Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

EY: 10.5k City jobs still at risk of Brexit

EY: 10.5k City jobs still at risk of Brexit

Up to 10,500 jobs in the City of London could leave the country on ‘day one’ of Brexit, likely for Dublin or Frankfurt, research for EY has concluded.

While that is down from the 12,500 estimated a year ago as government rhetoric seemed to be speeding the country toward a hard break with the EU, it is still around 3% of the City’s workforce.

The number closely corresponds to a recent Nomura estimate that 10,000 jobs remained at risk.

EY added that while the recent sign-off of a preliminary deal on the terms of Britain’s exit had caused much relief, institutions remained keenly aware of risk. In contrast to the company’s 2016 survey, many of the jobs earmarked for relocation were client facing, not just admin, roles.

EY head of UK financial services Omar Ali said that the 11th-hour agreement last week had sent a ‘wave of relief’ across the City.

‘It signalled an intention to agree a transitional period as early as possible next year and the starting point for negotiations on future trade deals, both of which are fundamental to avoid adding any additional risks to the system and for the future strength of the UK financial services industry.’

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealthify's Pearce: how online DFMs can build trust

Wealthify's Pearce: how online DFMs can build trust

In this video Cardiff-based Wealthify founder Michelle Pearce also discusses online DFM suitability failings and not being London-centric.

1 Comment Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Read More
Your Business: Cover Star Club

Profile: why this Brewin manager went solo before hitting 30

1 Comment Profile: why this Brewin manager went solo before hitting 30

More and more wealth managers are striking out alone, but few have the bottle to attempt this in their 20s

Wealth Manager on Twitter