Glasgow jostles for global recognition

Glasgow has aspirations to compete as a financial centre, but will its back-office focus leave it wanting on the global stage?

In a recent ranking of global financial centres, Edinburgh scraped into the top 20, but the report's authors say they have received numerous requests for Glasgow to be added to the mix.

Michael Mainelli, one of the report's authors from Z/Yen Group, says: "Some people think that it has the potential to make a case for itself as a financial centre. Obviously, there's a lot of back-office processing that goes on there, but our survey is meant to be a wholesale markets one, so I'm not so sure Glasgow will do very well, but we'll put it in and see."

With the survey taking into consideration everything from banking to insurance and asset management, Glasgow might seem like a small fish in a big pond. But there's been a lot of activity within Scotland's largest city over the past few years - albeit in the back office.

Glasgow's International Financial Services District has seen an influx of 14,000 jobs in five years, and has attracted the likes of JPMorgan, Morgan Stanley, BNP Paribas and Barclays Wealth. JPMorgan has also created 900 financial IT jobs within its European technology centre in Glasgow.

Industry representatives say Glasgow might be better off teaming up with Edinburgh.

David Budge from Glasgow's financial services district says that globally Scotland presents a united front: "Once we receive interest from a global player, we determine amongst ourselves where they might best be located."

Synergies between the two cities are being promoted by Scottish Financial Enterprise - they are only 40 miles apart after all - but for now it seems Glasgow is stuck firmly in the back (office).