Homepage / Currency / Britain could lose 40,000 investment banking jobs in Brexit exodus
Menyelami Dunia Slot Thailand: Keseruan dan Peluang Kemenangan Besar Menyelami Dunia Slot Thailand: Pengalaman Bermain yang Tak Terlupakan How discover a local single milf inside area what exactly is bi dating and just why in case you test it? Asian Dating Guide: Things to Know and Tips in 2022 – RomanceScams.org Online Casino Video Games Play Now And Win Bi ABRAMAK Bilgi Teknolojileri 7 Items That Bi Poly Folks Can Connect With what’s a shemale hook up site? 1WIN зеркало рабочее на сегодня: вход на официальный сайт и личный кабинет БК 1ВИН Meet the perfect lonely housewife for you Slot Oyunlarında Deneme Bonusları ile Maksimum Kazanç The Benefits of Learning a Second Language Онлайн Казино Адмирал X Pin Up On Line Casino Oyna Türkiye, Pinup’un Resmi Web Sitesi 7 Slots’n Sunduu Byk Avantajlar! Canlı Bahislerde Anında Kazanç Sağlama Teknikleri Discover the joys of crossdressing dating Chiesa Bisa Bela Liverpool Usai Pulih dari Cedera, Arne Slot: Ada Syaratnya! Maturesforfuck analysis UPDATED 2023 | casino milyon1’ýn En Kazançlý ve Cazip Slot Oyunlarý Chat with japanese women – find your perfect match now Enjoy enjoyable & exciting online conversations Pin Way Up Turkey Online Casino Resmi Sitesi Giriş Ve Kayıt Pin-up Casino Resmi Internet Sitesi Online Casinoda Gerçek Parayla Oynayın İstanbul’da Yeni Üyelere Free Spin Veren En Popüler Siteler Sanal Kumar Oyunları Nasıl Oynanır Adım Adım Rehber ile Kazanma Şansınızı Artırın Could It Possibly Be Smart To Pick Up Girls On Facebook? | Dating Logic Opening the Mysteries of Tarot Card Card Free Analysis The Ultimate Overview to Numerology Calculator The Ultimate Guide to Tarot Cards Free The Tarot card Fits: A Comprehensive Overview Opening the Mysteries of Online Tarot Card Readings The Power of Numerology Calculator: Understanding the Significance Behind Numbers Opening the Power of Indian Numerology Calculator Meet singles whom love to have fun Enjoy a safe and protected dating experience on our platform Pin-up Casino Türkiye Sobre İyi Canlı On Line Casino Oyunları Ve Position Makineleri Girişi Sabitle Resmi Pin Up Casino Web Sitesinde Oynayın Kumarhaneler-pinup Çekmeköy Belediyesi Zabıta Müdürlüğü Asliye Ceza Mahkemesi ve Görevi O Melhor Cassino E Apostas Esportivas Do País E Do Mundo ᐈ Pin-up Join our bbw adult site and start your dating journey today Mengetahui Jenis-Jenis Permainan yang Tersedia di Royale168 Jogar͏ Collision Slot Aviator No Casino Online͏ Pin-up How to find cougar women – guidelines and tricks what exactly is a black cougar woman? Бесплатные Онлайн-слоты Играйте В Оригинальные Слоты Gaminator Онлайн Um Líder No Mundo Perform Entretenimento De Jogos De Apostas Бесплатные Онлайн-слоты Играйте В Оригинальные Слоты Gaminator Онлайн Leon Online Casino Έως 1 500 Ανά Κατάθεση! Get to learn other gay males inside area Онлайн-казино остальной Лучшие%2C Рейтинг%2C Топ-10 В 2024 году Enjoy an incredible dating experience with beautiful bisexual women 1win Apostas E Cassino On-line No Brasil Web-site Oficial Najlepsze Kasyna Z Blikiem 2024 Игровые Автоматы Играть бесплатно И Без Регистрации В Казино Онлайн A couple of things to learn about Online Dating – MeetKing Website Basaribet’ýn En Popüler ve Kar Getiren Slotlarý Slotcatalog ᐈ Ne Oynanır? Nerede Oynanır? 1win Ci: Découvrir Votre Experience De Rome Et Jeux Inégalée “”1win Uzbekistan ⬅️ Rasmiy Sayti Bukmekerlik Kompaniyasining Al Afrah Plastic-type Product Trading” Casino Oyun Masası: Rulet & Blackjack How To Locate Swingers and Fulfill These – 27 Items You Should Be Aware Of  – The Woman Standard Unlocking the Mysteries of Online Psychic Analysis Aplikacja Total Casino Jak Pobrać? Total Casino Blog 1win Within Contrast In Order To Manage To Helsinki Reds » Quotations, Odds, Friendly Evaluations & Stat Blog Nouveaux Casinos Sur Internet Leading 15 Casinos Sobre France 2024 Australian No Deposit Bonus Casino Codes: Clean List 2024 Новые Игровые Автоматы И Слоты Играть Бесплатно И без Регистрации В Новинки 2024 Игровые Автоматы в Деньги С Выводом Играть Онлайн а Лучшие Слоты Игровые Автоматы в Деньги С Выводом Играть Онлайн а Лучшие Слоты 2024’te Yatırımsız Bonus Veren Siteler Listesi Join our mexican dating services & take pleasure in the journey of love +4770 Slot Gratis Senza Scaricare Ottobre 24 2024’ün En Cazip Bahis Siteleri ve Kazanç Sağlama Yolları “Gambling & Online On Line Casino Site Login Slot Oyunları İçin En İyi Bonus Seçenekleri dec (5838) Bahis Stratejileriyle Gelirinizi Katlamanın İpuçları “1win Официальный Сайт Букмекера 1вин Идеальный выбор Для Ставок а Спорт И Онлайн-игр 1win Sportsbook Log In To 1win Betting And Obtain Your Sports Bonus Start dating a milf and revel in a fun, exciting relationship Игровые Автоматы Онлайн Бесплатно и Без Регистрации%2C ото Крупнейших Провайдеров Cassinopix é confiável? Veja a nossa análise completa 333Bet é confiável? Paga mesmo? En İyi Bahis Siteleri Türkiye’de Güvenilir ve Kazandıran Siteler 2021 Yılında En İyi Bahis Siteleri – Güvenilir ve Kazançlı Türkçe Bahis Siteleri Best Real Money On-line Casinos In Australia 2024 Play In Au$ Best Online Internet Casinos Canada 2024: Top Ten Casino Sites With Regard To Ca Players Pin Up Deposit 1win How To Down Payment And Withdraw Money From Your Account Meet your ideal millionaire sugar daddy – here is how “l’armée Ivoirienne Attaquée Par La France”: Comment Une Fausse Information A Émergé En Côte D’ivoire” Cazip Deneme Bonusları ile Oyun Keyfini Artır Exploring the planet for love: what you ought to find out about top international dating sites SecretMilfClub Review in 2021 – Read All of our Scam Report! – RomanceScams.org Glory Casino Login In Addition To Registration Instructions Intended For Bangladesh Users The features of dating an older guy for younger women O Melhor Cassino E Apostas Esportivas Do Brasil ᐈ Pin-up Yüksek Kazançlı Bahis Stratejileri: Bonus Kullanımının Önemi Hoşgeldin Bonusları ile Bahis Oyunlarında Kazanç Sağlama “azərbaycanda Onlayn Kazino Pin Up Pin Up Slot Machine Game Maşınları”

Currency, United States Finance

Britain could lose 40,000 investment banking jobs in Brexit exodus

The U.K. could lose up to half of its investment banking jobs over the next few years if the government continues to pursue a hard-line exit from the EU, a new report has warned.

As many as 40,000 sales and trading and investment banking roles could move from the City of London to other European finance hubs as banks scramble to maintain access to the European single market once Britain leaves the bloc in 2019, according to estimates from consultancy Oliver Wyman.

Already a number of banks, including Citigroup, UBS and Barclays, have announced plans to relocate thousands of jobs to new subsidiaries across the EU. Financial services firms were given until July 14 to present the Bank of England with their contingency plans.

Initially these moves are expected to take between 12,000 and 17,000 wholesale banking jobs out of the U.K. capital. However, this number could rise to 40,000 over the longer-term as wholesale banks face uncertainty over clearing and seek to improve collaboration between staff.

“Banks have been working hard to design ‘Day 1’ operating models to ensure continuity of client service in the event of a hard Brexit. Although some banks may take the opportunity to restructure their European footprint more broadly, most are looking to minimize expense and disruption by relocating as little as possible in the first instance,” the report released Tuesday noted.

Over the medium term, however, pressures are likely to grow for banks to move beyond their initial ‘Day 1’ operating models,” it added. “These pressures are likely to lead wholesale banks to increase their presence inside the EU over time.”

The wholesale banking industry, which includes sales, trading and investment banking, accounts for 80,000 jobs in the U.K., according to Oliver Wyman estimates. The consultancy separately estimates that the wider financial services industry, including insurers and retail banks, will lose 31,000 to 35,000 jobs over the medium term.

The impact of such job losses would be striking, not just for the industry but the U.K. economy as a whole. The financial services industry is one of the largest contributors to U.K. gross domestic product (GDP), accounting for 22 percent of London’s GDP alone.

British Prime Minister Theresa May has been pushing for a so-called ‘hard Brexit‘, which would remove the U.K. from the single market and end the free movement of people. Finance minister Philip Hammond has proposed a ‘transition period’ of up to three years to help businesses navigate the new framework once Britain leaves the union.

However, the report insists that the financial services industry will not be able to wait until then to gain clarity.

“The U.K. government has signalled a clear commitment to a transition period. Yet the agreed timetable for Brexit negotiations will initially prioritize the divorce bill, the Irish border, and the status of expats. Until an implementation period is formally agreed with the EU, banks will not be able to rely on this in their planning.”

The report comes as German lender Deutsche Bank exchanged a pre-let agreement for its new City of London headquarters Tuesday. Discussions over the 25-year lease were seen as a vote of confidence in the City of London, however, the bank has since indicated that it will also move thousands of jobs to Frankfurt as part of a shift of its securities trading business.

Follow CNBC International on Twitter and Facebook.

Source: cnbc
Britain could lose 40,000 investment banking jobs in Brexit exodus

Comments are closed.