Relocation of jobs in the financial sector

Denmark has a strong and productive financial sector accounting for 6 per cent of GVA. The sector is increasingly exposed to international competition in all value chains of production and products. Both import and export of financial services are increasing. The digitalisation, which is a main driver of these tendencies, has also resulted in increasing tendencies of offshoring as well as influx of workers from abroad. As a whole, this has been beneficial for the sector and its customers.

However, for the sector to thrive in the coming years, supporting framework policies is crucial.  In this context, it will be important to address the skill gap of IT specialists in the Danish educational system and find a replacement for the Danish wage tax on employees in the financial sector. Potentially over 3,000 jobs are at risk, and Denmark risks losing some of its international leading positions in different areas of the financial industry.

The study is commissioned by Finansforbundet



Related work

Swedish Bankers’ Association (Svenska Bankföreningen) Cumulative impact of financial regulation in Sweden
Swedish Bankers’ Association The role of macroprudential policy in Sweden