Goldman Sachs, Standard Chartered Set to Expand in Poland

Goldman Sachs Group GS and Standard Chartered PLC SCBFF are looking to expand their operations in Poland by hiring new employees. While Goldman Sachs is planning to hire 250 employees in 2018, Standard Chartered targets to employ about 500 new workers.

For expanding its presence in Eastern Europe, Standard Chartered is considering cities like Prague, Budapest, or Polish cities of Warsaw and Krakow. The final decision is expected to be out by the first quarter of 2018.

Goldman Sachs will be hiring in treasury and human resources, risk management and operations and technology departments. All of which are back-office jobs and do not require offices in big cities like London and Frankfurt. 

While the banks across the globe are trying to move away from the U.K. (owing to Brexit), several countries are trying to replace them. In this context, Poland seems to be an attractive destination for financial companies, mainly driven by low costs and highly educated workers. This provides the country an edge over the others.

In the recent years, Poland has established itself as an off-shoring center with roughly 2 million people working in the finance sector. In September, Poland announced that JPMorgan Chase JPM was planning to open an operational center in the city of Warsaw. In relation to this, the bank will likely be creating nearly 2,500 new jobs in the country over the next few years.

Meanwhile, several other global banks including Citigroup Inc. C, UBS Group AG and Credit Suisse Group AG already have considerable presence in the country.

Currently, Goldman Sachs and Standard Chartered carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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