Bank by bank, here's where you can expect to work after Brexit

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Bank by bank, here's where you can expect to work after Brexit

What will happen to London banking jobs when Brexit occurs? By all accounts, not many jobs have moved yet but this could change come October 31st. Earlier this year, City thinktank New Financial issued a long report today summarising where banks are planning to move to. It identified 270 financial services firms in the UK that are relocating part of their businesses to Europe. As a result, it says 5,000 jobs are likely to be created in the EU in the short term, with more to come. 

Across finance as a whole, the surprise Brexit winner is Dublin, with 100 firms choosing the Irish capital as their post-divorce location. Dublin is followed by Luxembourg (60 firms), Paris (41 firms), Frankfurt (40 firms) and Amsterdam (32 firms). However, different cities have different strengths - 35% and 43% of Dublin and Luxembourg's new residents are asset management firms, while 87% and 41% of the new residents in Frankfurt and Paris, respectively, are banks. 

Bank by bank, here's where New Financial says you can expect to be dispatched if Brexit goes ahead - and if your job requires you to deal with EU clients.

Where will Bank of America's European operations be after Brexit?

Bank of America is moving part of its markets business to Paris and part of its banking business to Dublin. These will be its two main EU hubs post-Brexit, but it will also have subsidiary operations in Amsterdam, Brussels, Frankfurt, Madrid, and Milan.

Bank of America is expected to move 400-500 people.

Where will Barclays' European operations be after Brexit?

Barclays' main post-Brexit hub will be Dublin. It will have subsidiary offices in Frankfurt and Paris. 

Barclays is expected to move 175 people, mostly to Dublin.

Where will Blackrock's European operations be after Brexit?

Blackrock is making Amsterdam its EU hub, but it will also have a hub for alternative investments (hedge funds and private equity) in Paris. It also has an office in Budapest.

Where will BNP Paribas' European operations be after Brexit?

BNP Paribas' EU HQ will simply be its global HQ in Paris. New Financial says the bank is expected to move 100 people there from London.

Where will Citi's European operations be after Brexit?

Citi's investment banking and markets hub post-Brexit will be in Frankfurt (the bank is already looking for equity salestraders in the German city, and there are unconfirmed rumours that around 70 people in London have been given notice to leave if Brexit goes ahead). The U.S. bank will also have a private banking hub in Luxembourg. Citi also has offices in Amsterdam, Dublin, Madrid, Milan, and Paris.

Citi is expected to move 250 people.

Where will Credit Suisse's European operations be after Brexit?

Credit Suisse plans to move its EU-focused investment bankers to Frankfurt post-Brexit, and its salespeople and traders to Madrid. Credit Suisse also has offices in Luxembourg, Milan, Paris, and Dublin.

Credit Suisse is expected to move 250 people.

Where will Deutsche Bank's European operations be after Brexit?

Deutsche Bank's European headquarters will clearly be in Frankfurt, where the bank's global head office is located. DB is expected to move around 250 people to its Frankfurt headquarters. 

Where will Goldman Sachs' European operations be after Brexit?

Goldman Sachs is moving its investment banking and markets businesses to Frankfurt and Paris after Brexit. It's moving its asset management business to Dublin. Goldman Sachs also has offices in Madrid, Milan, Stockholm, and Warsaw. The Milan and the Stockholm offices are new.

Goldman Sachs is expected to move 400-500 people.

Where will HSBC's European operations be after Brexit?

HSBC's European hub will be in Paris. It will be locating 'up to 1,000' people there.

Where will JPMorgan's European operations be after Brexit?

JPMorgan is moving its banking and markets businesses to Frankfurt after Brexit. And it's moving its asset management and wealth management businesses to Dublin and Luxembourg respectively.  JPMorgan also has offices in Amsterdam, Dublin, Paris, Madrid and Milan.

JPMorgan is expected to move 400-500 people.

Where will Morgan Stanley's European operations be after Brexit?

Morgan Stanley is moving its investment banking and markets business to Frankfurt after Brexit. It's moving its asset management business to Dublin. Morgan Stanley also has offices in Amsterdam, Dublin, Madrid, Milan, and Paris.

Morgan Stanley is expected to move 400-500 people.

Where will Nomura's European operations be after Brexit?

Nomura's main hub after Brexit wil be Frankfurt. The Japanese bank will also have operations in Madrid, Milan and Paris. 

New Financial says Nomura is expected to move 100 people out of London. 

Where will RBS's European operations be after Brexit?

RBS's European hub will be in Amsterdam. The bank is expected to move 150 people out of London. 

Where will Societe Generale's European operations be after Brexit?

SocGen's post-Brexit EU activities will clearly be in Paris, at its global HQ. New Financial says the bank is expected to move around 200 people there.

Where will Standard Chartered's European operations be after Brexit?

Standard Chartered's main European hub after Brexit will be in Frankfurt. However, it will also have an office in Paris. 

Where will UBS's European operations be after Brexit?

UBS's main post-Brexit hub will be Frankfurt. It will also have offices in Amsterdam, Madrid, Milan and Paris. 

UBS is expected to move around 200 people, mostly to Frankfurt. 

Where will Wells Fargo's European operations be after Brexit?

Wells Fargo is moving its investment and markets business to Paris and its asset management business to Luxembourg.  

Photo by Kevin Grieve on Unsplash

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