Beware the offshore accountants
Like traders and salespeople, product control jobs have been hit by the demise of structured credit. Now they're being hit again by an alleged push to move roles related to vanilla products offshore.
Recruiters say Morgan Stanley is moving some of its accounting roles to its Business Services and Technology Centre in Budapest. Credit Suisse is said to be moving roles to Pune in India and JPMorgan is rumoured to be shifting some London accounting roles to Delaware.
"Banks have been moving a number of product control roles offshore over the last few years, but they're doing it more of it now," says Simon Lindrea, a Director at Michael Page. "It's mainly roles associated with the more simple products. The more complex product orientated jobs are more likely stay in London, certainly for the foreseeable future" he adds.
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