Financial services' jobs leaving London post-Brexit vote

Financial services' jobs leaving London post-Brexit vote

Hiring practices which were previously taboo, such as moving jobs out of London to mainland Europe, are now happening after the UK's vote to leave the European Union.

Candidates and employers were no longer looking at London as the only choice, according to a global executive search firm.

Stéphane Rambosson, managing partner and head of European financial services practice of DHR International, said: “Brexit has meant a change in that candidates and employers alike are now thinking more globally than they previously were.”

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“UK candidates are increasingly making it clear that they are willing to move out of London to roles elsewhere in Europe – whilst firms are instructing us to fill roles overseas that might previously have gone to London. Both almost taboo ideas a year ago.”

US banks have moved their hiring for senior positions to continental Europe since the referendum, he added, as the effects of Britain’s vote to leave the European Union were already becoming apparent.

He said: “It’s been widely speculated that US banks would shift their focus away from London post-Brexit but now this is definitely starting to happen.

“A number of US banks have shifted their hiring for senior positions in corporate and investment banking to locations such as Paris and Frankfurt as part of the first step in expanding their presence in mainland Europe.

“France has been particularly keen to increase its standing as a key centre for the financial services industry in Europe and therefore will be looking to encourage senior banking roles that have previously been based out of London to move to Paris.”

Analysis by the Institute for Public Policy Research showed financial firms had pressed pause on hiring staff over the summer as they tried to get to grips with Brexit.

Meanwhile the Financial Conduct Authority has said more than 5,400 UK firms use passports to do business in Europe, which could all be impacted by the Brexit negotiations.