Updated June 24, 2016 at 05:12 pm
AFP
With out of the European Union, the City of London is prepared to see thousands of banks pack their bags bound for European markets, such as Frankfurt, Paris or Dublin.
London, the current capital financial in Europe, welcomes many European and US banks, which together wanted to maintain UK in the EU. Some participated even financially in the campaign itself to Europe.
The British capital serves as a base of operations in the European market, although the brexit , whose contours are still stumped, will result by relocations.
The US bank JPMorgan, which employs 16,000 people in the UK, warned Friday that it could take jobs outside . the country
READ: What’s next after the decision of the UK to leave the European Union
“we may have to make changes to the structure of our legal entity in Europe and the location of some jobs,” said the bank’s management in an internal note consulted by AFP.
Before the referendum, its chief executive, Jamie Dimon, said they could move outside the UK from 1,000 to 4,000 jobs.
the head of Deutsche Bank John Cryan, warned Friday that the consequences of a brexit “would be negative in all aspects”.
the German banking giant , which employs 9,000 people in the UK, launched a few months ago a working group to analyze the possibility of repatriating some of their activities to countries in the eurozone, particularly Germany
.
British bank HSBC also raised the possibility of moving thousands to Paris. “We have an important banking in France, so we have the option now to move employees from London to Paris, if necessary,” said the chairman Douglas Flint in spring.
In overall, the consulting firm PwC estimates the brexit could cost 70,000 to 100,000 jobs a British financial services by 2020 sector.
” I doubt there is drastic and immediate cuts, it will be especially slow motion erosion of employment in the City, “says Thorsten Beck, a professor at Cass Business School in London
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The question now is who will take advantage of this movement. ¿Paris, Frankfurt, Dublin, Luxembourg, Amsterdam?
The Mayor of London, the Europeanist Sadiq Khan, called companies “not to panic” and said his city would continue It is “the best place in the world to do business”
.
However, competing in the British capital and unfold the red carpet. The president of the Paris region (grouping Paris and seven surrounding departments), Valérie Pécresse, he said Friday he was “ready to welcome all those who want to return to Europe.”
Frankfurt Main Finance, an association of defense of the interests of the German square, launched a hotline, a website and a campaign on social media titled (in English) “Welcome to Frankfurt What can we do for you?” (Welcome to Frankfurt. What can we do for you?).
“According to a conservative estimate, we think that between 1.5% and 2% of financial jobs in London . could move to Frankfurt during the next five years This would be between 10,000 and 15,000 jobs, “said its director, Hubertus Väth
READ: Output UK EU ends with Cameron and hits markets
Ireland also seeks long tap the brexit highlighting especially be a English speaking country. The US bank Citibank already installed solidly in this country and could now be strengthened.
“I doubt Dublin that takes a lot out. I’d bet first by Frankfurt and then in Paris” esteem for their part Thorsten Beck.
Huw Macartney, a professor at the university of Birmingham, meanwhile doubt that the referendum has a huge impact in London. “The City will remain a major hub for American and Chinese banks,” he said.
“Even if Paris and Frankfurt would take advantage of brexit , the biggest beneficiary should be new York, because large banks are directed back to the other side of the Atlantic, “he says.
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