View more on these topics

US banking giants warn of imminent City exodus

Large US banks including JPMorgan Chase, Goldman Sachs and HSBC have told the US commerce secretary that the UK’s beleaguered Government and the slow-moving Brexit plans may lead to them moving thousands of jobs out of the City imminently.

Several financial institutions met with US commerce secretary Wilbur Ross last week at a private lunch during his London visit, the Financial Times reports.

The US banks’ executives said a lack of clarity from the Government on post-Brexit plans would force the banks to move their London operations back to the US or to other European capitals. The banks warned they are under pressure to move jobs, capital and infrastructure to meet the March 2019 Brexit deadline if no transitional deal is secured.

Catherine McGuinness, policy chair of the City of London Corporation, who headed the group’s US delegation, said the next three months will be critical in ascertaining if foreign banks will proceed with contingency plans that allow them to move up to 10,000 jobs in the short term.

“We really shouldn’t understate or underestimate what a critical moment we’re at for this sector,” McGuinness said.

Recommended

1

Brexit minister admits sector impact assessments don’t exist

Brexit minister David Davis has admitted that impact assessments across a number of sectors do not exist, despite being promised to parliament. Davis had previously refused to release its internal studies on the impact of Brexit, but said there was analysis of 58 sectors, including asset management, banking and fintech. He said at the time sectoral […]

Govt withholds details of Brexit impact on asset managers

The Government is refusing to release internal studies on the Brexit impact on 58 industries, including asset management and other sectors within financial services. A letter from Brexit minister David Davis in response to the House of Lords EU external affairs sub-committee argues that doing so would weaken its negotiating hand. “We will not publish anything that […]

Money-In-Hand-700.jpg

UK fund groups see AUM drop as global firms break $80trn

The total assets under management of the world’s largest 500 managers increased by 5.8 per cent to $81.2trn in 2016, although UK firms saw AUM drop for the second consecutive year, falling by 4.5 per cent to $6.3trn. The Willis Towers Global 500 research shows that AUM by North American managers rose 7.7 per cent […]

15

Tributes paid as pensions luminary Mike Morrison passes away

Tributes have poured in from across the financial planning profession after the passing of veteran pensions guru Mike Morrison. Morrison passed away at his home yesterday. He was 55. Morrison gained the respect of the industry through a number of roles in his 30 years working in the profession at companies including Winterthur Life, Axa […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Oh, and according to the Micawbers of Brexit it won’t happen everything will be all right we will be doing huge trade with the Commonwealth and we will be regaining our Sovereignty.

    And Santa will be brining us all a 1kg Gold bar each for Christmas.

Leave a comment