Banks to 'create more jobs outside of London'

More financial jobs could be appearing in regional parts of the UK after three global investment firms stated that they will be moving 3,000 London positions to other UK cities in the coming months and years.

The Financial Times reports that the Bank of America, JPMorgan and Deutsche Bank will be pioneering the nearshoring movement.

London has lost only 1.4 per cent of its banking jobs since the onset of the global financial crisis. However, these figures include everyone working for the companies such as lawyers, accountants and management consultants, as well as bankers and traders.

"There is a track record of companies arriving in London and then nearshoring into other parts of the UK," Chris Cummings, chief executive of TheCityUK, told the publication.

He added that the nearshore centres are now becoming globally competitive in their own right and landing big contracts from countries such as Mexico and India.

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Source: The Sales Executive News