c-city-RTS1J77Z-Mary Turner

Banks are scaling back plans to move staff out of London before Brexit

6%

Major banks plan to move 4,600 jobs from London to the continent before the UK leaves the EU, according to the Financial Times—about 6% of the total.

Published   |  Photo by Reuters/Mary Turner
c-city-RTS1J77Z-Mary Turner
6%

The estimate, based on statements by 15 major international banks and interviews with executives, does not include jobs moved after the UK leaves the EU. But it indicates that plans are fairly conservative thus far.

c-city-RTS1J77Z-Mary Turner
6%

Deutsche Bank, which expected to move 4,000 jobs, is only moving about 350, according to the FT. UBS, which expected to relocate 1,000 jobs, will relocate just 200.

c-city-RTS1J77Z-Mary Turner
6%

Numbers could still increase, especially if things go wrong during trade deal negotiations between the UK and the EU. In any case, banks leaving London would find a warm welcome in the continent.

c-city-RTS1J77Z-Mary Turner
6%

Dublin and Milan have been campaigning to attract jobs, and many banks are gravitating towards Frankfurt, the seat of the European Central Bank, and Paris, which is warming to financial firms.

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