The race for talent includes a number of impressive displays of investment, not least with the pending decision by J.P. Morgan to locate a back-office function in Central Eastern Europe.
Approximately 2,500 positions will be hired and, at the moment, it appears that Warsaw is gaining the lead over Budapest. Both are fantastic markets with exceptional talent. And both markets continue to attract not only major investment banks, but also other forward-looking companies.
Interest comes from large US corporates as well as mid-market US companies looking to dramatically reduce costs and increase flexibility and control over their business models. US startups, as well, are now entering the market. Startups are looking to reduce burn rates and to extend runways as they iterate and improve their operations and their go-to-market strategies.
Do you have a hot news tip for us? Write to our CEO, Thom Barnhardt, on tb (at) SharedServicesEurope.com
More than impressive. BlackRock is the world's largest asset manager with $5.4 trillion in assets under management. Now this US-based company intends to open an innovation center in Budapest, Hungary, "to deal with product development and the management of client data."
The Hungarian government has also offered BlackRock approximately $1-million in funds for employee training. According to Patrick Olson of BlackRock, the company chose Budapest, the capital city of Hungary, because of "its education system, quality of infrastructure, security, and quality of life."
Budapest is one of the major flagship cities in the region of Central & Eastern Europe, and stories like this are a win-win for everybody -- on both sides of the Atlantic.
Be sure to see the full article at Hungary Today, here.
Boston, Massachusetts and Krakow, Poland are well connected according to this article from Insurance Journal. Xceedance, the Beantown-based provider of technology and analytics to the insurance industry, has opened a shared services operations center in Krakow.
This city is ideal for the multi-country needs of Xceedance. According to the company, the Krakow location helps Xceedance "to optimize abilities to meet the strategic and multilingual needs of our clients."
We've seen this time and again: shared services delivery in Central & Eastern Europe allows US companies to tap a highly-educated workforce with extraordinary skills in commerce, technology, and languages.
Xceedance CEO Arun Balakrishnan is also quoted. We are proud to say that he will be speaking at our event on June 28, 2017 in New York.