Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

BrexitEuropeFinancial servicesFranceLatest News

Bankers reluctant to leave London for EU

by Adam McCulloch 7 Jun 2021
by Adam McCulloch 7 Jun 2021 Photo: Shutterstock
Photo: Shutterstock

The movement of banking interests from London to locations within the EU have hit a stumbling block: the UK-based employees often don’t want to move.

According to a Bloomberg report JP Morgan Chase, Goldman Sachs and Nomura Holdings have found it difficult to convince traders to move abroad, with Frankfurt being a particularly difficult city to lure people to.

However, the prevalence of Covid travel restrictions may also be playing a role in people’s caution.

Stephane Rambosson, the London-based co-founder of Vici Advisory, an executive search firm, told Bloomberg: “I’ve got cases of people moving to the Continent and they are really not happy.”

Brexit and employment

Exclusive: ‘Home, hybrid, hub’ is the future for Lloyds Banking Group

Brexit: steady flow of finance jobs to EU continues

Brexit: Which EU employment rules could be up for review?

Brexit and UK employment law

Workers who had children in school were particularly reluctant to relocate the report stated, while there was also concern among employees over salaries, career prospects and the quality of life in the destination cities.

There is pressure from the EU on banks to move operations to the bloc as regulators, including the European Central Bank (ECB), urge lenders to manage risk tied to EU clients inside the bloc. The ECB is currently reviewing banks’ risk management setup across the EU.

London for now remains by far Europe’s leading financial centre but there has already been a large scale move of assets to the continent and a flow of personnel as financial institutions look to increase operations in other European capitals and finance hubs.

The head of Morgan Stanley in France has said that he expects size of the firm’s Paris office to double in the next two and a half years to about 300 people and Deutsche Bank AG recently decided to move about 100 jobs in its corporate banking unit from London to lower-cost locations including Frankfurt and Dublin.

Frankfurt’s relative lack of popularity comes despite Goldman, JPMorgan and Nomura having set up EU hubs in the German financial capital. Paris is a more popular potential destination for traders, although Covid travel restrictions on travel by Eurostar has tempered the appeal.

Rambosson told Bloomberg he expected the situation to change, citing attractive tax breaks offered by France and Italy and the increasing number of leadership roles being located in Europe.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

It is thought that as more assets leave the UK, EU countries’ attractiveness for bankers will increase.

Latest HR job opportunities on Personnel Today

Browse more human resources jobs

Adam McCulloch

Adam McCulloch first worked for Personnel Today magazine in the early 1990s as a sub editor. He rejoined Personnel Today as a writer in 2017, covering all aspects of HR but with a special interest in diversity, social mobility and industrial relations. He has ventured beyond the HR realm to work as a freelance writer and production editor in sectors including travel (The Guardian), aviation (Flight International), agriculture (Farmers' Weekly), music (Jazzwise), theatre (The Stage) and social work (Community Care). He is also the author of KentWalksNearLondon. Adam first became interested in industrial relations after witnessing an exchange between Arthur Scargill and National Coal Board chairman Ian McGregor in 1984, while working as a temp in facilities at the NCB, carrying extra chairs into a conference room!

previous post
Low-paid workers at greatest risk of redundancy
next post
Exclusive: ‘Home, hybrid, hub’ is the future for Lloyds Banking Group

You may also like

Immigration white paper: which jobs will be affected?

19 May 2025

Immigration white paper: 10 key points and reaction

12 May 2025

Labour MPs urge more flexibility with EU over...

24 Apr 2025

UK employees worried by potential rise of US...

24 Apr 2025

Ben & Jerry’s accuses Unilever for sacking boss...

20 Mar 2025

Finland’s workplaces the key to top spot in...

20 Mar 2025

Employee engagement: Growing disconnect between effort and recognition,...

13 Mar 2025

Youth mobility scheme on the table for Starmer...

21 Feb 2025

Chevron to cut up to 20% of global...

13 Feb 2025

Google to scrap DEI goals in US

6 Feb 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+