POLITICS & INSTITUTIONS - ECONOMY

Financial sector employment, end of 2018



Paperjam.lu

 

The number of people working at banks, funds and other financial service outfits in Luxembourg “increased by 3%” last year, said the regulatory agency CSSF.

The figure “is approaching 50,000 employees in terms of direct employment,” according to the CSSF’s 2018 annual report (PDF), released on 4 July.

This does not include the insurance sector, which is regulated by another agency.

According to the CSSF:

  • The number of people employed by banks rose from 26,149 on 31 December 2017 to 26,317 as of 31 December 2018
  • Staff at investment firms dropped by 6.9% to 2,115 employees at the end of last year (although some of this is due to companies converting to a professional services provider license)
  • The number of people working at regulated professional service providers was up from 13,664 to 14,411
  • Employment at investment fund managers rose from 4,969 at the end of 2017 to 5,705 at the end of 2018

Claude Marx, director general of the CSSF, said in a press release on the annual report (PDF) that digitisation would cause a “deep transformation” in Luxembourg’s finance sector and a shift in jobs.

Marx stated:

“… the digital transition will […] lead to changes of some employee profiles necessary for the financial centre, and not all existing profiles will be converted into professions of tomorrow. Consequently, there will be, at first, a negative impact on employment in the financial sector which is and will remain one of the driving forces of the Luxembourg economy in the coming years”.