FT: 4,000 financial sector jobs migrated to Warsaw since 2011

Warsaw has attracted 4,000 jobs in the financial sector in the past five years as annual operating costs in the Polish capital are 60 per cent lower than in London, according to consultancy Boyd estimates prepared for the Financial Times. The newspaper said that "city living for a new generation of financial workers is now more Jacksonville in Florida and Warsaw in Poland than New York and London." "The US and British cities synonymous with banking, insurance and deal-making have lost an estimated 42,000 jobs — or six per cent of the sector — in the past five years as soaring costs have encouraged businesses to shift to cheaper locations," the Financial Times informed. In North America, the workplaces migrated to Montreal, which has attracted 5,000 jobs since 2011 and Jacksonville in Florida. The latter city gained 4,000 jobs as its operating costs are 23 percent lower than in New York. In Europe, Warsaw attracted 4,000 jobs. Operating costs in the Polish capital are 60 percent lower than in London and 47 per cent lower than in Madrid, which is estimated to have attracted 2,500 positions.