It is official: financial services are considering their exit plans from London once Article 50 is invoked later this month.
Senior executives from Goldman Sachs and Morgan Stanley have said they are making plans to shift staff and operations from the UK capital to other cities in Europe.
Goldman’s co-head of investment banking, Richard Gnodde, told CNBC that the bank will initially relocate “hundreds of London-based employees” to other expanded offices after Brexit.
According to Bloomberg, around 4,000 JP Morgan staff could relocate, whilst it is thought around 1,000 staff from Morgan Stanley, Goldman Sachs and HSBC will be forced to move.
According to 2015 CityUK data, the relocation of financial services from the UK could cost the economy around £176bn a year and a total of 2m jobs.
If you do work in the financial sector and are made to relocate from the UK, don’t worry. The online removals platform Movinga released a study today revealing the best cities for London professionals to move to after Brexit.
Dublin is considered the most desirable city for bankers, despite the high-income taxes. This is because of the high-end rent prices, language benefits, cuisine and luxury stores and bars.
Despite talk that Paris could be the final destination for many banks leaving the UK; the French capital is overlooked in favour of Amsterdam, Brussels and Frankfurt.
Amsterdam came second on the list, as result of its high English comprehension, 90 percent and rent prices. It also takes less time to fly from the UK to Amsterdam, around 65 minutes on average, compared to Dublin which takes 70 minutes on average.
Movinga also included the amount of Burberry stores in its study because if anything is going to make a city feel like home, it will be the amount of high-end British brands it has. Paris has the most Burberry stores, with a total of eight, whilst Milan has three, yet these two cities were low down on the list due to their high rents.
Finn Hansel, managing director at Movinga, said:
“Everyone talks about Paris and Frankfurt as the new financial centres of Europe after Brexit. But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home. Individuals and businesses alike should consider the unique factors important to their relocation before planning their move.”
Here are the top European cities to move to after Brexit
- Dublin, Ireland
- Amsterdam, Netherlands
- Valletta, Malta
- Luxembourg, Luxembourg
- Brussels, Belgium
- Frankfurt, Germany
- Hamburg, Germany
- Madrid, Spain
- Paris, France
- Milan, Italy
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