City Bankers Warn Government of Staffing Changes in Hard Brexit

Two of the largest investment banks in the City of London have said that some staff will definitely have to move abroad when the UK leaves the EU.

HSBC’s chief executive, Stuart Gulliver, told Bloomberg he was preparing to move 1,000 staff from London to Paris.

And Axel Weber, boss of Swiss bank UBS, told the BBC “about 1,000” of its 5,000 London jobs could be hit by Brexit.

The comments underline that many thousands of banking jobs may move.

UK citizens voted in a referendum last June that the country should leave the European Union.

Since then, there has been widespread speculation that many financial jobs based in London might migrate to cities in the rest of Europe, such as Dublin, Paris or Frankfurt, so that the banks concerned could continue to offer their services to EU clients.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza