“Ninety of the companies that responded said they would have to move staff or restructure their businesses because of Brexit, although only 59 specified numbers. The rest said it would either have no impact or they were still deciding what to do or they declined to comment.”
17 asset managers planned for a total of 381 positions to be moved or created inside the EU, but only 43 roles had already been relocated. 35 banks put the number collectively at 1,350 jobs. 21 insurers said 96 out of a predicted 233 roles had already been shifted to a new EU location.
In the news agency’s third survey, published in September, financial outfits had estimated a total of 5,766 positions would be shifted ahead of the 29 March Brexit deadline. The figure was 9,777 roles in the first Reuters survey released in September 2017.
Brexit preparation costs
Reuters said that seven financial companies provided their Brexit planning budgets. An asset manager reported costs of £1m and another put the figure at £2.5m. One bank said $100m, while a second said it had spent £28m which could potentially rise to £300m. Three insurers reported costs of £150,000-£4m.
132 asset managers, banks, exchanges, insurers and ratings agencies participated in the Reuters poll. The survey was conducted 3-28 January.