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Jobs in Birmingham and the Philippines

Twiddling your thumbs in London, and wondering when markets might come back? You could always go north, or a very, very long way east.

According to reliable sources in Asia, JPMorgan is on the verge of massively expanding its presence in the Philippines, and intends to increase the number of people working in its back-office operations there from 3,000 to 10,000 in the next few years.

Closer to home, Deutsche Bank opened a 69,000 square foot operational processing centre in Birmingham in the summer. It currently employs 300 people there and may employ up to another 500 in the coming few years.

JPMorgan’s Philippine ambitions are unconfirmed by the bank, but Jamie Dimon recently told local media that the US bank might increase staff in India and the Philippines because those countries serve as “major international hubs for outsourcing of support functions”.

Deutsche declined to comment on its Birmingham office. Recruiters say the German bank is transferring a handful of senior staff from London to oversee the new operation, but the emphasis is on recruiting locally: “There’s no point moving a load of people from London – it’s all about hiring cheap graduates in Birmingham,” says one.

Richard Mills, a headhunter with Chalre Associates in the Philippines, says there’s demand for Western managers with experience of business processing outsourcing to work in Manila. The money’s not good, but not awful, either. Chalre says most expat managers working for banks in the country earn between US$90k and $150k.

Comments (3)

Comments
  1. Call centres ..it seems that this is the way forward. Think i’ll take my not large redundancy cheque and invest in a small serviced office in Ulan Bator..staff it with some cheap locals , put in a western manager that cannot find another job in the U.K and phone Deutsche..bet i can undercut their Birmingham rates. Sounds like a win win to me.

  2. Philippines sounds nice – nice weather, palm trees, beaches. So the money isn’t London money bu then again cost of living isn’t like London. Could be good. Will investigate this further.

  3. Onthestreets, I think you are missing the big picture. Recently, it had been suggested that Citigroup plan to rebrand themselves into a high end retail bank. In effect, their main objective is to emulate the likes of HSBC and Barclays and establish themselves as a global brand. Note that Morgan Stanley and Goldman Sachs had also relinquished their status as pure investment banks so that they could tap into Fed resources if in need.
    The fact is most banks have been forced into considering major restruction plans following the credit crunch, and strategy being adopted is the diversification of operations and functions, as a means of insulating themselves from risks associated with a capitalist credit-based style economy. In short, banks and institutions are considering opportunities elsewhere as a means migitating the risks, ….. i.e. its an essential risk mitigation exercise, not a profit making exercise

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