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.
“… 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”.