5,000 UK finance jobs may be moved by Brexit – Reuters Survey

According to the latest results from a Reuters survey of 164 banks, asset managers, private equity firms, insurers and exchanges with UK operations, approximately 5000 finance jobs in the UK will have to be shifted out of the Kingdom or created overseas by March 2019 due to Brexit.

A total of 164 firms were approached, and 119 participated versus 123 in September.

Key Findings:

“More than half of the companies surveyed told Reuters they would have to move staff or restructure their businesses because of Brexit. Another quarter said it would have no impact, and the remainder said they didn’t know or were still mulling over their plans.

The survey indicated 4,798 banking roles would be affected. Many of those would be shifted out of the UK, but some would be new roles in Europe, the executives surveyed said.

As in the previous survey, most respondents said bigger moves could be in store in a decade or more, however.

Twenty-five of the 40 banks who said they would make changes to their business as a result of Brexit said they have taken steps such as applying for licenses, hiring more office space elsewhere in Europe or moving some contracts with clients to cities in the EU.

Only eight of the banks said they have started moving staff or hiring employees locally to bolster their European operations because of Brexit.

Most executives said moving staff or assets would be one of the last steps they take in their relocation plans.”