Brexit: Number of firms announcing relocation plans doubles in 2017

Cornelia Mascio
Dicembre 12, 2017

Since the referendum vote, 68 financial services companies have confirmed plans to move operations overseas.

The EY Financial Services Brexit Tracker said a total of 68 financial services firms have either confirmed or are considering moving 10,500 jobs out of the United Kingdom in time for Brexit. "As a result, numerous jobs that are moving are client facing, front office roles to ensure that companies can continue to serve their clients under European Union law from day one".

That figure is down from the 12,500 jobs companies were threatening to move this time past year - although the number of firms moving roles out of the United Kingdom has more than doubled from 12.

So far, 68 companies have considered or confirmed that they will move some of their operations or staff out of the United Kingdom because of Brexit, an increase from 12 since previous year.

Of these, 26 of these were banks or brokerages, 17 asset managers, 12 insurance companies and 12 financial technology firms.

Regarding their chosen cities, 14 have elected Dublin, 12 Frankfurt, 8 Luxembourg and 6 Paris.

"Firms are working hard to find viable solutions that will allow them to continue to serve their customers and satisfy regulators with the minimum disruption", he says.

Ali added that the extent of broader strategic restructurings and relocation plans would ultimately depend on the specifics of any long-term United Kingdom deal with the EU.

Some 19 per cent have confirmed at least one relocation, compared with just four per cent previous year.

"While the relocation of this number of roles will have a significant impact on the smaller financial services centres on the continent, it is unlikely in the short-term to threaten London's role as Europe's main financial hub". Moreover, 34 of them have communicated their plans publicly.

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