Nearly 10,000 UK finance jobs destined to move out

 

A survey by Reuters London indicates there are signs of finance jobs exiting Britain. But London will retain its leading financial status. For now.

Reuters asked 123 banks, insurers, asset managers, private equity firms and exchanges in Britain about their plans following a so-called ‘hard’ Brexit. Nearly 50% said that they’d have to move staff or restructure their business. Around 33% said it would have no impact. Whilst the remainder preferred not to comment.

The number of jobs to be moved or created overseas was based on answers from 39 companies employing at least 350,000 people, highlighting 9,777 banking roles would be shifted out of the UK.

And whilst it sounds like an awful lot, these findings are at the lower end of previous estimates, allowing London to keep its place as the continent’s top finance centre.

Many of the companies however did state that bigger moves could be in store, but these could be in a decade or more. A senior executive of one of Europe’s largest banks said, “There will be a slow drain of jobs from London over a number of years.”

In short, change is afoot. But, it seems, most are proceeding with caution.

Monday, 2 October 2017

Share this article

Any questions? Any comments?

Your instant reactions to this article can be posted here. Use your own name or a nom de plume.

(Showing 1 - 1 of 1)

Debbie McGee Date: Oct 6, 2017

Goldman Sachs already planning new jobs in Frankfurt: https://www.theguardian.com/business/2017/oct/05/goldman-sachs-boosts-post-brexit-plans-with-frankfurt-office-deal?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1507229812

Please log in to make a comment

Already registered?

Haven't registered?

Register for FREE - it only takes a couple of minutes

Not registered? Click here.

Nearly 10,000 UK finance jobs destined to move out