More than 28,000 people are employed in financial services in Wales, which amounts to 2.6% of the workforce.
Financial services contributes 5% to Wales GDP.
There are some 1,800 businesses in financial services in Wales -73% of which employ less than ten staff; 22% employ 11- 49; 4% employ 50 - 199; and 1% employ 200 or more.
Sector composition: banks and building societies dominate the financial services sector employing 62% of the Welsh financial services workforce; insurance and pension funding is the second-largest sub-sector in Wales employing 21%, the remainder being employed in other financial intermediation.
South East Wales is dominant in terms of financial services employment with two-thirds of the financial services workforce; 19% in South West; 11% in North and 3% in Mid.
The financial services sector in Wales consists of a mixture of blue chip players, such as Legal & General, Admiral Insurance and GMAC, and niche players like Composite Legal Expenses, Atradius and FIRSTPLUS.
Investment in the sector is growing: ING Direct recently announced the creation of 300 jobs in Cardiff.
Company expansions: Zurich, Legal & General, Lloyds TSB, and FIRSTPLUS are just some of the companies who are currently reinvesting in their operations in Wales.
A growing number of HQ operations are setting up in Wales, with the likes of Admiral Insurance, FIRSTPLUS, and Moneysupermarket.com joining more established Welsh financial services companies such as Julian Hodge Bank and Principality Building Society.
Academic collaboration is increasing within the sector. For example, Legal & General's medical underwriting team is continuing to expand and develop through the company's partnership with Cardiff University.
Concentrated in Cardiff and Newport the insurance sector is home to blue chips such as Admiral, Legal & General, Lloyds TSB General Insurance, Zurich, HSBC Life, and AA Insurance.
WDA programmes such as 'Genba' have enabled Welsh financial services companies, like Principality Building Society, to improve their business performance.
The Welsh Development Agency's account and project managers develop proactive relationships with companies within financial services to help them achieve their growth plans.
