Last month, Theresa May warned that the UK’s financial companies could lose full passporting rights and single market access, leading to even higher anxiety, particularly in the City of London.
The air of uncertainty had already prompted several companies to take action and prepare for post-Brexit life in new European hubs. In recent months, much has been written about the threat of financial relocations but which companies have actually followed through with the threat and announced they will shift staff abroad?
Bloomberg has kept track of banks announcing plans to relocate staff and the following infographic provides an overview of the situation with London’s loss Frankfurt’s gain.
Goldman Sachs recently announced to its investment bankers and traders that their future may well lie in in Germany’s financial capital. The firm has already said it intends moving 1,000 of its 6,000 strong staff to Frankfurt.
It’s just one of many organizations to announce a shift to other EU hubs with UBS planning to shift 1,500 of its workforce in the UK to Frankfurt and Paris.
Depending on the outcome of talks on a future trade agreement, these initial moves could just herald the start of London’s financial exodus.