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Brexit will not provoke en masse banking job migration, FT reports

Consultants and other experts are forecasting disastrous flows from London to continental capitals, as a result of Brexit. Financial Times provides its readers with a milder claim, stating that, if there will definitely be significant changes, it will not be as considerable as announced elsewhere.

In today’s edition, the Financial Times moderates consultants’ claims that huge numbers of banking jobs will move from London due to Brexit. According to the newspaper, which bases its stance on an extensive research, European banks having offices in London would shift 6% of jobs to the continent.

The FT appraisal is based on a survey conducted among 15 of the largest financial institutions active in the UK, and concludes that fewer than 4,600 jobs would be likely to move location, a slim number compared to the 10,500 job loss announced to leave on day one by EY. In the debating turmoil created around Brexit it is interesting to hear a tempering voice, here the one of banks’ seniors forecasting a smaller impact than expected, as EU’s Western capitals are preparing to welcome their share of London’s financial outflows.

By Jean Leguy, Research Coordinator at Holland FinTech]]>

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