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>Finance companies are already leaving This sounds totally untrue, and the reverse is actually accurate. Banks are doubling down on London. Goldman Sachs just
by 0xy 6y ago
>Finance companies are already leaving
This sounds totally untrue, and the reverse is actually accurate. Banks are doubling down on London.
Goldman Sachs just built a new 1 billion pound office while Morgan Stanley is searching for a new office -- in London.
Even Deutsche Bank has committed to a new London office in 2023.
That's just the legacy finance companies, there's also Transferwise and other startups who aren't leaving.
Traditional tech companies are also doubling down on London. Google just built a giant new London office. LinkedIn is building a new London HQ. Netflix is also building a new London office.
It isn't surprising considering the talent available in London as compared to EU countries. Salaries continue to be substantially better in London for tech and finance workers.
- followthesmell 6y agoIt can true that some finance companies are leaving, and some are doubling down. It's not clear from either statement whether Brexit was net positive for the finance industry, or the UK as a whole. It'll take more time and analysis than plucking random statements to determine the net effect of Brexit.
- alblue 6y agoThe Goldman office is not fully staffed any more, and many bankers are leaving for Europe. The euro market has gone already, and others aren’t far behind. https://www.bloomberg.com/news/articles/2021-01-15/brexit-is-driving-top-dealmakers-out-of-london-and-into-the-eu https://www.bloomberg.com/news/articles/2021-01-15/brexit-is... https://www.bloomberg.com/news/articles/2021-01-18/london-finance-vacancies-fell-49-in-2020-on-brexit-covid-angst https://www.bloomberg.com/news/articles/2021-01-18/london-fi... The other aspect you’ve failed to notice is that many companies are eschewing offices now. They’ve proven they can work without them; Docker, for example, is now going fully remote. To be honest, the above comment is exactly why Brexit happened: a refusal to see the bleeding obvious while chest-thumping and saying “we are the greatest”. It’s why trade is basically avoiding the UK and new sea routes have opened up between Ireland And Europe — because the UK has made trade inefficient. No amount of chest thumping is going to change that dynamic, and England will be poorer because of it. Reality doesn’t care about Brexit ideology.
- 0xy 6y agoMultiple finance firms are on record as doubling down on London, including all of the largest names. Your sources are all conjecture. >“I would expect that 3,000 to 4,000 more investment bankers, especially industry-focused specialists and debt and equity issuance advisers, will have to leave London and come back to Europe,” said Andreas Halin, founder of Global Mind Executive Search Consultants GmbH Oh, so it's analyst conjecture and not an actual source. Goldman Sachs themselves have committed to the city -- with a billion dollars in office space alone. >London Finance Job Openings Fell 49% in 2020 on Brexit, Covid Huge leap to blame this on Brexit given the virus conditions. In actual reality, looking at real headcount numbers from the Financial Times, almost nothing has happened (some firms have expanded). [1] [1] https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2F9387c330-3bf0-11eb-9da7-63b2d8c8b1e7-standard.png?dpr=1&fit=scale-down&quality=highest&source=next&width=700 https://www.ft.com/__origami/service/image/v2/images/raw/htt...