Banking:
The balance has changed.
Brexit may not yet have caused a mass exodus of City bankers, but it has shifted power to other European cities, causing fear and uncertainty among London-based financial professionals and serious doubt over the future of the UK economy.
Investment banks are increasingly building teams around key senior recruits in the EU, sidestepping London-based staff, according to City publication Financial News.
Actual staff relocations to the EU from London so far have been relatively small, but Dublin, Paris and Frankfurt have seen increased growth as major centres for international banks, with the French capital emerging as a leading hub. The UK as a whole is missing out on much-needed growth.
The European Central Bank is encouraging banks to shift assets and staff to the EU. Hiring sprees in Paris have been substantial, with JPMorgan, Goldman Sachs, and Morgan Stanley increasing their employee numbers in EU locations.
Brexit acted as a catalyst for banks to spread deal-makers across the bloc, resulting in a significant increase in high-earning bankers in the EU, mainly in Germany, France and Italy.
The uncertainty caused by Brexit has sparked fear among London-based professionals and the power shift to other European cities has prompted banks to re-evaluate hiring strategies, leaving London’s status as a financial powerhouse in the balance. European cities are capitalising on the situation to strengthen their positions in the financial landscape.
Reversing this trend now seems unlikely. This loss for London will go down as one of those irreversible Brexit losses caused by short-sighted politics.
The damage to our financial services is only one facet of Brexit. There are many more sectors under threat.
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The Rejoin EU Party
