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AtW
30th March 2017, 12:02
Setup shop in Brussels :eyes

LondonManc
30th March 2017, 12:07
They do 11% of their business in Europe so they've set up a subsidiary organisation there.

McDonalds do a lot of business in the UK, so they've got a big shiny office here. Not only that, they're moving their European Headquarters to the UK too.

diseasex
30th March 2017, 12:08
Setup shop in Brussels :eyes

https://www.bloomberg.com/news/articles/2017-03-30/jpmorgan-said-in-talks-for-dublin-office-that-holds-1-000-people

I'm sure that 1000 people will take back control of their lives now.


U.K. Prime Minister Theresa May’s plan to pull Britain out of the European single market has prompted international banks and insurers to begin looking to move jobs to other EU countries. Estimates for the number of people who could move range from 4,000 to more than 200,000.

LondonManc
30th March 2017, 12:18
https://www.bloomberg.com/news/articles/2017-03-30/jpmorgan-said-in-talks-for-dublin-office-that-holds-1-000-people

I'm sure that 1000 people will take back control of their lives now.

Estimates from 4,000 to over 200,000?

Wow, with that degree of accuracy, sasguru could look accurate. :laugh:laugh

AtW
30th March 2017, 12:37
They do 11% of their business in Europe so they've set up a subsidiary organisation there.

I reckon a lot more business would go to that subsidiary

LondonManc
30th March 2017, 12:39
I reckon a lot more business would go to that subsidiary

I'm very pleased for you.

scooterscot
30th March 2017, 12:47
They do 11% of their business in Europe so they've set up a subsidiary organisation there.

Lloyds do 89% of their business in the UK?

I don't think so.

AtW
30th March 2017, 12:49
Lloyds do 89% of their business in the UK? I don't think so.

Yep, most of their business got to be international - all this will go to Brussels too.

scooterscot
30th March 2017, 12:53
Yep, most of their business got to be international - all this will go to Brussels too.

Are you saying it is possible to trade internationally outside the EU? Why did no one say this before?!

LondonManc
30th March 2017, 13:07
Lloyds do 89% of their business in the UK?

I don't think so.

:rollin::rollin:


Breaking news:
Lloyds of London trade globally. 11% is European mainland. 89% is rest of the world, including the UK.



Yep, most of their business got to be international - all this will go to Brussels too
Clueless guessing, standard bremoan speculation.

Mordac
30th March 2017, 13:34
Lloyds do 89% of their business in the UK?

I don't think so.

And you'd be correct, it means they do 89% of their business in the rest of the world excluding the EU.

(Assuming that 11% figure is accurate, anyway.)

Edit: The Manc got there first, but Scooty has a better chance of understanding something if he reads it twice.:smokin

Mordac
30th March 2017, 13:36
Yep, most of their business got to be international - all this will go to Brussels too.

Well since you're now the World Authority On Absolutely Everything you'd better tell Lloyds that - they don't know about it yet. :eyes

AtW
30th March 2017, 13:41
Well since you're now the World Authority On Absolutely Everything you'd better tell Lloyds that - they don't know about it yet. :eyes

What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

squarepeg
30th March 2017, 14:57
What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

Not necessarily. Being inside the EU doesn't work for a lot of companies for whatever reason, mainly regulatory. See Standard Chartered, for example. They are doing nicely not doing business in the EU. LoL are doing what all businesses with a significant portion of their income coming from the EU are doing, creating subsidiaries in the EU to handle the EU part of their business.

shaunbhoy
30th March 2017, 15:17
What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

Yes, but you are incapable of organising the purchase of furniture, so why should anyone take you seriously?

:laugh

Chuck
30th March 2017, 15:24
Lloyds already have offices around the world (https://www.lloyds.com/lloyds/offices) to cater for local markets, including throughout Europe.

Why is this news? More scaremongering nonsense.

scooterscot
30th March 2017, 15:46
How is it possible Lloyds can trade around the world whilst being based in the EU? What sorcery is this?

Mordac
30th March 2017, 15:48
What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

I doubt much, if any, of Lloyds business derives directly from the UK "being in the EU". They are the worlds largest specialist insurance & reinsurance market, and still the worlds largest shipping insurance market (by far). If you have an oil rig, or a cruise liner, or a fleet of aircraft to insure, you go to Lloyds. The idea that EU organisations will go "somewhere else" for such specialist insurance is fanciful and ridiculous - there isn't really anywhere else to go.
There my be some tax and regulatory advantages gained by having a small base inside the single market, but it will only ever be a subsidiary of the London operation. I only spent about a year there, and it was a while ago, but I doubt things have changed much, given that it didn't change much in the previous 3 centuries.
One thing has changed though, I heard they have banned drinking during working hours:eek. That will cause a drop in business, especially for the pubs and wine-bars around Leadenhall Market. Those were the days...:cheers:

squarepeg
30th March 2017, 15:52
I doubt much, if any, of Lloyds business derives directly from the UK "being in the EU". They are the worlds largest specialist insurance & reinsurance market, and still the worlds largest shipping insurance market (by far). If you have an oil rig, or a cruise liner, or a fleet of aircraft to insure, you go to Lloyds. The idea that EU organisations will go "somewhere else" for such specialist insurance is fanciful and ridiculous - there isn't really anywhere else to go.
There my be some tax and regulatory advantages gained by having a small base inside the single market, but it will only ever be a subsidiary of the London operation. I only spent about a year there, and it was a while ago, but I doubt things have changed much, given that it didn't change much in the previous 3 centuries.
One thing has changed though, I heard they have banned drinking during working hours:eek. That will cause a drop in business, especially for the pubs and wine-bars around Leadenhall Market. Those were the days...:cheers:

According to their official legend (https://www.lloyds.com/lloyds/about-us/history) they started in a London caf... maybe they want to compete with Costa?

Mordac
30th March 2017, 16:24
According to their official legend (https://www.lloyds.com/lloyds/about-us/history) they started in a London caf... maybe they want to compete with Costa?

The original Lloyds was indeed a coffee shop, but that was when your first name had to be Lord or Duke to afford a cup. Hence a cargo of coffee would be worth the equivalent of millions today. There was more money in insuring the coffee (and whatever else) than selling it.

shaunbhoy
30th March 2017, 16:37
The original Lloyds was indeed a coffee shop, but that was when your first name had to be Lord or Duke to afford a cup.

So not much has changed!!

:tantrum:

NigelJK
31st March 2017, 10:19
Worked in the reinsurance market myself via an outfit called Eurobase. Biggest buyers were the Americans, who at that time were insuring every shuttle launch ...