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Brexit successfully drives out economic parasites

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    Brexit successfully drives out economic parasites

    More great news from the triumph that is Brexit.

    Bank of America announced in July 2017 it would move its European operations out of London to Dublin.

    The Irish capital is emerging as a top destination for businesses seeking post-Brexit relocation alongside the German business hub of Frankfurt.

    Felix Hufeld, the president of Germany’s top financial regulator BaFin, said the watchdog will deal with requests to establish hubs on a "first come, first served" basis, hinting banks hoping to relocate need to do so before the Brexit deadline.

    Mr Hufeld believes the European Union should prepare for a hard Brexit because "negotiators have not made sufficient progress on the designated key separation issues".

    He said: "One thing that we will not accept under any circumstances is empty shells or what we call letterbox models.

    "Banks that are planning a comprehensive division of work between offices in London and the EU need to transplant and split up their entire ecosystem established over the years – that means IT infrastructures, knowledge, processes and people."

    Lobby group Frankfurt Main Finance forecasted earlier this year that around 10,000 bankers will migrate out of London to Germany because of Brexit.

    Goldman Sachs chairman Llyod Blankfein strengthened the group's prediction, writing on Twitter: "Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."
    Brexit latest: Bank of America CEO slams Britain's decision to leave the European Union | UK | News | Express.co.uk

    #2
    and normal service is resumed...

    Comment


      #3
      Originally posted by Pip in a Poke View Post
      and normal service is resumed...


      You saw Brexit in the title. You don't have to read it or comment.

      Some people do want to discuss it - leave them to it.

      Comment


        #4
        Originally posted by BrilloPad View Post


        You saw Brexit in the title. You don't have to read it or comment.

        Some people do want to discuss it - leave them to it.
        WHS
        Hard Brexit now!
        #prayfornodeal

        Comment


          #5
          Originally posted by BrilloPad View Post


          You saw Brexit in the title. You don't have to read it or comment.

          Some people do want to discuss it - leave them to it.
          Exactly. One new thread over the course of a weekday is hardly excessive.

          Comment


            #6
            It's not just banking, whole swathes of the pharma industry are setting up in Europe too:

            Here's Britain's biggest pharma for example:

            https://www.theguardian.com/business...lant-in-europe

            "The company is not planning to move operations out of the UK, but if no deal is reached, it will duplicate certain facilities in Europe, allowing it to retest drugs manufactured in Britain and shipped to the continent".

            Walmsley said: “We are not thinking of any relocation out of the UK, but … we are looking at contingency planning in terms of testing facilities, to allow us to have as seamless a transition as possible, and make sure we are providing secure supply to the patients that need our drugs and medicines.”

            It's inefficient to duplicate test facilities and retest drugs in the long run - and in that case doing the testing in your largest market is a no-brainer.
            So eventaully this will lead to loss of jobs in the UK.
            Last edited by sasguru; 27 October 2017, 11:21.
            Hard Brexit now!
            #prayfornodeal

            Comment


              #7
              Originally posted by sasguru View Post
              It's not just banking, whole swathes of the pharma industry are setting up in Europe too:

              Here's Britain's biggest pharma for example:

              https://www.theguardian.com/business...lant-in-europe

              There can be no doubt this will hollow out the number of jobs in the UK, bit by bit.
              And all these well paid workers support the service industry jobs that the Brexiteers hope to fill as the bright young East Europeans are intimidated out.

              Comment


                #8
                Credit Suisse was setting up a trading floor in Dublin prior to Brexit. Lots of back office operations were already in lower cost places : Glasgow, Birmingham, Dublin and many more.

                Some will always be in London. When I worked at a hedge fund it relocated to Geneva. About 200 of the staff moved their. The other 100 staff stayed in London. They would not leave.

                Including one trader who regularly achieves a Sharpe Ratio of 4! Yes four......

                Comment


                  #9
                  Originally posted by northernladyuk View Post
                  And all these well paid workers support the service industry jobs that the Brexiteers hope to fill as the bright young East Europeans are intimidated out.
                  Do you mind! There are fruit pickers too.....


                  Comment


                    #10
                    Seriously this guy needs to be "educated", there are way too many "Remoaners" undermining the "project".
                    I'm alright Jack

                    Comment

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