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Report: London i-banking has lost fewer jobs than expected due to Brexit

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Report: London i-banking has lost fewer jobs than expected due to Brexit

The London investment banking industry has so far seen about 1,000 jobs move to rival hubs like Frankfurt and Paris since the Brexit referendum, far fewer than some estimates of tens or hundreds of thousands, Bloomberg News reported, citing a report by consultancy EY.

Omar Ali, U.K. financial services leader at EY, said in the report that firms have the "building blocks in place" but so far moved fewer assets and staff to Europe than expected. The report, which tracked 222 firms' comments on Brexit, said that the slowdown in transfers reflected the U.K.'s decision to delay its exit from the EU at the end of March and the industry's belief in its preparations for a no-deal Brexit.

The European Central Bank, noting the sluggish movement in activities and assets, called on banks to step up their contingency plans for Brexit. The regulator also warned entities that they may not be able to complete the full execution of their target operating models within the timelines agreed with their supervisors, which could potentially impact their profitability.

According to an unchanged estimate from a previous survey, the industry could potentially move assets worth £1 trillion from London, Bloomberg reported. EY, which didn't report the value of assets already transferred from the city, said that firms could end up relocating 7,000 jobs in the near future, the newswire added.