Major structural reorganisation among the leading investment banks has resulted in most traditional back-office and core operations roles being offshored from London to foreign destinations or nearshored to other parts of the UK such as Birmingham, Bournemouth and Chester. The only functions that remain in London are ‘non-business-as-usual’ or positions that involve stakeholder management. These include roles that support the change and project work that is underpinning the banks’ transformations.
Investment management firms generally enjoyed gradual growth over the past year and made key operations hires in the areas of performance, risk and change management. Asset managers invested heavily in risk as they sought to comply with Solvency II and the US Dodd-Frank Act, along with other regulations affecting the industry. Meanwhile, new teams were created to manage large-scale change through businesses.