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Burt06
14 Dec 17 20:56
Joined:
Date Joined: 13 Dec 11
| Topic/replies: 2,019 | Blogger: Burt06's blog
Fewer than 4,600 banking jobs will be moved out of London because of Brexit, according to new research.

That figures represents just 6% of the total number of people employed by big international banks in the City – and is far below previous, gloomier predictions.

The Financial Times estimate is based on statements from 15 of the UK’s biggest banks, interviews with more than a dozen executives and industry benchmarks.

Its research revealed:

    Deutsche Bank – just 350 jobs could be moved out of London, well below the previously publicly-stated 4,000
    JP Morgan – about 700 posts could be relocated, again far below the 4,000 London job losses earlier predicted by boss Jamie Dimon
    Goldman Sachs – expects to move fewer than 500 staff out of the UK capital, despite opening a new office in Frankfurt that can accommodate 1,000 people

“Every city wants thousands of people, but what are they going to do?” one senior executive at a large US institution told the FT.

He said staff at its London office “cover clients” who will mostly be remaining in the UK.

Financial institutions have warned in the past that tens of thousands of jobs will vanish from London and the UK after Brexit in March 2019.

https://uk.yahoo.com/finance/news/brexit-banking-jobs-exodus-will-far-lower-feared-103134916.html

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Report Wallflower December 14, 2017 9:31 PM GMT
Its way, way, way more than the range 350-700  mentioned. I'm speaking from a very informed position in reference to your post. In discussions on this 2-3 times weekly.


Indeed plans afoot to move whole operations. This is another fact. Its turns out its not feasible to not everything immediately - but approach is now to make the initial move and gradually over 4-8 years most of it will be gone. This is not "scare-mongering" this is something fully underway in my day to day job (I'm not directly involved - but I am "informed", and of course the heavy-duty technical infrastructure guys tell me exactly what is movingPlain)


(Though in our case perhaps the numbers are higher because its not London - its UK-wide).
Report Wallflower December 14, 2017 9:32 PM GMT
*move everything*
Report Wallflower December 14, 2017 9:33 PM GMT
*not only London*
Report unitedbiscuits December 14, 2017 9:44 PM GMT
Report PorcupineorPineapple December 14, 2017 11:56 PM GMT
Is this not simply in response to the fact it now looks like a very soft brexit, after a long transition period and with an election somewhere in all that too?
Report lfc1971 December 15, 2017 12:08 AM GMT
pity we couldn't get rid of all of them , the country would be wealthier and better off without the parasites
Report treetop December 15, 2017 1:17 AM GMT
Never mind Labour will do that if they get in and McDonnell has his way.
Report InsiderTrader December 15, 2017 12:04 PM GMT
The contingency planning is based on the high probably of a communist government in the UK.

The so called fall in the value of the pound and other forecasts are nothing compared to what would happen if UK turned into a Marxist state.
Report Wallflower December 16, 2017 3:39 PM GMT
"The so called fall in the value of the pound ..."

?? !!  FFS - it's not "so called", it has happened and is happening (though not necessarily a bad thing) - but "so called" does indicate a blinkered viewpoint.

The pound is likely to continue trickling downwards until their us certainty. If there is a trade deal then you expect it to rise, though I would expect even if there is no deal it will rise too (though not as much) as the uncertainty should have gone.

The real issue here is the on-going - will there/ wont there be a trade deal? in/out of CU/SM etc with no resolution in sight the pound you would expect a "so-called"Cool downward trajectory
Report Wallflower December 16, 2017 3:40 PM GMT
"there is uncertainty"
Report dave1357 December 16, 2017 7:29 PM GMT
When it all goes t1ts up Insider Trader and his cronies are now going to blame it on Marxists.  First rule of brexit club "A big boy did it and ran away".
Report unitedbiscuits December 16, 2017 7:51 PM GMT
The "so called" fall in the value of the pound Laugh

uk.reuters.com/article/us-britain-markets-sterling/sterlings-post-brexit-fall-is-biggest-loss-in-a-hard-currency-idUKKCN0ZN1R0

The day after the referendum was the biggest one day fall of a major currency ever, since currencies started floating. Betfair users in the UK found themselves immediately worth less than other players round the world. And just as we became the poor relations on the gaming tables, so we became the international poor relations in the game of life.

That's what InsiderTrader and the rest of the Leavers did for us all.
Report Injera December 21, 2017 7:19 PM GMT
http://www.dailymail.co.uk/news/article-5198759/Britain-tops-ranking-best-countries-business.html

Britain has been crowned the world’s best country in which to do business in a major vote of confidence ahead of Brexit.

It is the first time this country has taken the top spot in the Forbes annual survey after rising from fifth last year.

Brexit supporter John Longworth, former head of the British Chambers of Commerce, said: ‘This week the CBI reported manufacturing order books at a 30-year high and now Forbes are saying we are the best country in which to do business. This confounds the naysayers at the IMF, Bank of England and Treasury and shows the future is bright for Brexit Britain.’
Report Dr Crippen December 21, 2017 7:29 PM GMT
What's that at 19:51?

I spy with my little eye something beginning with U - unitedbiscuits!

Come on UB let's have another anti-Brexit thread.

That will be No 133.

Can't wait.
Report Wallflower December 21, 2017 9:57 PM GMT
Ok -   British Camber of Commerce (quoting a ranking,  i.e vox pop)    vs     Data from the IMF, Bank of England, Treasury  ........  ehmm, let me see, oh forget it.Shocked

Get a grip. FFS!
Report Shab December 25, 2017 4:58 PM GMT
but approach is now to make the initial move and gradually over 4-8 years most of it will be gone

Love logic like this.

Disaster will be right after the referendum ...... erm..... no
Disaster will be right after Article 50 is invoked .........erm ......no
Disaster will be right after we leave ......erm ........ not looking likely
Disaster will be 4 or 8 years away.

Fooking laughable.
Report Pounf December 25, 2017 6:52 PM GMT
What have the bankers ever done for us...
Report moisok December 26, 2017 5:46 PM GMT
I see more organisations are reassessing their gloomy forecasts and that person Osbourne (remember his emergency budget for the day after the VOTE)   what happened to that?
He is talking about a comeback

ho ho
Report unitedbiscuits January 19, 2018 11:11 AM GMT
Oh oh

https://www.ft.com/content/e9a04db8-fc84-11e7-9b32-d7d59aace167
Report unitedbiscuits January 19, 2018 11:13 AM GMT
Apologies, same message, free link:

/www.theguardian.com/politics/2018/jan/18/macron-rebuffs-city-deal-after-brexit-unless-uk-pays-into-eu-budget
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