4,500 more redundancies on the cards

Just how many financial services jobs have been lost, or are likely to go, in Scotland remains a murky area. However, new estimates suggest that a further 4,500 posts could to be made redundant.

Skills Development Scotland, quoting statistics from the Business, Enterprise and Regulatory reform department, says filings from firms like RBS, Lloyds Banking Group, Standard Life and Aegon suggest a further 4,500 job cuts are on the cards.

The revelation comes after the controversy surrounding the release of the Financial Services Advisory Board's annual report, which uses vastly outdated figures from 2006-07 to suggest that the number of people working in the industry has risen from 90,400 to 91,600.

FiSAB admits that the stats don't exactly paint an accurate picture of today's market, and says that new figures will be available in December 2009. It does, however, attempt to put a positive shine on the current situation, quoting figures from recruiter Joslin Rowe that say 22% of financial services firms in Scotland intend to increase headcount this year.

However, Ron Hewitt, chief executive of the Edinburgh Chamber of Commerce, said: "It beggars belief the government should be issuing a report based on statistics that take no account of the realities faced in the present challenge. It is really quite insulting to those who have lost their jobs as a consequence."