Sydney office of J.P.Morgan Worldwide Securities Services (J.P.Morgan WSS) has begun shifting many of its basic accounting roles to one of its three ‘office centres’ around the globe.
Jane Perry, chief executive of J.P.Morgan WSS in Australia and New Zealand, said the custodian was moving all roles responsible for preliminary data collection, such as statement preparation, and other “non-client touching” work from its
Sydney office to the company’s office centre in Mumbai.
J.P.Morgan runs two other office centres, in Dallas and in Bournemouth, England.
“We are offshoring some of our very simple backoffice processes,” Perry said.
She said no jobs in
Sydney would be made redundant as a result of the decision, and that staff previously responsible for this work would now focus on more demanding tasks.
“The value-add, client-facing, complex tasks will be maintained in
Perry expected the move, which began in recent weeks and was expected to see work produced in India from June, would ultimately lower costs for clients, even though the headcount at the Mumbai office would probably need to be increased.
Clients had been informed of the change, she said.