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MarketScreener Homepage  >  Currencies  >  Euro / British Pound (EUR/GBP)    EURGBP   

EURO / BRITISH POUND (EUR/GBP)

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Over 7,500 finance jobs have left UK for Europe

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10/01/2020 | 06:17am EDT

Banks have been preparing for a full-blown Brexit in January.

And according to consultancy firm EY, more than 7,500 finance jobs and over a trillion pounds in assets have already left Britain for the European Union.

On Thursday (October 1), EY said that lenders, insurers and asset managers have been opening new hubs or expanding existing ones in the EU.

Future access to the bloc will be more limited once transition arrangements expire on December 31st.

While the number of departing jobs and the amount of assets is still a fraction of that held by Britain's financial sector, EY says there could still be a flurry of moves in the weeks before the year end.

EY's Brexit Tracker showed that companies have also hired for more than 2,800 new roles in Europe since Britain voted leave in 2016.

It says the departing assets total over 1.2 trillion pounds, or about $1.55 trillion, belonging to EU customers.

Dublin remains the most popular destination for new hubs.

Followed by Luxembourg, Frankfurt and Paris.


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