That’s a weird way of saying EU expects Britain to know what it voted for…
This is Work from Home, but work from another Country.
Aw, execs don’t want to move away from their favorite bars, restaurants, clubs and brothels.
The unhInged comments section – unironically saying this is just project fear – it’s reality mate.
Will never come to term like most stuff hyped up. Instead of making idle threats the EU should look at what make the uk and Switzerland such desirable places to work so people move to the EU naturally because it’s just a better place to be
Surely these banks already employ thousands if not tens of thousands of people across the EU? This just comes across as a threat or attack to force a brain drain on the banking industry.
I know people round here are like to think of the EU as the good guys and they certainly are in some areas but I don’t like this approach at all.
The underlying issue here is that banks have no genuine business reason to want to move their staff, and even the regulators also struggle to come up with any genuine reason the people responding to regulatory queries have to be physically located in the EU.
Suppose a model for a financial product was developed by a banker in Singapore and used by the firm globally, the regulator asks questions about the product and gets a response from that Banker in Singapore, but suddenly declares this is unacceptable and they must get an answer from someone physically present in the EU for…. reasons.
Anyway behind the scenes the banks will be “lobbying” i.e lining the pockets of EU politicans, strong enough that not much will ever really come of this, the issue will either fade out of the headlines, or with enough pressure result in some vague commitments to increase headcounts in EU offices, occasionally offsetting with restructuring, shutting down or relocating offices in the EU to keep things blurry.
The issue for the EU is that London has built up such a competitive advantage in world finance over years and years that it just doesn’t make any operational sense for Banks to move anything. The only financial hub in Europe that is in any way comparable is Frankfurt which is far smaller city with fewer people to fill these jobs.
8 comments
That’s a weird way of saying EU expects Britain to know what it voted for…
This is Work from Home, but work from another Country.
Aw, execs don’t want to move away from their favorite bars, restaurants, clubs and brothels.
The unhInged comments section – unironically saying this is just project fear – it’s reality mate.
Will never come to term like most stuff hyped up. Instead of making idle threats the EU should look at what make the uk and Switzerland such desirable places to work so people move to the EU naturally because it’s just a better place to be
Surely these banks already employ thousands if not tens of thousands of people across the EU? This just comes across as a threat or attack to force a brain drain on the banking industry.
I know people round here are like to think of the EU as the good guys and they certainly are in some areas but I don’t like this approach at all.
The underlying issue here is that banks have no genuine business reason to want to move their staff, and even the regulators also struggle to come up with any genuine reason the people responding to regulatory queries have to be physically located in the EU.
Suppose a model for a financial product was developed by a banker in Singapore and used by the firm globally, the regulator asks questions about the product and gets a response from that Banker in Singapore, but suddenly declares this is unacceptable and they must get an answer from someone physically present in the EU for…. reasons.
Anyway behind the scenes the banks will be “lobbying” i.e lining the pockets of EU politicans, strong enough that not much will ever really come of this, the issue will either fade out of the headlines, or with enough pressure result in some vague commitments to increase headcounts in EU offices, occasionally offsetting with restructuring, shutting down or relocating offices in the EU to keep things blurry.
The issue for the EU is that London has built up such a competitive advantage in world finance over years and years that it just doesn’t make any operational sense for Banks to move anything. The only financial hub in Europe that is in any way comparable is Frankfurt which is far smaller city with fewer people to fill these jobs.