Brexit Financial Services Jobs
A Brexit Financial Services Jobs loss tsunami is just about to hit Britain.
It seems that they are not even waiting for Brexit happening.
Some companies have announced that they are moving financial services jobs now. Others are in the planning stage and announcements of jobs moving to the EU are likely soon.
Bank Jobs Going Abroad
JP Morgan are moving 500 to 1,000 financial services jobs to Dublin, Frankfurt and Luxembourg. This will happen very soon.
Standard Chartered announced that they are in discussions with Frankfurt authorities about the London firm moving bank jobs there.
Barclays have announced that 150 jobs are moving to the EU.
Deutsch Bank have announced 4,000 bank jobs moving from the UK to the EU.
Citibank and Credit Suisse are saying that they will be moving UK financial services jobs to the EU but haven’t come up with figures yet.
Goldman Sachs, JP Morgan, UBS and HSBC are expecting to make announcements on financial services jobs moving from the UK to the EU.
Financial Services Jobs Losses
The CEO of the London Stock Exchange, Xavier Rolet, has issued a warning that at the very minimum, 100,000 UK jobs would be lost to the EU in Financial Services alone.
Sadly, it isn’t thought that any will be coming the other way.
Some of those jobs going are likely to be IT staff with the knock on effect, therefore, on IT Contractors.
And that’s just in the Financial Sector.
Big Car Companies Moving Jobs
Many of the big international car companies like Honda, Toyota and Nissan are using the UK as a base to sell cars into the EU without tariffs.
If they have to pay tariffs to sell cars made in the UK into the EU many of them will get out of the UK. They’ll go somewhere else where they can sell them into the EU without tariff.
Why would they stay?
Bonanza for Ireland
Ireland, another English speaking country just next door, must be rubbing its hands.
Already Irish, French and German representatives are getting ready to pick the carcass of UK Financial Services business when we leave the EU.
There is now no reason, therefore, for international companies to remain in the UK if they face trade barriers. It would be much better for those international companies to operate in an EU country and so pay no tariffs.
IT Contractors Coming Home
Then there’s also those IT Contractors who are working in the EU who may well have to come home after Brexit.
Traditionally UK IT Contractors are popular in countries like Germany, France and the Netherlands and rates are high.
There’s always been more UK IT contractors working in Europe that EU contractors working in the UK.
Squeeze on IT Contract Rates
With fewer IT Contract jobs left in the UK and more contractors wanting to take them there could be quite a squeeze on contract rates.
It will only be in a few years time that we will know if Brexit will be a good thing or a bad thing.
However, one thing is for sure.
Hundreds of thousands of jobs will be leaving the UK because of Brexit.
A Brexit Financial Services Jobs loss is sure to happen.
It’s difficult to see where their replacement jobs will come from.
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