Thu, Apr 27, 2017 - Page 12 News List

JPMorgan eyeing Warsaw for global back office center

Reuters, WARSAW and LONDON

US bank JPMorgan Chase is zooming in on Warsaw as a destination for its new back office operations center, which could eventually employ several thousand people to support its European and Asian business, sources said.

As Britain prepares to leave the EU, and banks and other financial firms look to shift jobs from London’s financial center, Poland has set its sights on mid-tier work where salaries might not be astronomical, but jobs are numerous.

The sources said that a delegation from JPMorgan visited Warsaw last month to look for real estate that could house the new center.

“The focus is definitely Warsaw,” one source familiar with the matter said speaking on condition of anonymity.

JPMorgan has also visited the Polish city of Wroclaw and Hungary’s capital, Budapest, as possible contenders, the source added.

Poland has already established itself as a major offshoring site for banks.

Goldman Sachs already has 300 people working in Warsaw, while Credit Suisse employs several thousand people in the Polish capital and Wroclaw.

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