Further relocations could result from European Central Bank checks on whether Brexit hubs in the EU opened by banks that used London as their European base had sufficient staff to justify their new licences, EY said.
The Bank of England is scrutinising these to avoid banks in London being left with too few senior staff. “Staff and operational moves across European financial markets will continue as firms navigate ongoing geopolitical uncertainty, post-pandemic dynamics and regulatory requirements,” Omar Ali, the EMEIA financial services leader at EY, said.and Paris.EY said Paris scored highest in terms of attracting jobs from London, totalling 2,800, followed by Frankfurt at about 1,800, and Dublin with 1,200.
The transfer of assets from London to EU hubs remains about £1.3tn, EY said. It added that Brexit staff moves were part of a broader view of strategic business drivers and operating models. Bankers have said privately that in the longer term, it may not make commercial sense to have big hubs in London and the EU.