Are global banks going local?

As businesses look for more innovative and cost effective ways of running their global operations, the career choices that we now have available have changed greatly. As a graduate who has aspirations in working for leading financial institutions, there has only ever been one real option if you wanted to stay in the UK.

Now with banks setting up in locations such as Glasgow, Birmingham and Bristol the option to stay closer to home, with your family and your friends, while still gaining detailed Financial Services experience is much more feasible.

However is this just a flash in the pan? Nearshoring allows organisations to provide a high level of service at a lower cost. Lower rent, lower salaries and a lower cost of living. However as droves of people leave London for a ‘quieter’ life, and the demand for talent in ‘nearshore’ location increases, is this a sustainable model?

Deutsche Bank has been the first company to set up a trading desk out of London. Their structured credit business is already operating out of Birmingham, and with more back office and change staff being redeployed, does London still have the same appeal?  

If you are seeing or experiencing these ‘nearshoring’ trends or think London still has the same appeal, please leave a comment below.

Victoria Walmsley's picture
Managing Director
vwalmsley@morganmckinley.co.uk