The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66 - Activities auxiliary to financial services and insurance activities
200 jobs Number of planned job creations
Announcement Date
30 November 2006
Employment effect (start)
Foreseen end date
31 December 2008
Description
A financial services firm is to create up to 200 jobs in Glasgow after it secured a 3 million GBP Scottish Executive grant. JPMorgan said it would employ the IT staff at its city base over two years. Company bosses said they had originally considered expanding their centres in America and India and had also been looking at Eastern European locations. The deputy first minister said the move demonstrated the strength of the financial services sector in Scotland, which has grown by 36% since 2000. Nicol Stephen defended the grant that is being given to JPMorgan under the executive's Regional Selective Assistance Fund. Paul Murphy, chief executive officer for JPMorgan Scotland, said the quality and skills of the staff in their European technology centre in Glasgow was a major advantage. The company set up its operation there in 1999 and currently employs 700 people. The new posts are described as high-quality software design and development jobs, with an average salary of 35,000 GBP. As part of the condition of the grant, the payment of the funds will be phased and the jobs will also have to be sustained for a period of time after the final payment. Martin Togneri, chief executive of Scottish Development International, stressed the value of the new posts. 'Highly skilled design and development jobs, such as the ones JPMorgan is announcing today, are among the most prized by our competitors for inward investment, particularly in important and fast-growing industries like financial services,' he said. Stuart Patrick of Scottish Enterprise Glasgow, said: 'It's another huge boost for Glasgow's international financial services district, which establishes beyond doubt the city's credentials as a leading financial services location.'
Sources
30 November 2006: BBC Website
Citation
Eurofound (2006), JPMorgan, Business expansion in United Kingdom, factsheet number 64533, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64533.
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