Bonds bankers 'first to move from London'

Debt capital markets bankers based in London are the first senior investment bankers who are being asked to relocate to European hubs because of Brexit, according to a report on the Financial News website.

Senior bankers moving overseas

BNP Paribas, Credit Agricole, Credit Suisse, Standard Chartered, MUFG and Mizuho "are among the institutions telling bonds bankers to up sticks", according to the report."Bankers working in Europe’s bond markets are at the front line of Brexit, because their business is to win corporate clients in continental Europe, who want to raise debt, and then bring deals back to London where syndicate bankers can offer bonds to global investors," said the Financial News."This business is now being split between what is called origination, in Europe and syndicate — or selling — in London."

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"With the UK’s EU withdrawal agreement not yet approved, meaning there is no guarantee on a transition period; and with no further update on post-Brexit arrangements for financial services, banks are moving on from London, to prevent any break in business."

Banks take action without Brexit certainty

One global markets head, who is destined to remain in London but who has had to convince many on his staff that they will have to move to the continent, said: “We didn’t know what to do, so we had to do something.”The report points out that those relocating are not junior bankers. The average experience for a debt capital markets banker is eight years with a median salary of £100,000 plus a £42,000 bonus, according to a survey by Emolument.Deutsche Bank took advantage of its European hub and began moving staff earlier this year. Stephan Rupprecht, a director in financial services bonds, moved to Frankfurt. Juan de la Brena, a managing director, moved to cover clients in Madrid, but both still list London as their home location on the social networking site, LinkedIn. Deutsche bank declined to comment.Bankers working in bond sales and origination from BNP Paribas, Credit Agricole, Credit Suisse, Standard Chartered, MUFG and Mizuho have also been told they are to move, according to Financial News."While many bankers who have been based in London will have to take on a European language, some will have to take on a second or third," according to the report."In one case, an Italian banker who had learned English years ago in order to work in London was told that he would now need to learn French."At JPMorgan, debt capital markets bankers have not yet been earmarked for moves, added Financial News, but final reviews are occurring this week as Brexit negotiations reach a climax.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online DirectorySubscribe to Relocate Extra, our monthly newsletter, to get all of the international assignments and global mobility news.

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