UK
Tag: outsourcing
Beware – the super-hubs are coming
In the future, financial sector workers will have to seriously consider their location. This doesn’t just mean a toss-up between London and New York or Hong Kong and Singapore, but whether to gravitate towards a so-called ‘super-hub’ city for finance that will attract the best and brightest. At least this is the theory of a […]
HSBC is firing technologists, but also hiring
HSBC may be about to decimate its headcount in offshore technology locations, but this could ultimately mean more jobs for IT professionals in more developed financial centres. The bank has cut over 6,000 IT staff since announcing its cost-cutting measures last year, according to a report in the Financial Times, and could make deeper redundancies […]
Banks hire experts to oversee tech work close to home
Banks frustrated with the quality of development work at offshore locations are bringing these tech roles closer to home and hiring top level strategists at headquarters to oversee the work. While offshoring continues – eleven large investment banks have more than 80,000 jobs in lower cost destinations – more banking executives are reconsidering the benefits […]
Why FinTech jobs will come back to the UK in 2013
Investment banks shipped more technology roles out to far flung locations in 2012 as they looked to cut costs, but experts are predicting a reversal of this trend in 2013. Poland, Budapest, India and the Philippines have been the locations of choice for banks like UBS, Credit Suisse and Morgan Stanley, which all moved more […]
As UBS prepares to cut IT jobs, it’s hiring outsourcing and offshoring experts
To anyone who follows the machinations of UBS’s technology investments, reports that 2,000 IT jobs are set to go across the bank as it outsources and offshores more of development work shouldn’t come as a shock. To anyone working in the London office, it’s another indication that the time may be right to look to […]
Does this signify a new round of cost cutting and off-shoring for investment banking IT professionals?
In theory, investment banking technologists should feel comparatively secure in their jobs. What few jobs firms have currently are predominantly in IT and recruiters suggest that developers and technical architects are hot property. However, it’s also clear that banks are cutting costs and offshoring more roles in this area. In Deutsche Bank’s strategy presentation yesterday, […]
Why RBS’s tech failure means a fresh wave of infrastructure roles
Every cloud has a silver lining, and one consequence of the RBS IT failure is that banks are finally being pressured to invest in their creaking technology infrastructure. Expect jobs to emerge as a result. The FSA is set to tell UK banks that the need to invest in outdated IT systems – which has […]
The key skills for financial technologists: development isn’t high on the list
If you’re a technologist working in the financial sector, it’s never just been about the technical skills. Yes, you need to understand programming languages, but this has to be combined with knowledge about particular asset classes or financial sector domains. The main thing firms want from their IT staff now, though, is that they’re business […]
RBS glitch could lead to more tech jobs in nearshore locations
RBS’s technology debacle, which left millions without access to their cash for four days, has been blamed on a ‘junior operative’ in India. RBS is still shifting jobs out there, but the case highlights the risks of continued cost-cutting and offshoring in IT. The result could be more jobs closer to home. Currently, the bank […]
Late Lunchtime Links: Goldman Sachs already has 4,000 back office staff in India and is buying space to accommodate up to 6,000 more
If you work in a back office function for Goldman Sachs, you probably have reason to feel a bit sweaty. Various sources are reporting today that the bank appears to be making provisions to expand its already substantial Indian back office operations. It’s signed a deal for 1.6m square feet of office space, the size […]
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