Money Big banks ‘preparing to move London jobs abroad’ due to Brexit uncertainty

14:36  08 november  2017
14:36  08 november  2017 Source:   Press Association

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Image: The British Bankers ' Association says the financial services industry could move abroad over Brexit fears. Britain's biggest banks are preparing to move out of the UK amid growing fears over the ramifications of leaving the European Union, a top banking boss has warned.

Brexit : London 's banking sector is preparing to move business abroad , it is claimed Glenn Copus / Evening Standard. London 's financial services industry is already planning to move business overseas due to the uncertainty of the Brexit process, the head of the British Bankers ' Association

Big banks ‘preparing to move London jobs abroad’ due to Brexit uncertainty © Provided by The Press Association Big banks ‘preparing to move London jobs abroad’ due to Brexit uncertainty

Banking giants have reportedly warned the US government they could be forced to start moving thousands of jobs out of London within months due to uncertainty over Brexit.

A consortium of banks including JPMorgan Chase, Goldman Sachs and HSBC warned US commerce secretary Wilbur Ross that they might start moving staff abroad in the near future, the Financial Times said.

Senior executives blamed lack of clarity over whether the Government will secure a transition deal to help them navigate the change in financial regulation after the UK leaves the EU.

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Tens of thousand of finance industry jobs could be lost from Britain because of Brexit uncertainty He told the Treasury Select Committee they would switch operations abroad amid the ongoing HSBC chairman Douglas Flint said the bank would take “pre-emptive action” to move jobs to France, the

HSBC is already shifting 1,000 jobs from London to a new commercial and retail banking While unrelated to Brexit , this move within the same country and currency zone will take three years to Under British law, an employer cannot force workers to move abroad without risking a breach of their

The paper said the banks also outlined their concern that they had received no clear indication of what the final Brexit deal might look like at the closed-door meeting during Mr Ross’s visit to London on Friday.

Without this clarity, they told Mr Ross they would move chunks of their operations to the US or other EU cities.

Possible contingency plans have been debated by banks since before the EU vote, but the discussions have become increasingly urgent, a source told the FT.

Catherine McGuinness, policy chair at the Corporation of London, which is the City’s local government, told the FT “the fear of a crash-out is rising”.

She said the next three months could prove the tipping point for many banks for their future operations in London, adding: “We really shouldn’t understate or underestimate what a critical moment we’re at for this sector.”

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Source: http://uk.pressfrom.com/news/money/-222981-big-banks-preparing-to-move-london-jobs-abroad-due-to-brexit-uncertainty/

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