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FT research shows only 6% of major banks London staff might move due to Brexit

13/12/2017
 
Financial Times reports that the UK’s biggest international banks are set to move fewer than 4,600 jobs from London in preparation for Brexit (just 6 per cent of their total workforce in the financial centre). The FT analysis contrasts with consultants’ original claims that tens of thousands of jobs could move from London after Brexit. The FT estimates are based on public statements by 15 of the UK’s biggest international institutions, interviews of more than a dozen senior bank executives about Brexit planning and industry benchmarks.

In the case of Deutsche Bank, where Sylvie Matherat, head of regulation, publicly said up to 4,000 jobs could move, the FT estimates that just 350 jobs may leave by April 2019. The figure amounts to 5 per cent of Deutsche’s London headcount, a proportion broadly in line with other big banks.

At JPMorgan, where chief executive Jamie Dimon warned before the Brexit vote of up to 4,000 London job losses, the number leaving before April 2019 is set to be closer to 700. 

Goldman Sachs, which has taken a new office in Frankfurt that could accommodate 1,000 people, expects to move fewer than 500 from London. HSBC is still planning to move “up to 1000 people”, although its chief financial officer recently said the figure could fall. 

A few banks still do not know how many staff they will move. BNP Paribas, for example, says it is "too soon to speculate" on the potential reduction in its London workforce.
 
 


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