BOURNEMOUTH’S financial sector – along with related professional services – has created 1,000 jobs in two years, a report says.

The research says the industries now employ 11,375 people in the town and contribute £879million a year to the economy, making up the third largest financial sector in the south west.

Bournemouth’s jobs in the sector represent 13.1 per cent of employment locally, according to the report Enabling Growth Acorss the UK report by industry group TheCityUK.

The sector’s £879m in gross value added makes up 16.3 per cent of local output.

The town’s big financial employers include JP Morgan, which employs 4,000 people, as well as Nationwide, Ageas and Gallagher.

Poole has 7,085 staff in financial and related services, representing 8.5 per cent of local jobs. The sector generates £516m in GVA, also 16.3 per cent of the town’s output. Its financial services employers include Barclays, LV= and BNY Mellon.

Miles Celic, chief executive of TheCityUK, said: “This industry is vital for job creation and driving economic output to all parts of the UK, as well as contributing billions in tax revenue.

“London is central to the UK’s strong position, but it is clear that the many thriving regional and national centres are an essential part of its success – the South West being a particular case in point. Bournemouth’s continued development into one of the region’s leading financial centres is encouraging, showcasing the potential of our regional towns as a hub for finance.

“Ensuring the industry’s future as a national asset will require a concerted effort. This includes more regionally focused policies and initiatives, greater focus on developing specialist centres and sectors, a more competitive business environment and enhanced engagement between government and industry.”