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13 December 2017

Financial Times: Banks set to move fewer than 4,600 City jobs over Brexit

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FT research shows 6 per cent of staff might move, despite claims of tens of thousands.

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 — according to Financial Times research.

The FT analysis contrasts with consultants’ original claims that tens of thousands of jobs could move from London after Brexit. An EY study this week claimed 10,500 could leave on “day one”.

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.

Some bankers say the lower estimates emerged as they thought through how many jobs and operations would need to move to the EU if the UK loses access to the bloc’s single market. “Every city wants thousands of people, but what are they going to do?” said one senior executive at a large US institution, adding that the thousands of people sitting in his London office “cover clients” who will mostly be remaining in the UK. [...]

Full analysis on Financial Times (subscription required)

© Financial Times

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