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Will JP Morgan leave Bournemouth?

Posted 22 August 2010 - 8:38am by chris
JP Morgan is reportedly reviewing its operations and rumours persist that there is a chance that the Bournemouth offices will be shut down. The prospect of the £2.5bn bank levy has apparently angered JP Morgan executives and they might well move major business units overseas.
If JP Morgan does decide to leave – and it is not the only bank that is disgusted by the coalition's incoming levy – 5,000 skilled office workers could end up on the dole.
 
Bournemouth benefits from a strong tourism economy, but that is largely seasonal. Stag and hen parties can prop up the town's finances for only so long, while those at JP Morgan are likely to be deemed overqualified for many of these jobs.
 
Service based redundancies will be competing with public sector redundancies in the months to come and will hit a sector of society at present cushioned from the down turns experienced within manufacturing.
 
The “Bergers” of Bournemouth need to be very alive to this risk.
 

Author: Peter Arkwright 

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