Bank by bank, here's where the London jobs are post-Brexit
Now that Brexit has happened, what has been the impact on banking jobs? An updated report from think tank New Financial suggests 440 financial services firms have moved some or all of their jobs out of London because of Brexit, along with around £900bn in bank assets (roughly 10% of the entire UK banking system). And this is just the start.
Dublin is the winner. 135 firms have chosen the Irish capital as their post-divorce location, followed by Paris with 102 firms, Luxembourg with 93, Frankfurt on 62, and Amsterdam on 48.
However, different cities have different strengths. Many of Dublin and Luxembourg's new residents are asset management firms. Frankfurt has attracted investment banks. Paris has attracted a mix of everything. Amsterdam has attracted traders and brokers.
Bank by bank, here's where New Financial says you can expect to be dispatched if Brexit goes ahead - and if your job requires you to deal with EU clients.
Where are Bank of America's European operations after Brexit?
Bank of America is moving part of its markets business to Paris and part of its banking business to Dublin. These will be its two main EU hubs post-Brexit, but it also has an office in Frankfurt. It also has offices in Amsterdam, Brussels, Frankfurt, Madrid, and Milan.
New Financial says Bank of America moved around 125 staff to Dublin. Its new markets hub in Paris now has around 400 staff.
Where are Barclays' European operations after Brexit?
Barclays' main post-Brexit hub is Dublin. It also has offices in Frankfurt and Paris.
New Financial says Barclays has moved 250+ people out of London.
Where are Blackrock's European operations after Brexit?
Blackrock is making Amsterdam its EU hub, but it also has an office for alternative investments (hedge funds and private equity) in Paris.
Where are BNP Paribas' European operations after Brexit?
BNP Paribas' EU HQ is simply be its global HQ in Paris.
New Financial says BNP Paribas has moved 250+ people out of London.
Where are Citi's European operations after Brexit?
Citigroup global markets division has offices in Paris and Frankfurt according to New Financial.
The bank had planned to make Frankfurt its post-Brexit markets hub, but staff reportedly rebelled and lobbied to be moved to the French capital instead. It also has offices in Amsterdam, Dublin, Madrid, and Milan.
New Financial says Citi is moving 250 people, of whom 150 are going to Frankfurt.
Where are Credit Suisse's European operations after Brexit?
Credit Suisse planned to move its EU-focused investment bankers to Frankfurt post-Brexit, and its salespeople and traders to Madrid. Credit Suisse also has offices in Luxembourg, Milan, Paris, and Dublin.
Where are Deutsche Bank's European operations after Brexit?
Deutsche Bank's European headquarters will clearly be in Frankfurt, where the bank's global head office is located. 250 or so people are being moved.
Where are Goldman Sachs' European operations after Brexit?
Goldman Sachs is moving its investment banking and markets businesses to Frankfurt and Paris after Brexit. It's moving its asset management business to Dublin. Goldman Sachs also has offices in Madrid, Milan, Stockholm, and Warsaw. The Milan and the Stockholm offices are new.
New Financial says Goldman Sachs is moving 400 to 500 people.
Where are HSBC's European operations after Brexit?
HSBC's European hub is in Paris. It also has offices in Amsterdam, Frankfurt, Dublin, Madrid, and Milan.
New Financial says HSBC is moving up to 1,000 people.
Where are JPMorgan's European operations after Brexit?
JPMorgan initially expected to move most of its its banking and markets businesses to Frankfurt after Brexit, but subsequently decided to move to Paris too.
JPMorgan is moving its asset management and wealth management businesses to Dublin and Luxembourg respectively. JPMorgan also has offices in Amsterdam, Madrid and Milan.
New Financial says JPMorgan is moving 400 to 500 people.
Where are Morgan Stanley's European operations after Brexit?
Morgan Stanley moved its investment banking and markets business to Frankfurt after Brexit. It's moving its asset management business to Dublin. Morgan Stanley also has offices in Amsterdam, Dublin, Madrid, Milan, and Paris.
New Financial says Morgan Stanley is moving 400 to 500 people.
Where are Nomura's European operations after Brexit?
Nomura's main hub after Brexit is Frankfurt. It also has offices in Madrid, Milan and Paris. New Financial says 100 are moving, mostly to Frankfurt.
Where are Natwest's European operations after Brexit?
Natwest's European hub is in Amsterdam. It also an office in Frankfurt. New Finanical says 150 are moving, mostly to Amsterdam.
Where are Societe Generale's European operations after Brexit?
SocGen's post-Brexit EU activities are in Paris, at its global HQ.
New Financial says SocGen is moving 250+ people.
Where are Standard Chartered's European operations after Brexit?
Standard Chartered's main European hub after Brexit is Frankfurt. It also has an office in Paris. New Financial says 100+ people are moving.
Where are UBS's European operations after Brexit?
UBS's main post-Brexit hub will be Frankfurt. It also has offices in Amsterdam, Madrid, Milan, Paris. New Financial says 200 people are moving, mostly to Frankfurt.
Where are Wells Fargo's European operations after Brexit?
Wells Fargo has moved its investment and markets business to Paris. It also has offices in Dublin and Frankfurt.
Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by William Warby on Unsplash
