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30 September 2018

Financial Times: UK finance gears up for post-Brexit moves to Europe


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An increasing number of financial services companies in the UK are fleshing out plans to move operations or staff elsewhere in Europe because of Brexit, according to EY, the accounting firm.


EY has been tracking statements from 222 leading financial services groups in Britain since the 2016 EU referendum regarding their efforts to minimise disruption for customers, particularly in the event of a no-deal Brexit.

As of September 10, 77 of the companies followed by EY said they were considering moving, or would shift, some operations or staff to elsewhere in Europe. These included 28 banks and brokerages, 22 wealth and asset managers, and 15 insurers and brokers.

Omar Ali of EY said companies were no longer “merely talking” about their plans. “Across Europe, the wheels are in motion on relocation and hiring strategies as firms make their ability to serve clients from day one of Brexit their number one priority.”

Over the past quarter, an increasing number of companies have referred to the risk of a “hard or no-deal Brexit” when discussing their plans, said Mr Ali.

Dublin, Frankfurt, Luxembourg, Paris, Madrid and Milan have all been named as places to which financial services companies will relocate some operations or staff.

A separate report suggested the mood had darkened in the industry during the three months to September.

Optimism fell sharply among the 100 financial services companies surveyed by the CBI business lobby group and the accounting firm PwC: the 10th quarter of deteriorating sentiment over the past 11.

The CBI said it was the longest period of flat or falling optimism in the sector since the financial crisis. [...]

Full article on Financial Times (subscription required)

CBI report



© Financial Times


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