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Brexit: How Many Bankers Will Leave London?

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brexit banks

As with everything Brexit-related, immediate fears about mass job loss, emigration and the collapse of inbound investment, fears over bankers relocating to the continent have also been somewhat overblown. Overall, only around 5,000 jobs are expected to be lost, and most will not be investment banking or trading roles. Of all the banks operating in the city that have announced their post-Brexit plans, UBS is set to move the most staff abroad with some 1,500 jobs being relocated to Frankfurt and Madrid. Next up is Goldman Sachs, which is moving 1,000 to Frankfurt, followed by HSBC, which is relocating the same number to Paris. Although Frankfurt has so far won the most UK-based jobs, Paris and Dublin are not too far behind. Therefore, it is unlikely that any one city will contend with London post-Brexit. Notably, JPMorgan has not yet said how many jobs it will move from London to European cities.

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  1. Jeremy Clivaz

    April 11, 2018 at 9:06 AM

    Hmmm … I wonder how many jobs will move or be relocated from London or “lost” and how many knock-on vacancies will not be filled, jobholders moved internally, or, contracts not renewed. In other words the total jobs differential could be a lot higher than the headline figures (not to mention the external IT, legal and finance supply chain, the other jobs in the economy that these highly paid personnel support and the taxes that all of these pay).

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