How many jobs could leave London if the UK fails to secure passporting rights or the free movement of labour after Brexit? 50,000? 80,000?
Actually, when it comes to traders, sales staff and advisory professionals, there are only 10,700 people in London, according to analysis from research firm Coalition.
28% of ALL front office investment banking headcount globally is based in London. 75% of revenue generators in EMEA are in the City.
Do they need to be? Just 40% of EMEA revenues across equities and FICC are generated in the UK.
The whole idea of pooling people in one location may have to change. Support functions are already heading out to cheaper locations anyway, but the front office is likely to become more fragmented.
Specifically, Coalition suggests that sales and coverage teams currently based in London will be impact first by Brexit. Local country teams will become more important and centralised teams in London will be broken up.
As ever, there's still little clarity. Most investment banks have simply frozen recruitment plans, it says, until it become more apparent what impact Brexit will have.
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