Posted on Jan 31, 2019
In Frankfurt and Paris, the flood of banking jobs predicted by the anti-Brexiteers to arrive after Brexit is, for now, little more than a trickle.
An analysis of job postings on eight of the world’s major investment bank websites show a modest push to recruit staff in other European cities but little to suggest London is set for a rapid demise as the region’s top banking hub, Reuters reports.
Goldman Sachs, Citigroup, JP Morgan, Morgan Stanley, Bank of America/Merrill Lynch, UBS, Credit Suisse and Deutsche Bank are seeking to fill 1,545 new roles in Britain, numbers up to January 22 show.
In Germany and France - the two countries predicted to see the biggest influx of financial services from Britain as a result of Brexit - just 301 roles have been listed.
Only Deutsche Bank is looking to hire more people in Germany than in Britain, with 133 German vacancies posted online compared to 132 in the UK.
“It isn’t really a tsunami of hires,” said Christine Kuhl, a partner with executive placement firm Odgers Berndtson in Frankfurt.
The figures do not capture numbers of existing employees who might relocate from London to other EU offices under contingency plans following Britain’s exit from the European Union (EU) or roles that are not publicly advertised.
But they are forward-looking indicators of how each bank is looking to remodel their European workforce over the coming months in the face of Brexit, and suggest banks are only making modest tweaks as Britain’s EU departure approaches on March 29.
“Culturally, Paris is French, Frankfurt is German but London is international. The Americans - who own this industry - want to operate in an English speaking environment. No one wants to go,” said Martin Armstrong, partner at headhunting firm Armstrong International.
Other recruitment specialists reported few signs of banks preparing to bulk up in a hurry, even if Britain has to leave the EU without a deal covering financial services.
The small number of moves to date have followed many months of consultations and negotiations, the headhunters said, with banks keen to avoid relocations which might prove premature or even unnecessary.
“It can be done, but we are talking months, possibly longer if there are families involved,” said James Murray, a director at search firm Robert Walters.
“That said, if risk takers do start to move elsewhere than that is where we could start to see real movement in terms of jobs. When the risk takers move, then surely the risk managers move, and so on,” he added.
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