UK's Ministry of Defence plans to shed 20,000 jobs by 2020 as it aims plug a £38bn black hole in its budget.

However, the armed forces' loss could be Britain's financial services industry gain, as companies aim to snap up ex-services personnel.

Speaking to IBTimes TV, Bishopsgate Financial's chief executive officer Mike Hampson revealed that his company is aiming to train and employ as many ex-Armed Forces staff as possible, as their organisational and communication skills rank higher than most.

Bishopsgate Financial is one of the UK's fastest growing companies and its Bishopsgate Financial Advance Training Programme was launched in December 2013 will provide a new range of opportunities to ex-service personnel.