More than a third of financial services jobs in The City of London are at risk of automation, according to a study by the Office for National Statistics (ONS).

The analysis concluded that 1.5 million jobs in England were at high risk of having some of their tasks automated, with 710,000 jobs located in The City’s financial services hub being under threat.

The ONS also estimated that 39 per cent of jobs in financial services - a sector excluding insurance and pensions sectors for the purposes of the analysis - were likely to be disrupted, with roles like legal secretaries, company secretaries and office supervisors considered the highest risk.

Financial technicians came in at number eight on the list of most vulnerable roles at 36.8 per cent, followed by investment analysts at 36.8 per cent, and financial accounts managers with 36.5 per cent. Business and financial project management professionals were deemed to have a 24.9 per cent risk of automation, while financial institutions managers and directors had a 30.3 per cent chance of automation.

Meanwhile, 34 per cent of tax advices roles could also be replaced by robots. However, fewer than two per cent were at “high risk”, the analysis suggested.

The Square Mile was deemed to be the fourth safest place in England for job security in the age of automation, behind Camden, Three Rivers and Oxford, which has a high concentration of teaching professionals – one of the roles least at risk from automation.

Automation involves replacing tasks currently done by workers with technology, which could include computer programs, algorithms, robots or robotic processing.

Automation tends to replace routine or repetitive tasks that can be carried out quickly by a machine designed for a specific function. As a result, the risk of automation tends to be higher for lower-skilled roles, the ONS said.

“The exact reasons for the decrease in the proportion of roles at high risk of automation are unclear, but it is possible that automation of some jobs has already happened,” read the report. “For instance, self-checkouts at supermarkets are now a common sight, reducing the need to have as many employees working at checkouts.”

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