We understand that things aren’t as bad for the J.P. Morgan people who are moving out of London to Bournemouth as they might have been. Recruiters claim they’ve been told that they won’t get a pay cut. At least not to begin with.
As we pointed out earlier this week after J.P. Morgan’s Bournemouth transfer was first reported by Financial News, the bank pays its staff in the seaside town a lot less than its staff in London. The differential can be as much as 29%.
Fortunately, therefore, the 350 people who are reportedly being asked to move to Dorset or forego their employment won’t also have to swallow a big pay cut. They could therefore do quite well from the deal – you can get a ‘huge two bedroom flat’ near the sea for just £895 a month.
Insiders say J.P. isn’t moving its front office technology teams to Bournemouth. Infrastructure technology and support staff are the only ones migrating. Staff at the bank’s Wood Street and Victoria Embankment offices, which house operations, technology and asset administration roles, are thought to be next in line for the move.
J.P. Morgan didn’t respond to a request to comment.