UK – The Bank of New York’s plans to more than double its Manchester staff numbers will put the jobs of some its London-based employees under scrutiny.
The Manchester office – established around 18 months ago and headed by managing director Jackie Williams – currently has 120 employees. The bank anticipates hiring up to 300 people by year-end, a spokesperson told IPE.
“There will be a related impact on some London operations,” the spokesperson said. Banking operations, custody operations and international master custody “may” move to Manchester.
According to the bank, no one has been made redundant yet.
“We are currently undergoing a full consultation with those affected staff and therefore are not in a position to confirm any numbers at this stage,” said the spokesperson.
“Every effort is made to minimise the effect and consequences to our staff of any decision to relocate roles and functions.”
The spokesperson stated that it is the Bank of New York’s ongoing plan to increase its presence in Manchester as it grows its business in Europe.
“It is our intention to reach full capacity by the end of 2009 (750 staff).
“This will naturally have an impact on some of our London-based operations and we are working closely with the affected areas to minimise the effect and consequences of these.”
According to the spokesperson, there will be a number of opportunities to transfer.
The bank is currently actively recruiting in the Manchester area.
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