THE EU’s powergrab of financial firms has sparked a mass exodus of bankers from the City of London due to the lack of financial service provisions in the Brexit deal.
Without any specific agreement on financial services, several banks such as Morgan Stanley, Barclays and Goldman Sachs have now moved senior bankers out of London. Instead, these firms have now looked to centres in Frankfurt, Paris and Milan. Due to the “post-Covid phenomenon”, some firms are also looking to relocate masses of workers by 2024.
Indeed, Goldman Sachs has now swelled its workforce in Milan from 20 in 2017 to 60 due to the lack of an agreement on financial services.
JPMorgan is also looking to move 200 more employees to the continent with many heading to Paris.
While Paris has attracted the most people, Frankfurt has received the most jobs leaking from London with 7,600 now reported, according to Reuters.