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Banks to move thousands of jobs over Brexit

20 January, 2017, 00:59 | Author: Abraham Jackson

While May insists that Britain will abandon the EU's common market, Khan said she should press still in Brexit negotiations for "privileged access" to the trading area and for London to have the ability to hire the right talent from overseas.

Leading financial firms warned for months before Britain's June referendum on European Union membership that they would move jobs out of the country if there was a vote to leave but have set out few details since on how many will go or where to.

While warnings by financial institutions that they will shift jobs away from London due to Brexit poses a risk the country's economy and commercial property markets, there was a call on Thursday to "take their threats with a dose of scepticism".

Mr Dimon said that number could rise or fall "depending on negotiations".

"Operating our business to maximise our global potential, we were trying to get as much into the United Kingdom as we could".

Earlier this week, HSBC announced it plans to move up to 1,000 jobs to Paris while UBS is shifting the same amount of jobs to Europe.

But the USA investment bank played down reports that the bank may cut London staff in half to around 3,000, while organising transfers to NY and to a new subsidiary in Frankfurt.

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"We continue to work through all possible implications of the Brexit vote".

'We're slowing down that decision'.

The company is considering moving as many as 1,000 employees including traders and compliance managers to Frankfurt as the firm shifts operations across the Continent and to NY, the newspaper said.

'As a result, we have not taken any decisions as to what our eventual response will be'. "One of the things I am doing is not just lobbying the British government but lobbying businesses to press upon their governments the fact that a hard Brexit would be bad for London and for Europe too", Khan told CNBC broadcaster in an interview on the sidelines of the Davos economic forum.

Financial firms have accepted that they will lose their "passporting" rights to freely sell services across the 28-nation bloc after Brexit, but want more time to adapt to whatever terms are agreed with the EU.

Barclays' chief executive Jes Staley, meanwhile, confirmed the bank's commitment to Britain.

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