5 ms·

> Banks kind of had to move their headquarters out of London Which ones have done this? IIRC JPMC have increased their office capacity in Ireland, but I haven

by Nursie 6y ago

> Banks kind of had to move their headquarters out of London Which ones have done this? IIRC JPMC have increased their office capacity in Ireland, but I haven't heard of multiple banks moving headquarters (though I heard lots of rumours that they would)

alkonaut 6y ago
This seems to still not be settled. Hard to distinguish banks pressuring governments via threats to leave from banks actually leaving, still. https://www.americanbanker.com/articles/banks-are-ditching-london-offices-and-not-just-because-of-covid-19 https://www.americanbanker.com/articles/banks-are-ditching-l... > In the coming months alone, Barclays may ditch its investment bank's headquarters in the capital; Credit Suisse is offloading nine floors of office space; and Morgan Stanley is reviewing its entire London footprint.
- Nursie 6y ago
  Seems a mixture of speculation, downsizing of workforce and office space due to coronavirus, and all sorts of other things. I don't think that supports the idea that "Banks kind of had to move their headquarters out of London"
  - alkonaut 6y ago
    Yes it’s too soon to say what the outcome will be. The plans we hear about are either not yet realized, or just one option of many. I don’t doubt that many will shrink their presence because they need to expand in Dublin or Frankfurt, but it remains to be seen just by how much.
  - fxtentacle 6y ago
    See above, Goldman Sachs already forced senior positions to move from London to Frankfurt for "testing contingency plans".
    - Nursie 6y ago
      See above, it seems to be a handful of people, and they've got a long lease on a new HQ in London.
fxtentacle 6y ago
"Goldman Sachs is pushing ahead with making Frankfurt, Germany, its key European base. This week, the Wall Street giant agreed to lease multiple floors for offices in a 38-storey building, as part of its Brexit contingency plans." "The US investment bank, Goldman Sachs is to trial its Brexit contingency plans by making senior position transfers to Frankfurt, following concerns that the UK will lose it’s ‘passporting rights’." "Last month, Credit Suisse revealed it was planning to move about 250 of its 5,500 London banking jobs in the first phase its Brexit contingency plans. Bloomberg reported employees in areas such as trading and mergers and acquisitions were likely to be relocated to Frankfurt or Madrid, ..." https://www.independent.co.uk/news/business/brexit-latest-banks-commit-frankfurt-germany-eu-london-goldman-sachs-a8294651.html https://www.independent.co.uk/news/business/brexit-latest-ba... https://qz.com/1095155/brexit-contingency-plan-goldman-sachs-leases-floors-in-marienturm-tower-frankfurt-germany/ https://qz.com/1095155/brexit-contingency-plan-goldman-sachs... https://www.relocatemagazine.com/news/brexit-goldman-sachs-triggers-first-staff-moves-to-frankfurt-dsapsted https://www.relocatemagazine.com/news/brexit-goldman-sachs-t...
- Nursie 6y ago
  That Goldman Sachs article from 2017 is looking a little bit outdated in light of Goldman Sachs own press release about their new European HQ in London in 2019 - https://www.goldmansachs.com/careers/blog/posts/goldman-sachs-london-plumtree-court.html https://www.goldmansachs.com/careers/blog/posts/goldman-sach... So GS haven't moved headquarters, even though they have moved a small number of personnel. Some others appear to be increasing capacity in Frankfurt and other European centres, or at least they were two years ago. All very predictable and sensible given what may happen. But this still doesn't add up to "Banks kind of had to move their headquarters out of London". In fact so far there hasn't been a single example (here, in the thread) of a bank that has actually done that. Just a lot of speculation. (I'm not making any strong claims that it won't happen, by the way, I just wanted to challenge the trope that it already has happened)

by Nursie 6y ago

alkonaut 6y ago

This seems to still not be settled. Hard to distinguish banks pressuring governments via threats to leave from banks actually leaving, still. https://www.americanbanker.com/articles/banks-are-ditching-london-offices-and-not-just-because-of-covid-19 https://www.americanbanker.com/articles/banks-are-ditching-l... > In the coming months alone, Barclays may ditch its investment bank's headquarters in the capital; Credit Suisse is offloading nine floors of office space; and Morgan Stanley is reviewing its entire London footprint.

Nursie 6y ago
Seems a mixture of speculation, downsizing of workforce and office space due to coronavirus, and all sorts of other things. I don't think that supports the idea that "Banks kind of had to move their headquarters out of London"
- alkonaut 6y ago
  Yes it’s too soon to say what the outcome will be. The plans we hear about are either not yet realized, or just one option of many. I don’t doubt that many will shrink their presence because they need to expand in Dublin or Frankfurt, but it remains to be seen just by how much.
- fxtentacle 6y ago
  See above, Goldman Sachs already forced senior positions to move from London to Frankfurt for "testing contingency plans".
  - Nursie 6y ago
    See above, it seems to be a handful of people, and they've got a long lease on a new HQ in London.

fxtentacle 6y ago

"Goldman Sachs is pushing ahead with making Frankfurt, Germany, its key European base. This week, the Wall Street giant agreed to lease multiple floors for offices in a 38-storey building, as part of its Brexit contingency plans." "The US investment bank, Goldman Sachs is to trial its Brexit contingency plans by making senior position transfers to Frankfurt, following concerns that the UK will lose it’s ‘passporting rights’." "Last month, Credit Suisse revealed it was planning to move about 250 of its 5,500 London banking jobs in the first phase its Brexit contingency plans. Bloomberg reported employees in areas such as trading and mergers and acquisitions were likely to be relocated to Frankfurt or Madrid, ..." https://www.independent.co.uk/news/business/brexit-latest-banks-commit-frankfurt-germany-eu-london-goldman-sachs-a8294651.html https://www.independent.co.uk/news/business/brexit-latest-ba... https://qz.com/1095155/brexit-contingency-plan-goldman-sachs-leases-floors-in-marienturm-tower-frankfurt-germany/ https://qz.com/1095155/brexit-contingency-plan-goldman-sachs... https://www.relocatemagazine.com/news/brexit-goldman-sachs-triggers-first-staff-moves-to-frankfurt-dsapsted https://www.relocatemagazine.com/news/brexit-goldman-sachs-t...

Nursie 6y ago
That Goldman Sachs article from 2017 is looking a little bit outdated in light of Goldman Sachs own press release about their new European HQ in London in 2019 - https://www.goldmansachs.com/careers/blog/posts/goldman-sachs-london-plumtree-court.html https://www.goldmansachs.com/careers/blog/posts/goldman-sach... So GS haven't moved headquarters, even though they have moved a small number of personnel. Some others appear to be increasing capacity in Frankfurt and other European centres, or at least they were two years ago. All very predictable and sensible given what may happen. But this still doesn't add up to "Banks kind of had to move their headquarters out of London". In fact so far there hasn't been a single example (here, in the thread) of a bank that has actually done that. Just a lot of speculation. (I'm not making any strong claims that it won't happen, by the way, I just wanted to challenge the trope that it already has happened)