EY’s Brexit tracker discovers 7,000 London finance jobs have left for the EU By Reuters

© . FILE PHOTO: A general view of London showing Tower Bridge, The Shard, London City Hall, The Fenchurch Building, also known as The Walkie Talkie, The Tower Of London, St. Paul’s Cathedral, in London, UK, March 23, 2022. Photo taken with a drone. RE by Huw Jones LONDON () – More than 7,000 finance jobs have been relocated from London to the European Union as a result of Brexit, 400 less than the total expected in December, consultants EY said on Tuesday. While the total is much lower than the 12,500 jobs companies predicted in 2016, when Britain voted to leave the bloc, more could follow, EY said in its latest Brexit Tracker. EY said new local hires linked to Brexit total 2,900 across Europe and 2,500 in the UK, which employs just over a million people in the financial services sector. Further moves could come as a result of checks by the European Central Bank on whether EU Brexit hubs opened by banks that used London as their European base have enough staff to justify their new licenses, EY said. The Bank of England is keeping a close eye on this to ensure that banks in London are not left with too few managerial staff. “Employee and operational moves in European financial markets will continue as companies navigate ongoing geopolitical uncertainty, post-pandemic dynamics and regulatory requirements,” Omar Ali, EMEIA leader of financial services at EY, said in a statement. Dublin is the most popular destination for staff relocations and new hubs, followed by Luxembourg, Frankfurt and Paris. EY said Paris ranked highest in attracting jobs from London, totaling 2,800, followed by Frankfurt at around 1,800 and Dublin at 1,200. Transfers of assets from London to EU hubs remain at around £1.3 trillion ($1.7 trillion), EY said, adding that Brexit workforce moves are now part of a broader view of strategic business drivers and operating models. Bankers have personally said that it may not make commercial sense in the longer term to have major hubs in London and the EU. ($1 = 0.7637 pounds)

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