Banking Brexodus? One year on, this is what banks have said about Brexit and job moves

In the year since the UK voted for Brexit, one of the hot topics for discussion in the City has been job moves.

In February, Brussels think tank Bruegel estimated that 10,000 UK banking positions could be shifted to the EU because of Brexit.

One year on from the EU referendum, it is difficult to tell whether this number is shaping up to be correct: too many firms have not made public announcements, numbers have been vague and, with the terms of Brexit unclear, there are too many hypotheticals.

(It is also worth noting that, in an interview with City A.M. published today, the head of the BBA says: “I know the banks are very keen not to relocate jobs, not least because their staff are keen not to move. They’ve got homes here, they’ve got kids in school and so forth.”)

However, here is a run-through some of what we know so far, from company statements, executive interviews and news reports.

JP Morgan

In the run-up to the referendum, chief executive Jamie Dimon warned that up to 4,000 UK jobs out of 16,000 could be lost as a result of a Brexit vote.

In an interview with Bloomberg last month, head of investment banking Daniel Pinto said that hundreds of jobs would be moved from London to Dublin, Frankfurt and Luxembourg before the end of Brexit negotiations in March 2019. This was understood to have meant 500-1,000 roles.

Deutsche Bank

In April, chief regulatory officer Sylvie Matherat told a conference that up to 4,000 jobs could be moved away from London as a result of Brexit.

News source: City A.M.

Support Terms of Use Privacy Policy