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Retail Banking Staff More Mobile Than Ever Says BrightPool

Retail Banking Staff More Mobile Than Ever Says BrightPool

•         Growth of retail banking operations in regional UK cities

•         Birmingham, Manchester & Edinburgh are top relocation destinations

The growth in UK regional banking centres means that retail banking staff in London are now more willing to relocate than ever before, according to research by BrightPool, the specialist financial services recruiter.

BrightPool explains that the UK’s major banks have responded to lower revenues by accelerating plans to move jobs out of the City and Canary Wharf and into lower cost cities across the UK.

BrightPool’s research shows that nearly half (49%) of respondents based in London would move as far as Manchester for the right role. The research also found that:

•             45% would consider moving to Birmingham for the right job

•             39% to Edinburgh

•             39% to Bristol

•             37% to Liverpool and

•             34% to York

BrightPool says that the Royal Bank of Scotland has recently moved several hundred jobs from London to Manchester whilst the Bank of New York Mellon now employs over 1,000 back office staff in Manchester, which it describes as “one of three global growth centres”. Deutsche Bank employs over 1,300 staff in Birmingham.  

Angela Hickmore, Managing Director at BrightPool, says: “The retail banking sector in many of the UK’s larger regional cities has witnessed significant growth over the last few years. This is in part due to new entrants in the marketplace setting up head offices outside London, as well as existing banks responding to the current economic environment by moving more of their functions to regional offices.”

“Salaries in London for banking staff are often 30% – 40% higher than in regional cities within the UK. For those banks looking to save money by reducing their wage and office rent bills, moving middle or back office units to lower cost centres can have an immediate impact.”

Retail banking job opportunities

BrightPool says that there are opportunities in a number of areas. 

Angela Hickmore says: “All the large players in the retail banking sector see potential growth from mobile banking technology and many of these projects are being developed outside London.”

“Despite the fall in banking profits, substantial budgets are also being allocated to new product launches. The huge difference in permanent and contract rates between staff in the City and Canary Wharf and in the regions means much more of this project work is being redirected outside of London.”

“Contractors with broad product knowledge within the retail banking sector are often happy to relocate to regional cities to work on some interesting product development projects at the moment that could revolutionise the way we bank.”

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