• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics

London banks braced for no-deal Brexit as jobs and billions in assets to leave UK

One bank moved around 200 billion euros (£184 billion) of assets from London to Frankfurt.

Joe Mellor by Joe Mellor
2020-12-12 09:46
in Business and Economics
FacebookTwitterLinkedinEmailWhatsapp

The major banks have been moving significant numbers of jobs and offices out of London for years and more are to leave as we move into a new economic and political landscape in 2021.

Bankers in London are awaiting the fallout that Brexit may bring, but have largely already factored in the worries of a no-deal in their planning.

“We’ve been working since the referendum in 2016 to prepare the financial system for a range of possible outcomes, but obviously focusing particularly on what we call the no-deal exit, because that has the most implications,” Bank of England governor Andrew Bailey said on Friday.

Disruption

The central bank has found that most risks to the UK’s financial stability from no deal had already been mitigated, but still said there could be “some disruption to financial services”.

Our latest #FinancialStabilityReport shows what measures we are taking to ensure the financial system remains strong and resilient. https://t.co/0ViHmiHvRP pic.twitter.com/8WNwaHsKo3

— Bank of England (@bankofengland) December 11, 2020

Many of the companies that have decided to move staff from London to Frankfurt, Paris and other European cities, have largely already done so.

Bank of America already completed the move of its international arm to Dublin two years ago. Around 125 jobs were reported by Reuters to be part of the move, though more may follow.

Barclays has estimated its Brexit bill will be about £200 million and it will move 150 to 200 jobs from the UK. UBS projected costs of about 100 million to 200 million dollars (£76 million to £152 million), the Financial Times reported in 2019.

Another American bank, JPMorgan Chase, moved around 200 billion euros (£184 billion) of assets from London to Frankfurt.

Jobs hit

It has also told about 200 staff in London to expect their jobs to move out of the country, while BNP Paribas plans to create 400 jobs in Europe because of Brexit.

RelatedPosts

UK companies flock to Germany to get foothold in Europe

Business guru Tom Glanfield reveals the secret to successfully scaling a business 

Charging consumers for sewerage upgrades ‘the only sustainable way’

Brexit deal could wipe out thousands of jobs in Leave-voting areas

Citi said in 2017 it would move about 63 jobs out of London, Credit Suisse reportedly has plans to move 250 jobs, Deutsche Bank initially warned that about 4,000 jobs might be hit in the UK, but those predictions do not have seem to come to pass. Last year Reuters reported that the bank was planning about 250 job moves.

It has also been reported that Goldman Sachs will move around 100 jobs. HSBC has only moved a handful, Morgan Stanley was reported to be switching about 200 to Frankfurt, and NatWest Group moved about 100 from Britain to Amsterdam.

Earlier this year German bank Landesbank Hessen-Thuringen Girozentrale said it expects Brexit to create around 8,000 jobs in Frankfurt in the long run, across all banks.

Related: As Brexit talks enter final 48 hours UK threatens to deploy no-deal gun boats

Content Protection by DMCA.com

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: The Thing About Wrexham’s Cinderella Story

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

More from TLE

PMQs 23rd November – I’ll show you all my assets…just be patient 

Spirit of the Week: anCnoc 2002 Whisky

Donald Trump releases “Fake News Awards” as The Post hits the big screen

‘Better than ever’ -102-year-old great-grandmother survives coronavirus

Steve Baker calls David Frost ‘hero’ for joining anti-Covid group – reactions

Figures show number of people who worked at British embassy in Afghanistan who remain in country

Supreme Court rules PM Boris Johnson went beyond his powers with prorogation move

Restaurant Review – Shikumen Finchley Road

Is It Time For Britcoin?

Review: Now You See Me 2

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.