Brexit DOOM™: Bloodbath in the City

[AtW]

Leading City firms begin to lay groundwork for London jobs exodus

"A growing number of leading City firms have revealed they are now laying the groundwork for an exodus of thousands of jobs from London after Britain’s vote to leave to EU.

Just a day after Theresa May formally triggered the process for Brexit it was confirmed that the insurers Lloyd’s of London and Royal London are setting up subsidiaries outside the UK, while the investment banks JP Morgan and Citigroup are actively exploring the relocation of key operations.

Luxembourg also threw its hat into the ring in the battle to attract the European Banking Authority, which employs 159 people at Canary Wharf in London. Frankfurt and Paris also want to host the organisation.

JP Morgan is in talks to buy an office building in Dublin big enough to hold more than 1,000 workers, increasing speculation that it will move a substantial number of jobs from London as a result of Brexit. Citigroup said it was planning for a hard Brexit that would require “relocating certain client-facing roles to the EU from the UK”."

https://www.theguardian.com/business...bs-city-london

[diseasex]

Bremoaners speculations

[The_Equalizer]

Bremoaners speculations

It's a bit of a classic as I've never thought The Guardian as a champion for City jobs.

[northernladyuk]

There's a fair amount of optimism in Dublin that some of this business will be picked up, but there are some real infrastructure / housing problems so the fear is that otherwise winnable opportunities will be lost to Frankfurt etc. Oddly, there doesn't seem to be any fear that it's all a load of rot and jobs will stay in London.

[northernladyuk]

It's a bit of a classic as I've never thought The Guardian as a champion for City jobs.

Brexit Pravda this way if you prefer talking the economy up: Benefits of Brexit will outweigh the loss of a small number of City jobs

Tractor production is also at record highs.

[The_Equalizer]

There's a fair amount of optimism in Dublin that some of this business will be picked up, but there are some real infrastructure / housing problems so the fear is that otherwise winnable opportunities will be lost to Frankfurt etc. Oddly, there doesn't seem to be any fear that it's all a load of rot and jobs will stay in London.

I always find David Buik's thoughts worth a look:

David Buik

Admittedly for Brexit, he did have this to say:

"In closing BREXIT is a total red-herring. London is the most influential centre in Europe by far in terms of trading and M&A activity and having spent 70 years building infrastructure it is not going to be allowed to be usurped by Frankfurt, Paris, Dublin or anywhere else. Negotiations will be fierce over ‘passporting’ but good sense has to prevail, however painful. London is pre-eminent at financial services – fact. Some banks may move staff for a year or so. They will return. Why? London is where it is at. Not arrogance but fact!

Will there be another replication of the 2008 banking crisis? One hopes not. However it’s the bond market that concerns me. Is the regulation of large bond operators draconian enough?"

I guess time will tell.

[northernladyuk]

I always find David Buik's thoughts worth a look:

David Buik

Admittedly for Brexit, he did have this to say:

"In closing BREXIT is a total red-herring. London is the most influential centre in Europe by far in terms of trading and M&A activity and having spent 70 years building infrastructure it is not going to be allowed to be usurped by Frankfurt, Paris, Dublin or anywhere else. Negotiations will be fierce over ‘passporting’ but good sense has to prevail, however painful. London is pre-eminent at financial services – fact. Some banks may move staff for a year or so. They will return. Why? London is where it is at. Not arrogance but fact!

Will there be another replication of the 2008 banking crisis? One hopes not. However it’s the bond market that concerns me. Is the regulation of large bond operators draconian enough?"

I guess time will tell.

A bit of strawmanning I think. Has anyone said Dublin will usurp London?

But it is about numbers of jobs moving and new investment decisions. Each 1,000 jobs lost means a loss to the economy not just of those jobs but service sector jobs etc. - you know the drill.

[The_Equalizer]

A bit of strawmanning I think. Has anyone said Dublin will usurp London?

But it is about numbers of jobs moving and new investment decisions. Each 1,000 jobs lost means a loss to the economy not just of those jobs but service sector jobs etc. - you know the drill.

Indeed, but the number of jobs isn't fixed. Good luck to Dublin if it can pick up some business. AtW's 'bloodbath' might be a bit OTT though.

[sasguru]

I always find David Buik's thoughts worth a look:

David Buik

Admittedly for Brexit, he did have this to say:

"In closing BREXIT is a total red-herring. London is the most influential centre in Europe by far in terms of trading and M&A activity and having spent 70 years building infrastructure it is not going to be allowed to be usurped by Frankfurt, Paris, Dublin or anywhere else. Negotiations will be fierce over ‘passporting’ but good sense has to prevail, however painful. London is pre-eminent at financial services – fact. Some banks may move staff for a year or so. They will return. Why? London is where it is at. Not arrogance but fact!

Will there be another replication of the 2008 banking crisis? One hopes not. However it’s the bond market that concerns me. Is the regulation of large bond operators draconian enough?"

I guess time will tell.

Why should good sense prevail? History is rife with situations where good sense did not prevail.

[The_Equalizer]

Why should good sense prevail? History is rife with situations where good sense did not prevail.

Perhaps you should go and ask David Buik?