3 major banks 'planning large-scale moves from City of London'

10 December 2012

Three major international banks are planning to move 3,000 jobs away from the City of London over the course of the next few years.

Bank of America, Deutsche Bank and JPMorgan want to relocate thousands of their positions away from the UK's primary financial centre to other locations across the country, the Financial Times reports.

It is thought these moves could lead to the process of "nearshoring" - whereby alternative towns and cities aside from the capital are able to benefit from financiers being based there - gathering pace in Britain.

Statistics collated by TheCityUK show that eight of the nation's ten largest financial hubs have lost thousands of jobs during the last three years.

For instance, Glasgow has shed 14 per cent of its roles, while Leeds and Edinburgh have lost 11 and nine per cent respectively.

However, Chris Cummings, chief executive of TheCityUK, indicated this trend may be about to reverse.

"These nearshore centres are globally competitive - they are now taking jobs from Mexico and India in their own right," he noted.

By Gary Cooper

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