Northern Rock FD dismisses offshore moves
The finance director of FTSE100 bank Northern Rock has said that he 'doesn't see the point in moving offshore', despite the savings on wages.
The finance director of FTSE100 bank Northern Rock has said that he 'doesn't see the point in moving offshore', despite the savings on wages.
The full interview with Rob Bennett will appear online tomorrow
Northern Rock’s pledge to keep its workforce on UK soil for the immediate future will please trade unions and staff following the news this week that UK insurance giant Norwich Union has told staff it will cut 2,350 jobs in the UK and export the work to India.
FD Rob Bennett told Accountancy Age: ‘Whenever we keep improving efficiency on the overall business, which is what we’re doing, then we don’t really see the point in moving offshore.’
Norwich Union is the latest UK company to transfer jobs abroad from the British Isles. In November, Lloyds TSB said it was shipping 750 jobs over to Bangalore, India. HSBC has already gone down the outsourcing route, as has Barclays and Abbey.
Bennett cited control and regulation as key reasons for not exporting jobs abroad.
‘Control in the banking environment is something you need to keep a very, very close eye on,’ he said.
The FD said the Newcastle-based bank would always look to its northeast base first to improve efficiency before moving elsewhere.
In fact, the bank is currently extending its Gosforth offices to take on another 1,400 employees over the next three to five years.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article