As a hard Brexit veers into sight, something is becoming clear: all the talk about banks shifting jobs out of London is misplaced. It's not shifting existing jobs out of the City that's the issue, it's where the new jobs and teams are created. And already, it's becoming clear that where new jobs are concerned, London is not the location of choice.
As we noted last month, UBS currently has around four times as many jobs on offer in Poland as it has in London. Credit Suisse has around nine times as many. Goldman Sachs is in the process of staffing-up a new Warsaw office, where it plans to add hundreds of jobs over the next few years. Citi is quietly hiring in Poland. So is Deutsche Bank. It's little surprise that Polish deputy prime minister Mateusz Morawiecki told the Financial Times in August that banks are lining up to move operations there.
Historically, Poland has specialised in process-oriented technology and risk roles, but there are signs that banks are recruiting higher up the food chain. There's certainly no shortage of talent in Poland: banks in London have long trawled the Warsaw School of Economics for people to fill front office roles, and the Warsaw University of Technology is well-established as a feeder for technology, risk and structuring jobs at Goldman Sachs, Credit Suisse and Deutsche.
It should come as little surprise, therefore, that jobs which might once have been located in the City are already being situated in Wroclaw and Warsaw. There's plenty of demand for model validation professionals in Europe ahead of Basel IV, for example, but banks' own websites reveal that a lot of those roles are in Poland instead of the UK. New risk jobs that maximise capital efficiency are being situated in Poland too. Most ignominiously of all, banking jobs that deal with process automation and job cutting are also in Poland: Poles are literally managing London's demise. Ironically, young British graduates may soon be vying for jobs in Krakow.
This being so, and in case you want to make a preemptive move out of London (despite the horrible discrepancy between pay in London and pay in Warsaw), these are some of the most interesting banking jobs in Poland now.
Visualization is the new big thing in banking. As banks develop technologies to access clients directly, the salesperson of today is set to be replaced by technologists who can develop easy-to-use and appealing interfaces that clients actually want to engage with.
If you can get in on the ground with a visualization team, therefore, it's a good idea to. Goldman Sachs isn't hiring someone to work on client visualizations in Warsaw, but it does want someone to develop, ' data analysis and visualization' relating to technology risk. As Goldman itself notes, this is a good springboard for a career in other areas of the firm. Prerequisites include, 'Java, Scala, Python, Pig, R or similiar, an interest in machine learning approaches to data analysis, experience with process automation and scripting (Perl, Python, Powersell, VBA,'
As we've reported before, Citi is building its European equities business. Instead of London, it seems to be building part of this team in Poland. Citi is currently advertising for a developer based in Poland to join an "existing team based in London." Curious.
Prerequisites include: expert knowledge of equity derivatives and familiarity with various programming tools, including Visual Studio. Infragistics, DevExpress, SyncFusion, Unix, WPF, and WinFormsExperience .
In a clear sign that banks are shunting senior risk jobs to Poland, Credit Suisse is hiring someone for a 'senior specialist team' based in Warsaw that provides, 'central guidance for all front office Operational Risk and Control Framework activities' in its global markets division.
In other words, some front office risk managers at Credit Suisse in London, will be 'guided' by senior risk managers at Credit Suisse in Poland. Prerequisites for the role include: experience designing and preparing management information and excellent quantitative and analytical problem-solving skills.
Under Basel IV, banks' ability to use their own credit risk models is due to be limited. At the same time, the Federal Reserve’s ongoing Comprehensive Capital Analysis and Review requires banks to prove that the risk models they use are developed ‘in accordance with supervisory expectations,’ while existing Basel III regulations stipulate that banks’ internal risk models must adhere to ‘the fundamentals of internal modelling governance.’
The team at UBS which works on these issues is based in Poland's Kraków Business Park. The Swiss bank is looking for someone to, 'develop calculation models for securities lending values and derivatives margins as well as methods for risk control and monitoring on both portfolio and client level.'
Prerequisites include: a degree in finance, physics, mathematics, computer science, engineering, econometrics, fluency in English, and an ability to use programming languages like MatLab, SAS, or R.
In the wake of the LIBOR and FX scandals and the outrageous messages exchanged between traders on Bloomberg instant messaging, banks are looking at developing their own messaging services that are more easy to monitor. UBS has situated its new, 'Messaging Product & Platform Engineering' team in Poland and is looking for a senior messaging engineer to join it.
Prerequisites include: experience with WebSphere MQ, Tibco EMS, Shell-Scripting and tools (Shell, Ant, JIRA, Confluence), SSL, certificate handling and PKI, and...fluent English.
Credit Suisse is updating its 'Data Warehouse Application Platform' which allows it to report, analyze, and mine data for the private bank, risk & finance, general counsel and CFO functions.
The platform is currently located in Switzerland, but the updating is happening in Warsaw, where the bank is building a 'next generation data warehouse.'
Credit Suisse is hiring someone to work on this new platform. Prerequisites include: Oracle experience and experience with, 'Informatica PowerCenter, SAP Business Objects, Microsoft Reporting Services, Microsoft Analysis Services.'