Is First Data first of many?

The arrival of First Data in Glasgow, may only be the tip of the iceberg when it comes to a mass of new financial services jobs.

The US card group announced it was setting up in Glasgow last week, with the formation of 430 additional jobs. Admittedly it was lured to the city with a generous development grant but recruiters and industry experts believe anything that helps bring in big names and job vacancies is to be applauded.

Martin Togneri, chief exec of Scottish Development International, told us the arrival of First Data was a key target for Scotland and may inspire other finance companies to head here too: " The decision to locate here will help to reinforce and build the strength and breadth of the financial services industry in Scotland, sending a positive message to the industry worldwide and enhancing Scotland's profile as a very attractive location for financial service companies."

It's a view shared by one of Glasgow's leading recruiters. She says First Data might well be testing the water – albeit in a relatively big way – with its new centre and if successful it could then move other units wholesale to Scotland.

There is precedent for such a hypothesis: US banking giant Morgan Stanley began its Scottish presence with a card processing centre. The company has since shipped its finance and investment operations units as well as private wealth management up to Glasgow. Ditto Barclays which yesterday annoucned it was creating an additional 500 back office jobs in the city on top of the 1,300 post it already has.

Indeed it may even be that Glasgow's Financial District may well finally be taking off after a stumbled start post September 11. As well as Morgan Stanley, Royal Bank of Scotland owned Direct Lind and Churchill, French bank BNP Paribas, Barclays asset management division Gerard and Resolution are all firmly committed to the city.

All of which is good news for job hunters.