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It’s not only people, it looks like EY moved 7,500 roles and £1.2trn out of UK to the European Union. But I agree, while it’s significant, it won’t be signific

It’s not only people, it looks like EY moved 7,500 roles and £1.2trn out of UK to the European Union. But I agree, while it’s significant, it won’t be significant enough for anything major.

cromka 6y ago
> EY moved 7,500 roles and £1.2trn out of UK to the European Union > it won’t be significant enough for anything major. Whith the EY example being one company only, I don't think it's warranted to call it "nothing major". In fact, I know it: I work for an investment bank and we're moving vast majority of our UK-managed assets to EU. Roles are moving slower than expected, but with the assets being managed in EU, it's only a matter of time before the UK roles become redundant if employees refuse to move. Almost all my team's work during last 24 months was related to Brexit and the change of legal entity. It's major. Very major.
- HatchedLake721 6y ago
  Yes, I agree it’s significant and major (for the UK), but I don’t think it’s major enough to dethrone London from being one of the world’s financial centers and have it replaced by Frankfurt for example.
- DrBazza 6y ago
  I've had a different experience. Some of my work in the bank has been Brexit/EU related, but from experience, it's nothing like the effort we put in for the Euro conversion or Y2K. I'm more confident that any 'damage' done to London will be a consequence of remote working practices from COVID, and not current politics between Europe and the UK.
- user5994461 6y ago
  Had the opposite experience. Worked in an investment bank since Brexit was announced years ago and this has changed nothing at all whatsoever. Nonetheless, I can recall 3 news articles saying the bank would close shop in London and the last one specifically called out my department to be closed. None of it was true, in fact we were still hiring. Lesson learned that newspapers would say anything for eyeballs.

It’s not only people, it looks like EY moved 7,500 roles and £1.2trn out of UK to the European Union. But I agree, while it’s significant, it won’t be significant enough for anything major.

cromka 6y ago

> EY moved 7,500 roles and £1.2trn out of UK to the European Union > it won’t be significant enough for anything major. Whith the EY example being one company only, I don't think it's warranted to call it "nothing major". In fact, I know it: I work for an investment bank and we're moving vast majority of our UK-managed assets to EU. Roles are moving slower than expected, but with the assets being managed in EU, it's only a matter of time before the UK roles become redundant if employees refuse to move. Almost all my team's work during last 24 months was related to Brexit and the change of legal entity. It's major. Very major.

HatchedLake721 6y ago
Yes, I agree it’s significant and major (for the UK), but I don’t think it’s major enough to dethrone London from being one of the world’s financial centers and have it replaced by Frankfurt for example.
DrBazza 6y ago
I've had a different experience. Some of my work in the bank has been Brexit/EU related, but from experience, it's nothing like the effort we put in for the Euro conversion or Y2K. I'm more confident that any 'damage' done to London will be a consequence of remote working practices from COVID, and not current politics between Europe and the UK.
user5994461 6y ago
Had the opposite experience. Worked in an investment bank since Brexit was announced years ago and this has changed nothing at all whatsoever. Nonetheless, I can recall 3 news articles saying the bank would close shop in London and the last one specifically called out my department to be closed. None of it was true, in fact we were still hiring. Lesson learned that newspapers would say anything for eyeballs.