JP Morgan is investing $48 million to revamp its technology and operations hub in Bournemouth, making it more akin to the working environments of large tech companies such as Google Inc., which are increasingly luring some of the brightest and best candidates.
Our sister publication Financial News reports that the bank announced that the enhanced Bournemouth Technology & Operations Center, which hosts over 4,000 employees, will include colorful breakout lounges to allow staff to work collectively and more collaboratively, as Financial News reported in March.
The infrastructure project — which is expected to be completed in the next three years — will also give employees access to improved communications technology. The building’s restaurant will be revitalized and facilities will be upgraded for employees who cycle to work.
The move comes as banks struggle to fend off competition for top talent from large technology companies, which are seducing candidates with more laid-back working environments and high salaries.
Investment banks were traditionally among the top recruiters for talented technologists because of their large IT departments and attractive salaries. In recent years, however, the pay gap has narrowed, leading many to choose tech firms over large banks.
Like JP MorganJPM -0.46%, other banks are ramping up their efforts to compete for tech talent. Credit Suisse executives give programming lessons at a top UK university, while Bank of America Merrill Lynch is developing applications it can take to career fairs to show potential recruits what they would be working on.
The revamp at JP Morgan is in line with its aggressive technology recruitment campaign, which was overhauled three years ago to become more IT-specific. The new campaign, called “Be the Spark”, highlights the role that technology plays in the organisation.
The US-based investment bank spends around $8 billion globally on IT each year. On its technology-specific recruitment web page it claims to “have the scope to influence what happens in the intellectual incubators of Silicon Valley”.
JP Morgan’s large investment in its Bournemouth office is also another example of a global bank moving its focus from the expensive City of London to other UK locations. Deutsche Bank recently moved sales traders to Birmingham, while Bank of AmericaBAC -0.33% has a large presence in Chester.
JP Morgan’s Bournemouth office was established 28 years ago, its staff support the bank’s activities in more than 40 countries.
Jamie Dimon, chairman and chief executive of JP Morgan Chase, said in a statement: “Bournemouth offers access to high quality talent and to facilities that can support our business, not just in London, but around the world.”
Simon Cooper, JP Morgan’s Bournemouth site leader, said: “As we have gradually exposed our people to that new style of working environment, it has proven very popular.
“We will be providing collaboration and breakout spaces that allow people to work collectively on design problems, or specific coding challenges. It will be highly productive for us an organization and highly enjoyable for individuals, a win-win situation as far as we’re concerned.”
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