Brexit: Banks to move fewer London jobs than initially feared

Article 50 of the EU's Lisbon Treaty. Photo illustration taken in Brussels, Belgium, June 24, 2016. REUTERS/Francois Lenoir/Illustration/Files

UBS could move as few as 250 people from London as a consequence of Brexit, lower than  the earlier figure of  1,000 that the bank had threatened to move after the Brexit vote,  because it thinks it will be able to keep many of its back and middle office functions in the City, the FT reported last week. 

Other banks have also subsequently signalled far lower Brexit departure numbers than were initially feared.

Citi said in July that it would add only 150 jobs in its Frankfurt hub  and HSBC, Britain’s biggest bank, said it will wait as a long as possible before shifting jobs out of London.

Meanwhile, EU’s banking watchdog, the European Banking Authority, has warned that it will not allow banks to use shell companies in EU countries to retain single market access for businesses that remain in effect UK-based.

Most investment banks have applied for the licences they will need for their post-Brexit businesses and some have already begun extending their property leases in Frankfurt, Paris and Dublin.

Source: FT