Figures from financial services website efinancialcareers.com showed that the number of job postings rose by 4 per cent in the year to February 2014. In the Asia Pacific region they rose by 17 per cent, followed by Continental Europe and the Middle East, up 10 per cent, and the UK, up just 5 per cent. Vacancies in the US dropped by 14 per cent.

Given the mobility of financial services workers, the retention implications for UK institutions are clear.

Top searches
Skills shortages were also still rife in the most sought after roles. The top five searches on efinancialcareers.com were for staff with expertise in programming languages and databases, risk, business analysis and accounting and audit.

Businesses must increase attraction and retention of workers with these skills or risk skills shortages impacting on growth.