Both JPMorgan and UBS think London will remain a financial hub but believe the city's dominance in Europe, and the world, will be diminished, with the likes of Frankfurt, Paris, and Dublin benefiting as a result. Such a move could devastate London. Around 350,000 people work in finance in London. [...]
JPMorgan, Barr's employer, has already warned that it will likely have to move a quarter of its 16,000 UK employees to elsewhere in the EU.
Britain may well not even get the sweetheart deal on trade and finance that's hoped for either. French President Francois Hollande yesterday signalled that he wants to stop London clearing trades made in euros, something that would be a hammer blow to the city and surely force even more jobs overseas. [...]
Of course almost no bank wants to be the one to admit they are moving jobs onto the continent. So far almost all have reaffirmed their commitment to the UK. But all have also underlined the fact that, ultimately, they will do what's best for their clients. Their analysts seem to think that's moving at least some jobs elsewhere.
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