City on the sea

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Time to move to Bournemouth? Bank of New York is transferring 200 staff there, and hiring another 50. And there's a beach.

To the potentially jaded eye of a banker from the London metropolis, Bournemouth looks like it has a lot going for it: it's by the sea (and has more than its fair share of immodestly dressed youths playing volleyball on the sands); there's good yachting; and there are banking jobs.

Financial News reports that JPMorgan has 4,000 staff in the area, and says Barclays Capital employs another 2,600 in Poole. Combined with Bank of New York's additional jobs, Bournemouth and its environs are starting to look like Canary Wharf on the Riviera.

Laura Fulton, manager of CMBA recruitment in Bournemouth, says there are an increasing number of finance-related jobs in the city, with plenty of staff relocating from London to occupy senior positions.

Are Bournemouth's banking jobs really up to it, though? A quick glance at JPMorgan's website reveals plenty in the way of clerical jobs, but relatively fewer senior roles and even fewer client-facing positions - not entirely surprising, given it's a back-office hub.

Pay in the seaside town is also flaky. Fulton says financial services accountants working in Bournemouth typically earn a total package of between 45k and 65k with five years' experience - although Financial News reports that one Bank of New York employee had her salary increased by 5k as an inducement to move down from London.

Mark Hartwell, managing director of operations search firm Hartwell Buck, says senior staff who shift to Bournemouth from London to build businesses are typically paid on a par.

However, another recruiter says junior staff recruited into JPMorgan from the local Bournemouth area are typically paid lower bonuses than their colleagues in London, with the result that staff turnover is high.

People who do stay in Bournemouth are in it for the lifestyle. After all, you don't get bikini-clad babes playing volleyball on the South Bank.

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