5 ms·

In relation to Brexit? I don't think so. It will be much harder for most employees to move to NYC (visa) than Paris/Dublin/Amsterdam/Frankfurt. Also, apart from

by dx034 10y ago

In relation to Brexit? I don't think so. It will be much harder for most employees to move to NYC (visa) than Paris/Dublin/Amsterdam/Frankfurt. Also, apart from the Americans that are working here, convincing people to move 500 miles is much easier than to the US. Banks operating in both countries can of course gradually shift more work towards the NYC office, but I don't think that many companies are looking to relocate whole departments there.

JumpCrisscross 10y ago
> relocate whole departments there That's not what's happening. The top performers are moved, middle- and low-level staff in London released and new staff hired in New York. A handful of middle managers may be moved or hired in Paris or Frankfurt or Amsterdam, as a conduit, too. Clients are also shifting. The amount of first-time business I am personally seeing from new European clients, who need a considerable amount of help adapting to New York's more direct banking culture, has us hiring frenetically (though locally).
- dx034 10y ago
  Exactly, but even for well performing front-office staff it will not be easy to get a visa for everyone. Moving within Europe is easy as there's no visa process (right to work in the EU is already given). I don't doubt that NYC will profit from Brexit, but I think it's more in an indirect way (as you describe) and the generally better economic environment in the US at the moment, not through relocation. As a side note, some banks use the Brexit discussion to move back office functions to Eastern Europe, hoping that they can sell it as a Brexit consequence and not as offshoring.
  - robk 10y ago
    Visas aren't a worry for the big banks.
    - dx034 10y ago
      Really? I always had the impression that getting a visa to work in the US can always lead to delays, even if you're a company with a good HR department. Wouldn't you have to first try to fill every job with someone in the US, or at least pretend to to so?
      - dustinmoris 10y ago
        Certainly not a problem for the big banks. They do this literally all the time. They have the staff, the connections and resources to fast track any of that stuff when and where they need it.
  - riffraff 10y ago
    > Moving within Europe is easy as there's no visa process (right to work in the EU is already given). well, that would be conditional on Brexit, right?
    - renaudg 10y ago
      For British workers yes, but a large portion of London bankers are EU citizens.
ThomPete 10y ago
https://www.bloomberg.com/news/articles/2016-10-16/the-big-winner-from-london-s-brexit-exodus-isn-t-even-in-europe https://www.bloomberg.com/news/articles/2016-10-16/the-big-w...
- dx034 10y ago
  The article is based only on a statement by the CEO of Morgan Stanley, who has an interest in concentrating more functions in NYC. I think most companies haven't even decided on a city yet. They'll have some cities short listed but will only decide once the terms become more clear. Until then it's pure speculation. And while it's a natural move by an American bank to move jobs to the US, it's much less clear for the rest of the sector.
  - ThomPete 10y ago
    Yet thats what I hear too. (I live in NY)

by dx034 10y ago

JumpCrisscross 10y ago

> relocate whole departments there That's not what's happening. The top performers are moved, middle- and low-level staff in London released and new staff hired in New York. A handful of middle managers may be moved or hired in Paris or Frankfurt or Amsterdam, as a conduit, too. Clients are also shifting. The amount of first-time business I am personally seeing from new European clients, who need a considerable amount of help adapting to New York's more direct banking culture, has us hiring frenetically (though locally).

dx034 10y ago
Exactly, but even for well performing front-office staff it will not be easy to get a visa for everyone. Moving within Europe is easy as there's no visa process (right to work in the EU is already given). I don't doubt that NYC will profit from Brexit, but I think it's more in an indirect way (as you describe) and the generally better economic environment in the US at the moment, not through relocation. As a side note, some banks use the Brexit discussion to move back office functions to Eastern Europe, hoping that they can sell it as a Brexit consequence and not as offshoring.
- robk 10y ago
  Visas aren't a worry for the big banks.
  - dx034 10y ago
    Really? I always had the impression that getting a visa to work in the US can always lead to delays, even if you're a company with a good HR department. Wouldn't you have to first try to fill every job with someone in the US, or at least pretend to to so?
    - dustinmoris 10y ago
      Certainly not a problem for the big banks. They do this literally all the time. They have the staff, the connections and resources to fast track any of that stuff when and where they need it.
- riffraff 10y ago
  > Moving within Europe is easy as there's no visa process (right to work in the EU is already given). well, that would be conditional on Brexit, right?
  - renaudg 10y ago
    For British workers yes, but a large portion of London bankers are EU citizens.

ThomPete 10y ago

https://www.bloomberg.com/news/articles/2016-10-16/the-big-winner-from-london-s-brexit-exodus-isn-t-even-in-europe https://www.bloomberg.com/news/articles/2016-10-16/the-big-w...

dx034 10y ago
The article is based only on a statement by the CEO of Morgan Stanley, who has an interest in concentrating more functions in NYC. I think most companies haven't even decided on a city yet. They'll have some cities short listed but will only decide once the terms become more clear. Until then it's pure speculation. And while it's a natural move by an American bank to move jobs to the US, it's much less clear for the rest of the sector.
- ThomPete 10y ago
  Yet thats what I hear too. (I live in NY)