Are banking jobs moving out of London because of Brexit? An updated report from thinktank New Financial suggests they are: New Financial says 332 financial services firms have already moved jobs out of London because of Brexit, up from 60 last time they looked in March.
Dublin is still the winner. 115 firms have now chosen the Irish capital as their post-divorce location, up from 100 previously. Dublin is followed by Luxembourg (71 firms, up from 60), Paris (69 firms, up from 41), Frankfurt (45 up from 40) and Amsterdam (40, up from 32). Paris has therefore seen an increase of 68%; Frankfurt only 13%. The French capital has pulled away as the place to be.
However, different cities have different strengths - 38% and 32% of Dublin and Luxembourg's new residents are asset management firms. Frankfurt has attracted investment banks (43% of banks and investment banks now have an office there). Paris has attracted a mix of everything. Amsterdam has attracted traders and brokers.
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. BofA has already increased its Frankfurt headcount from 80 to 150 people.
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 has already moved £160bn of assets to Dublin and is now the biggest bank in Ireland. 175 staff have been moved from London already.
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 said the bank is expected to move 100 people there from London.
Where will Citi's European operations be after Brexit?
Citigroup global markets has offices in Paris and Frankfurt according to New Financial.
The bank had planned to make Frankfurt its post-Brexit markets hub, but staff reportedly rebelled. Last November, the Financial Times reported that the bank was looking for a bigger Paris office after London staff lobbied to be moved to the French capital instead.
In October 2017, Citi said it was planning to move 63 jobs to Frankfurt (after initially saying it would move 250 jobs to Europe). In March 2019, the bank said its Frankfurt hub was up and running, with no plans to shift more staff imminently.
The U.S. bank will also have a private banking hub in Luxembourg.
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 was 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 theoretically be locating 'up to 1,000' people there. However, in April, the bank said it was delaying moves until Brexit is clarified.
Where will JPMorgan's European operations be after Brexit?
JPMorgan initially expected to move most of its its banking and markets businesses to Frankfurt after Brexit, but subsequently decided to move to Paris too. In March the bank was said to be looking for a new Paris office. It's not clear that it found one.
JPMorgan is 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 said to have around 400 people on standby for a move to Europe when Brexit happens.
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 was expected to move 400-500 people.
Where will Nomura's European operations be after Brexit?
Nomura's main hub after Brexit will be Paris. The bank had originally planned to move to Frankfurt, but said it was subject to a “constant charm offensive" from Paris and changed its mind. Nomura will also have an office in Frankfurt.
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. UBS is expected to move around 200 people there.
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 Karine Zenda on Unsplash
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