Manchester’s reputation for baggy flares may have long gone, but the city is now building a reputation as one of the UK’s fastest growing financial services’ hubs – and not just for back-office jobs either.

Positions on offer include sales, settlement and reconciliation jobs, business development managers and investment support, says Emma Roberts of recruiter Hays’ corporate banking operation in the north west.

Private bank Kleinwort Benson has recently set up a wealth management arm in the city and front-office banking jobs are becoming increasingly in demand, says Liz Demaison, business development manager at Manchester investment agency Midas.

“There is a lot of corporate banking activity going on here now. Last year the number of management buy-outs in Manchester exceeded London and we had the largest proportion of AIM floats outside London,” she adds.

Manchester City Council chief Sir Howard Bernstein was recently touting the city around Wall Street in the hope that American financiers would follow the example of Bank of New York, which has relocated some of its back-office function.

The city’s Spinningfields financial services district is now home to players such as Co-operative Financial Services, London Scottish, Citigroup, Barclays, HBOS and Friends Provident.

Account verification company Citicard has its UK headquarters in Manchester and Royal Bank of Scotland has its regional HQ, with some 7,000 staff.

Bring on the front office

“There are a lot more back-room positions, but also front-office and investment banking roles,” she adds.

Key attractions include cheaper rents, around 25 a square foot compared with 55 to 100 for London, and lower wages. Denison estimates that back-office positions in Manchester pay 30% less, and that front office pay is 15% lower.