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After Brexit, The City will lose passporting rights and It would lose a large portion of the EU market. Most of City banks are large multinational corporations

After Brexit, The City will lose passporting rights and It would lose a large portion of the EU market. Most of City banks are large multinational corporations that care very little about British politics. If anything Brexit was surprising for them as well. City banks are already moving to EU. JP Morgan is moving to Dublin, Frankfurt, Warsaw, Luxemburg. Goldman is moving to Frankfurt and Paris. EU will start applying pressure to move City jobs to the continent. Brexit will destroy City and London in long-term.

user5994461 8y ago
>>> EU will start applying pressure to move City jobs to the continent. Brexit will destroy City and London in long-term. Short term is good so far. Rent did not increase last year and jobs have less candidates applying. People literally stop coming overnight since Brexit, there is less competition for everything. Long term, we will see. Probably nothing good. Working at one of these big banks, there are 10 000 employees for each building in canary wharf. It's delusional to think that they can be moved.
- rmvt 8y ago
  > It's delusional to think that they can be moved. no. it's delusional to think otherwise, unless you're naive enough to think anyone actually means an office is moved overnight.
  - user5994461 8y ago
    You're naive to think that thousands of people can't be relocated overnight. Historically, that came along war and starvation. Hopefully, politicians are just messing around and not trying to go down that road.
    - giggidygig 8y ago
      I agree, these large multinational banks, just like any other large multinational company, can do things very quickly if needed. Dump local staff, re-hire in the other country. Dump local back office staff, re-hire in the other country, or, they already have it outsourced. If its on some executive's KPI or has their yearly bonus at risk... mountains can be moved in a blink of an eye.
- Lazare 8y ago
  > Working at one of these big banks, there are 10 000 employees for each building in canary wharf. It's delusional to think that they can be moved. They're already being moved. The question is how many and how fast, not whether it can happen at all.
  - lhnz 8y ago
    It's strange because I've worked at one of the bank's mentioned for the last year and haven't heard of a single relocation. I think that it might be overblown or not affecting technology departments. I would have also thought that if 20% of the workforce were relocated it would be visible in the canteen, etc. Not saying that a relocation isn't happening at all, just saying that it's not visible within a bank.
    - seabee 8y ago
      It’s both. I know banking and insurance companies that offered relocations last year, but IMO that’s to save effort hiring for the EU offices rather than moving existing jobs. Moving an entire department isn’t practical.
    - user5994461 8y ago
      It's completely overblown. Don't believe a thing you read in the news. My last company opened a new office in non major US cities last year. The next day the newpapers published the article <Corp is moving to new town after Brexit>. There is no relation, we had to get back to them to redo the announcement. About my current bank, there is a published article from a major media outlet specifically saying that my department stopped hiring and is being moved overseas because of Brexit. It couldn't be further from the truth, we've been hiring dozens of people over the last years. I don't know who to complain to to have this removed.
cm2187 8y ago
I am not aware that anyone is moving large amount of staff there. Most banks are moving as little staff as they can get away with.

user5994461 8y ago

>>> EU will start applying pressure to move City jobs to the continent. Brexit will destroy City and London in long-term. Short term is good so far. Rent did not increase last year and jobs have less candidates applying. People literally stop coming overnight since Brexit, there is less competition for everything. Long term, we will see. Probably nothing good. Working at one of these big banks, there are 10 000 employees for each building in canary wharf. It's delusional to think that they can be moved.

rmvt 8y ago
> It's delusional to think that they can be moved. no. it's delusional to think otherwise, unless you're naive enough to think anyone actually means an office is moved overnight.
- user5994461 8y ago
  You're naive to think that thousands of people can't be relocated overnight. Historically, that came along war and starvation. Hopefully, politicians are just messing around and not trying to go down that road.
  - giggidygig 8y ago
    I agree, these large multinational banks, just like any other large multinational company, can do things very quickly if needed. Dump local staff, re-hire in the other country. Dump local back office staff, re-hire in the other country, or, they already have it outsourced. If its on some executive's KPI or has their yearly bonus at risk... mountains can be moved in a blink of an eye.
Lazare 8y ago
> Working at one of these big banks, there are 10 000 employees for each building in canary wharf. It's delusional to think that they can be moved. They're already being moved. The question is how many and how fast, not whether it can happen at all.
- lhnz 8y ago
  It's strange because I've worked at one of the bank's mentioned for the last year and haven't heard of a single relocation. I think that it might be overblown or not affecting technology departments. I would have also thought that if 20% of the workforce were relocated it would be visible in the canteen, etc. Not saying that a relocation isn't happening at all, just saying that it's not visible within a bank.
  - seabee 8y ago
    It’s both. I know banking and insurance companies that offered relocations last year, but IMO that’s to save effort hiring for the EU offices rather than moving existing jobs. Moving an entire department isn’t practical.
  - user5994461 8y ago
    It's completely overblown. Don't believe a thing you read in the news. My last company opened a new office in non major US cities last year. The next day the newpapers published the article <Corp is moving to new town after Brexit>. There is no relation, we had to get back to them to redo the announcement. About my current bank, there is a published article from a major media outlet specifically saying that my department stopped hiring and is being moved overseas because of Brexit. It couldn't be further from the truth, we've been hiring dozens of people over the last years. I don't know who to complain to to have this removed.

cm2187 8y ago

I am not aware that anyone is moving large amount of staff there. Most banks are moving as little staff as they can get away with.