Consequences of Brexit [part 7] Read first post before posting

[Revel 10]

On 09/05/2019 at 10:19, Cyclone said:

Meanwhile, back in reality

Hot air.

 

Quote

LONDON/FRANKFURT (Reuters) - In Frankfurt and Paris, the flood of banking jobs predicted 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.

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.

“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.

https://uk.reuters.com/article/us-britain-eu-bankjobs/bankfurt-paris-await-brexit-boom-as-banks-stay-loyal-to-london-idUKKCN1PP1ZB

 

Quote

According to a survey by EY, the accountancy firm, 7,000 jobs could leave London. The financial services sector employed 1.1 million people in the UK in 2017, according to the latest statistics from the House of Commons Library, and contributed £119bn to the UK economy, or 6.5% of total economic output. 

A whole 0.63%. Catastrophic.

Edited May 10, 2019 by Revel

[Cyclone 10]

What is the 0.63% that you've sarcastically called catastrophic? 

 

You're looking at jobs, when I was showing the amount of capital moved out of the country.

Edited May 10, 2019 by Cyclone

[Revel 10]

5 hours ago, Cyclone said:

What is the 0.63% that you've sarcastically called catastrophic? 

 

You're looking at jobs, when I was showing the amount of capital moved out of the country.

0.63% is (7,000/1,100,000)*100.

 

Two of the quotes you provided, which you didn't even give references for, mentioned resources and jobs.

 

If you want to actually learn something, and see why the banks won't be leaving, give this interesting documentary a watch. The banks & the City of London are intertwined.

 

 

Edited May 10, 2019 by Revel

[Cyclone 10]

So what about the £800 billion in assets?

[L00b 441]

On 11 May 2019 at 09:21, Cyclone said:

So what about the £800 billion in assets?

Much of them have arrived here and continue to do so in dribs and drabs, together with the jobs to manage them. These days Luxembourg is global no.2 for personal assets management, with $4.2 tn AUM as of last November.

 

The number of job losses in the City, both to date and still potential, due to Brexit is a meaningless statistic. Not only because Brexit hasn't happened yet, but also because the global financial industry's tectonic plates have been and continue to move fast atm, under focal shifts (mainly towards Asia and the US as growing-but-diverging markets) and increasingly-stringent and -coordinated regulatory upgrades. It's long well-publicised that some large US banks in the City decided to relocate some ops and jobs in NY, instead of Frankfurt or Paris.

 

Far more important is the financial activity that's already been lost by the City, and will now continue to be lost for a good while, irrespective of whether Brexit happens, and in what shape if it does. Because it's that activity -and the comparatively few jobs handling it, in absolute numbers- that was generating a sizeable chunk of change for the Exchequer until now.

Edited May 14, 2019 by L00b

[El Cid 216]

Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.

[apelike 10]

6 minutes ago, El Cid said:

Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.

You should have credited the source and given a link.

 

https://news.sky.com/story/british-steel-seeks-new-75m-taxpayer-loan-to-avert-collapse-11719704

 

It seems this is all about the farce of carbon trading/credit payments.

[geared 306]

This was in the news a while back wasn't it??  They can't get payments for carbon credits or something due to Brexit.

Wasn't there a similar issue with FlyBMI when they collapsed?

 

Bit unfair really considering we're still (technically) a full EU member.

[ez8004 10]

The Brexit begging bowl is getting larger. 

 

https://www.theguardian.com/business/2019/may/14/british-steel-asks-for-state-help-to-avert-brexit-related-collapse

 

Reap what you sow. 

Edited May 14, 2019 by ez8004

[apelike 10]

14 minutes ago, ez8004 said:

The Brexit begging bowl is getting larger. 

 

https://www.theguardian.com/business/2019/may/14/british-steel-asks-for-state-help-to-avert-brexit-related-collapse

 

Reap what you sow. 

I think in this case it its the EU trying to reap what it can while it can.

[ez8004 10]

8 minutes ago, apelike said:

I think in this case it its the EU trying to reap what it can while it can.

By acting on legislation already passed?

 

It’s called playing by the rules WE voted for. 

[Magilla 510]

51 minutes ago, apelike said:

I think in this case it its the EU trying to reap what it can while it can.

Aye, nothing to do with the slump in orders because customers have no idea what tarrifs they'll be paying when the order is delivered, or the weakness of sterling to buy the raw materials in the first place...

 

A direct result of Brexit, slow clap for the leavers.