Banks set to move fewer than 4,600 City jobs over Brexit

It has been reported today that banks are set to move as few as 4,600 jobs as they prepare for Brexit.

Recent reports have had the number as high as 75,000 and there has been concern about a mass exodus from London as a result of Brexit. Earlier this week a study has said that 10,500 roles would go on ‘day one’.

However, a study undertaken by the Financial Times has estimated that the number will be more likely 4,600. The FT conducted dozens of interviews and statements with banks and executives to understand how they were preparing for Brexit. It appears that most have downplayed their initial estimates. Earlier this year, Deutsche Bank executive Sylvie Matherat said 4,000 of its 9,000 London workers might be shifted abroad. But the new study suggests only 350 will go by April 2019.

At JP Morgan, the true figure is expected to be around 700, even though in July the US bank, with 16,000 UK staff, warned it could be thousands. And Swiss bank UBS has scaled back the figure for those affected from 1,000 to an estimated 200.

Sally Dewar, head of regulatory affairs at JP Morgan, said yesterday that the real day of reckoning will come at the end of March unless the UK bows to big lenders’ demands. At this point, she claimed, ‘we will start to have to take decisions around informing clients which then becomes more difficult to unravel.’

For more on the FT study, read here.