Banks planning to move 9,000 jobs from Britain because of Brexit

[riversedge]

Source: reuters


Business News | Mon May 8, 2017 | 7:38am EDT



By Anjuli Davies and Andrew MacAskill | LONDON

The largest global banks in London plan to move about 9,000 jobs to the continent in the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape.

Last week Standard Chartered (STAN.L) and JPMorgan (JPM.N) were the latest global banks to outline plans for their European operations after Brexit. They are among a growing number of lenders pushing ahead with plans to move operations from London.

Goldman Sachs (GS.N) chief executive Lloyd Blankfein said in an interview on Friday that London's growth as a financial center could "stall" as a result of the upheaval caused by Brexit.

Thirteen major banks including Goldman Sachs, UBS (UBSG.S), and Citigroup (C.N) have given an indication of how they would bulk up their operations in Europe to secure market access to the European Union's single market when Britain leaves the bloc......................


Read more: http://www.reuters.com/article/us-britain-eu-banks-idUSKBN18413K

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going going......

[Freethinker65]

1. Good

[MADem]

2. Ireland smiles.

They'll benefit from that bone-headed decision, too.

[OnDoutside]

5. Yes we will, but Paris and Frankfurt are leading the chase to gut the UK Financial Services.

The problem in Ireland is building offices and residential accommodation fast enough. The building industry still hasn't recovered from the high point of 90,000 houses/apartments in 2007, to about 3,000 in 2014. It was about 8,500 in 2016. Just to stand still, they need to build 25,000 every year, so they are way behind where they should be, and it's causing a mini bubble through pent up demand.

[MADem]

6. The Irish speak the best English in the world.

It's clear, and readily understood by ESL speakers. It's like Nebraska-American in terms of clarity, only slightly more melodious. Of course, not EVERYONE speaks with such clarity, but there's no shortage of people who can put a sentence together beautifully.

Even if they have to travel to Paris or Frankfurt for work in the near term, they'll be in demand. They can start out "there," and when facilities are constructed and come on line, they can move on home if they'd like.

[OnDoutside]

7. That's a fair point but from what I'm reading, the banks based in the UK would be looking to bring

their people over (or those willing to do so). However, the fact that it is the only English speaking EU country, with the same time zone, will certainly count.

[MADem]

11. Will EU give U.K. workers hiring preference though,?

I should think they would prefer EU workers get first dibs on jobs at banks located in EU...

[OnDoutside]

12. That all comes down to the current negotiations. The EU are insisting on free movement of labor

which was in the top 3 things to stop, for those voting for Brexit. The British Government wants tariff free trade but no free movement.

[MADem]

15. Free movement doesn't afford "preference," though.

It's a bit of a distinction, certainly.

[OnDoutside]

16. True but you would think they would seek to retain experienced staff. There's going to be a whole

lot of brinksmanship before this is over.

[MADem]

17. I agree on the brinkmanship, but if an EU member, say, from Ireland,

has experience and can do the job, I should think they'd get first crack even if someone else had the job before. Hire INSIDE the union first, outside only if they can't fill the position from inside the tent, as it were.

The UK employees may be in the uncomfortable positions of having to train their replacements. At least there won't be a language barrier if they hire from Ireland assuming they value English language skills above all else.

Now granted, there are tons of Europeans who have strong English language skills, but of those left in the EU, no one beats the Irish for clarity of expression, which can be important when dealing with ESL customers from around the world.

[OnDoutside]

18. From what I've been reading, those big institutions are hedging their bets in sending some

departments to Ireland and some to Paris/Frankfurt. The Brexit negotiations are the determining factor. I think Ireland will come out of it nicely on the Financial Services front, but our Farming sector are scrambling at the moment, for fear they may be shut out of the UK market, or have expensive tariffs attached. One British MP has already suggested that British meat should have preference.

http://www.farmersjournal.ie/irish-beef-exports-in-2016-reached-highest-level-in-over-10-years-262212

Overall exports of Irish meat and livestock were valued at €3.66bn last year.


Irish beef exports reached 535,000t last year, the highest level in more than a decade.

Irish beef was exported to 84 countries and was valued at €2.38bn.

Minister for Agriculture Michael Creed revealed the figures in parliamentary questions recently.

The UK and European countries remained the main market for Irish beef, accounting for 97% of exports last year.

Ireland, in total, exported 526m t of beef in 2016, worth €2.2bn.

Britain accounted for half of this market, taking in over 234,000t worth over €1bn, according to figures from the Central Statistics Office (CSO).

A further 31,000t went to Northern Ireland, worth €110m.

Other countries in the EU that were significant importers of Irish beef last year include France and Italy, who took €208m and €161m, respectively.

Ireland exported 23,000t of beef to Germany, which was a doubling in volume since 2012.

International markets for Irish beef last year include Hong Kong, which imported 16,000t, worth almost €43m, and the United Arab Emirates which took 62t, worth €800,000.

All meat and livestock

Overall exports of Irish meat and livestock were valued at €3.66bn last year, representing one third of total food and drink exports.

Both Irish pigmeat and sheepmeat exports were up by 4% to €615m and €240m, respectively.

Britain took €382m in Irish pigmeat exports, while over €118m was sent to China. Pigmeat dominated all meat and livestock exports to China and was worth €119m.

All meat and livestock exports to Britain came to €1.6bn, while €209m was sent to Northern Ireland.

http://www.agriland.ie/farming-news/irish-beef-access-to-the-chinese-market-a-case-of-when-rather-than-if/

Ireland’s relationship with China

Irish agri-food exports to China have increased from approx €240m in 2012 to €780m in 2016, a three-fold increase, according to figures from the Department of Agriculture, Food and the Marine.

This made China the third largest market for Ireland’s agri-food sector in value terms after the UK and the US last year.



Breakdown of current agri-food exports to China:
Dairy produce, pigmeat and animal furs/skins are the biggest sectors.
Dairy exports were €540m (61,500t) in 2016; meaning that China is now the second biggest export destination for dairy exports after the UK and accounts for 16% of Irish dairy exports.
Pigmeat exports to China have increased three-fold; from €37m (25,000t) to almost €120m (over 70,000t) between 2012 and 2016. China is now also the second biggest export destination for pigmeat after the UK.

According to figures from the Department, beef consumption in China has increased almost six fold between 1990 and 2015 to almost 4kg per capita and it is forecast to increase even further over the coming years.

But beef production in China has not kept pace with rising demand and imports are estimated to have increased to more than 1.2m tonnes last year, accounting for around one third of beef consumption, the Department added.

[MADem]

19. Hugely popular in USA is Australian beef

Organic or "no hormones/'natural'" (whatever that means)...the ground beef comes shrink wrapped and gassed and is priced a bit higher than the ordinary supermarket stuff. Conceivably, one door opens when the other closes, so they might want to try cracking this market. We're not really in that BUY AMERICAN mindset on all fronts.

[Dopers_Greed]

3. Good news

Voters should have to feel the pain for their stupid decisions.

[muriel_volestrangler]

8. It's a regional thing; in London, 59.9% voted to remain

There were plenty of people who knew where the high-paying jobs are, and how that brings in money to the rest of the London economy. Plus many more immigrants of various generations without knee-jerk "no more immigration!" thoughts.

It's outside London where the Leave vote was large. The effects of losing international banking jobs will be less, and delayed, there.

[geek tragedy]

10. how much does London prop up the countryside via tax receipts?

I know in NY State, NYC's financial industry keeps the state government afloat, so would imagine it's similar in England.

[2naSalit]

4. They can do more damage if they are right there

to watch the damage from their ivory tower offices.

[geek tragedy]

9. that's just the start. nt

[Hortensis]

13. "Stalling" London as a world financial center is the word

my scanning has noted. This sounds like a sign of stall, all right.

[onetexan]

14. just is just the first of it

many more job losses & economic setbacks to come. Many Brits didn't quite understand what Brexit actually meant when they voted for it.

[Dawson Leery]

20. Welcome to Paris!

Tech firms are considering leaving for France too.

Fuck the Tories!