in March was £12,000, down 4.4 per cent from March.
This was in part because people have been saving more for their retirement.
Investors are paying moreThe stock market is booming.
The value of the stock market index has jumped to an all-time high, rising from 5,876 to 6,868 points in April on the back of strong investment and a recovery from the economic downturn.
Shares in the big four banks (Bank of America, Bank of Scotland, HSBC, and Lloyds) rose by about 3 per cent.
All four have also added about £1,500 a share in the last week.
But, in the context of a recovery, investors are paying a premium.
Lloyds is now the world’s most valuable bank.
Its share price is now worth about £27bn.
It is also the world in the top 10 banks in terms of total assets, after Barclays.
Banks are getting more competitiveThe latest quarterly results show that some big banks are getting bigger.
Barclays, LloyDS and Royal Bank of Canada all increased their share prices by more than 10 per cent in April to $5,865.
That compares with a 10 per-cent rise for the benchmark Standard & Poor’s 500 index.
HSBC also increased its share price by more 10 per.cent to $7,000 after the bank cut its dividend by 30 per cent to 8p.a. in April for the first time in its history.
At the same time, Barclays, Royal Bank and Llayds all saw their profits fall by £100m to £3.8bn in April from £5.5bn in March.
In April, Barclays recorded a profit of £7.7bn, a drop of £250m or about one-third from a year earlier.
Lloydds, on the other hand, recorded a loss of £1.9bn, down by £5m or 2 per cent, or about two-thirds from a quarter earlier.
Bank of Scotland is in the process of reducing its dividend to 5p a share.
Despite the strong performance of the big banks in April and the fact that most of them are growing their profits, Mr Lothian says the banks will need to cut their dividend again if they are to grow their businesses.
Mr Smith says the government should take a much stronger interest in helping big banks increase their profits.
He says it is too early to predict whether there will be a significant rise in interest rates in the coming months, but he says the UK should expect rates to rise for some time to come.
When the government does raise rates, it should use that opportunity to get more of the money back into the economy, he says. Banking