Bloomberg News

Euroclear May Shift Jobs at Bank Unit From Belgium to Poland

October 13, 2011

(Updates to add in first paragraph that Euroclear anticipates difficulty hiring in Belgium.)

Oct. 13 (Bloomberg) -- Euroclear SA, Europe’s largest provider of securities settlement, may shift half the jobs at a division in Belgium to Poland because it anticipates difficulty with recruitment and wants to cut costs.

The company started talks with union representatives at one Euroclear Bank Operations site in Belgium today about opening an office in Krakow, Poland, Martin Gregson, a spokesman for Euroclear in Brussels, said in an interview today.

The Euroclear Bank Operations unit, which processes transactions including interest payments, has about 1,000 employees in Belgium, Gregson said. Half the jobs may be moved to Poland, he said. The process may take about five years, and there are no plans to fire staff or close offices in Belgium, he said.

--Editors: Nick Baker, Chris Nagi

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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