Staying in London if you want to work fro Credit Suisse has become a lot harder. For a start, it’s moving 2,000 jobs outside of the UK capital, largely in the back office and now its plans to open an office in Dublin – and move 40 traders there – have been officially unveiled.
It could get a lot worse. In an earlier interview with a ‘chief executive reviewing its London operations’, which we surmised to be Credit Suisse’s Tidjane Thiam, it was mooted that up to 80% of London jobs could arguably be carried out in lower cost destinations.
But if there’s one job that appears to be safely situated in the UK capital it is…sales – and relationship management. Now, Credit Suisse is only moving trading and risk management jobs related to its prime services, prime broking and securities lending business out to Dublin, but it could be viewed as a blueprint for if it decides to roll this strategy out to other divisions. In this instance, trading jobs are going, but sales and relationship management roles need to stay in London due to “client proximity”.
Not all sales staff should view themselves as immune to nearshoring, however. Deutsche Bank has been shifting sales roles out to its Birmingham office since 2012 to service 500 so-called ‘low touch’ clients – as well as moving jobs from New York to Florida in the U.S. – and increased its hiring plans for sales staff in the city after seeing revenues increase by 150%.