Risk management sweatshops? Number-crunchers move to satellite offices

From Berlin to Birmingham, from Tampa Bay to Dallas, banks have tried to boost their risk management resources – while keeping a lid on expense – by building teams in relatively low-cost cities. But do these far-flung offices improve performance? Joe Rennison reports




In January this year, a group of bright-eyed young maths, computing and physics students arrived at the offices of a large European bank for an open day. They were going to find out about quant jobs within the bank’s risk function – the “best place to start a career in the finance industry”, according to the brochure they’d been given.

The same kind of scene is repeated every year at banks in London, New York, Tokyo and other major financial centres. But this was

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