23 May 2018
Thousands of banking jobs could move out of Britain as finance companies look to set up regulated subsidiaries in European Union countries to be able to sell products across the bloc once Britain leaves in 2019.
The total number of financial services jobs expected to be moved elsewhere after Brexit Day has halved to 5,000, a recent Reuters survey showed, but momentum for change among individual banks is starting to pick up.
Following are related stories about top banks’ Brexit moves (in alphabetical order):
ASSOCIATION OF FOREIGN BANKS IN GERMANY
The association expects 3,000 to 5,000 new jobs in Frankfurt over the next two years, its head Stefan Winter, of UBS, told Welt am Sonntag in June. He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones.
On March 14, the body said it expected around 20 banks to expand presence in Germany after Brexit.
BANK OF AMERICA CORP
Bank of America (BAC.N) has picked Dublin as a new base for its EU operations.
The bank said in August 2017 that its businesses and results could be adversely affected and it might have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU.
A corporate filing reported in May showed the bank intended to relocate up to 125 jobs from Britain to Ireland. The bank said employees in finance, risk, compliance, technology and credit functions would be affected and the moves will take place between July and December this year.
Barclays (BARC.L) has signed a lease agreement for more office space in Dublin as it prepares to expand its operations there to cope with the impact of Brexit.
Chief Executive Jes Staley has said that the group will keep the bulk of its activities in Britain and any changes to how the bank operates would be small and manageable.
Staley said Barclays was having to put plans in place for dealing with Brexit without clarity on how political negotiations will go.
Barclays could move hundreds of staff out of Britain post-Brexit, the British bank’s chairman told a parliamentary committee hearing.
BNP Paribas (BNPP.PA) may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French bank’s efforts to win new UK business, a source said. The company had 3,123 staff in its corporate and institutional bank in Britain at end-2016, down from 3,294 a year earlier, internal documents seen by Reuters showed.
– Reuters, 17 May 2018
Link to Reuters.
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