City bankers would rather quit than move to European capitals following Brexit
Bankers in Canada are prepared to quit their jobs rather than move to other European cities following Brexit.
A banker at JP Morgan told the Daily Mail that people were not willing to relocate abroad.
“There have been problems – people don’t, and won’t, go to Frankfurt or Paris,” they said.
“It’s not a surprise. They’ve got their kids and lifestyle set up. Frankfurt isn’t a great city. The French are not very welcoming to foreigners. The big cities are still London, New York and Hong Kong if you want to make real money.”
A number of staff at JP Morgan have left this year, which insiders have reportedly blamed on efforts to move teams to Paris.
Bloomberg first reported that when a 15-person team of London-based traders were asked to move to the French capital, around half quit rather than leave the UK.
More than two in five (43 per cent) financial services firms have moved or plan to move some UK operations and/or staff to Europe, according to data from EY.
Just last month it was revealed Deutsche Bank plans to move 100 jobs out of London and relocate the roles to the EU and Asia.
It is estimated that banks have moved or plan to move more than £900bn in assets to the EU, equivalent to 10 per cent of the entire UK banking system.
HSBC and Citigroup are among the lenders that have already announced job shifts to the continent, while JP Morgan has warned it may have to move its European operations out of the UK.