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Bank Announces Trade Services Offshoring
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Date: 18th Jul 2007
The Bank has announced that it is entering a joint partnership with Wachovia Bank, that will lead to a large part of Trade Services being offshored to Hong Kong.
The key features of the Bank’s offshoring plans involve:
● A slimmed-down Trade Services operation of approximately just 60 staff will be retained in Brindley Place, undertaking all customer facing activities.
● A further small operation of around five staff will be retained in London to support large corporate customers and handle US Dollar Clearings.
● Operations will be transferred to Wachovia Bank over five phases, between February and August 2008.
For Trade Services staff, the consequences of this announcement will differ considerably depending upon whether they are based in Brindley Place or Monument. Those in Brindley Place will be expected to redeploy into alternative roles; whilst the majority in Monument face the prospect of redundancy.
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