The emigration of technology and back-office jobs across the financial services industry from London is in full swing, with the London Stock Exchange Group (LSEG) joining other banking groups in shifting its focus to Southeast Asia – LSEG has opened a new technology facility in Sri Lanka, employing 400 new workers at the location, according to a group statement.
London has long been characterized by very high labor costs, however with the upcoming schism with the EU, many financial services groups have opted to take their business and strategy to continental Europe or Asia. For its part, LSEG will headquarter its new technology hub at the TRACE Expert City precinct of Colombo in Sri Lanka.
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More specifically, the new hub will see 400 new high-technology jobs, with an additional provision for 1,200 individuals employed indirectly. The goal of the new employees will be to help provide technical support services for the LSEG’s global network, helping build off of an existing relationship with Sri Lanka.
According to Donald Brydon, Chairman, LSEG in a recent statement on the opening of the new office in Sri Lanka: “I’m delighted today to join the Prime Minister of Sri Lanka for the opening of our new technology facility, which will provide the best and brightest technology talent in the country with the opportunity to join a truly global markets infrastructure business.”
“Given our long history and very successful experience of working in Sri Lanka, it is the natural destination for LSEG’s new business services technology division. We would like to thank the government of Sri Lanka for their support in this venture and look forward to further developing a world leading technology hub in the country,” he added.