Banking exodus in London financial hub

Regardless of what comes of the parliamentary vote on Theresa May’s proposed Brexit agreement on the 11th of December, the City, London’s powerful financial district, will make its own decisions. The “square mile” is already seeing an exodus of workers, which will likely increase even if the House of Commons approves the deal. Yesterday no less than thirty banks and financial institutions - including Lloyds, Standard Chartered, Credit Suisse, Citigroup and Nomura - confirmed that they will be moving to Frankfurt in 2019. In total London could lose 800,000 million euros in assets to the German financial capital. Other banks such as JP Morgan, Goldman Sachs and Morgan Stanley have hedged their moves, deciding instead to diversify operations across a few European cities such as Paris, Dublin, or Amsterdam, which could create a net job loss of between 5,000 and 13,000 City jobs.

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