In the run up to the referendum and in various public comments and tweets from senior bankers since then, the general assumption has been that tens if not hundreds of thousands of jobs will move from London to the continent. We've had various other financial centres running big PR campaigns to attract staff to their locations and long discussions of the merits of Frankfurt vs Paris vs Luxembourg vs Dublin. I've never really believed that it was as simple as that. For the main reason that financial services professionals are people - they have homes, families, social structures in London - and where we choose to work is not a simple equation. It would appear then, that a lot of these fears have been overstated. Whilst clearly roles will have to move into the EU, our clients are a lot more flexible about how they will deploy their human capital than was first feared.
The UK’s biggest international banks are set to move fewer than 4,600 jobs from London in preparation for Brexit — just 6 per cent of their total workforce in the financial centre — according to Financial Times research. The FT analysis contrasts with consultants’ original claims that tens of thousands of jobs could move from London after Brexit — including an EY study this week that claimed 10,500 could leave on “day one”.