Fewer bank jobs than expected relocating from London
A Reuters survey of leading financial services companies shows that fewer jobs will relocate from the UK to the EU after Brexit. However, business leaders warn that it is "early days".
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Ninety of the companies said they would have to move staff or restructure their businesses because of Brexit, although only 59 specified numbers. Most, it seemed, were holding fire until the terms of Brexit were finally resolved.Meanwhile, a separate study by Reuters showed that leading investment banks planned to hire far more people in London than anywhere else in Europe, indicating they expected Britain will remain their main regional hub, at least in the short term."It will be a slow burn. We won't know what the full impact will look like for at least 10 years," said Catherine McGuinness, who chairs the City of London Corporation's policy and resources committee. "But the City is always changing and it will find a way to thrive.“We haven’t seen substantial job losses in financial services materialise yet. However, these are early days.
“Firms are watching closely to see if a way can be found through the current Brexit impasse. This will play an important role in determining whether we see more jobs and assets move to the continent after we leave the EU.”The latest findings are in stark contrast to predictions made by consultants at the time of the Brexit referendum in 2016 that as many as 75,000 jobs could go in the City.
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