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Euroclear to move half of banking operations to Krakow


2011-10-17



Euroclear, Europe’s number one provider of securities settlement services, has initiated steps to shift half the jobs at its banking operations unit in Brussels to Krakow, in a bid to cut costs and address anticipated difficulties with recruitment, Bloomberg reported. The project could create 500 financial-services jobs in Krakow over the next five years.

On 13 October Euroclear started talks with trade unions at its Belgium division about opening an office in the Polish city. At present the unit employs around 1,000 people. According to Martin Gregson, a spokesman for Euroclear in Brussels, 50% of the jobs may be shifted to Poland, and the process may take about five years (there will be no job cuts or office closures in Belgium; the relocation will be achieved through natural attrition).

News about Euroclear’s plans first surfaced in May 2011. At that time the group was said to be considering Warsaw and Wroclaw as possible locations.



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