Goldman Sachs CEO hints at moving offices from London to Frankfurt
http://www.bbc.com/news/business-41677332
Goldman Sachs employs over 6000 people in London. Other large financial firms like JP Morgan and Citi are also considering moving some of their operations to major European cities like Paris, Dublin and Frankfurt in the case of a hard Brexit:
http://uk.businessinsider.com/citi-frankfurt-brexit-eu-hub-2017-7
http://www.independent.co.uk/news/business/news/jp-morgan-chase-brexit-planning-up-headcount-paris-uk-eu-negotiations-outcome-a7998001.html
https://www.theguardian.com/business/2017/jul/19/morgan-stanley-picks-frankfurt-post-brexit-hub
Goldman Sachs employs over 6000 people in London. Other large financial firms like JP Morgan and Citi are also considering moving some of their operations to major European cities like Paris, Dublin and Frankfurt in the case of a hard Brexit:
http://uk.businessinsider.com/citi-frankfurt-brexit-eu-hub-2017-7
http://www.independent.co.uk/news/business/news/jp-morgan-chase-brexit-planning-up-headcount-paris-uk-eu-negotiations-outcome-a7998001.html
https://www.theguardian.com/business/2017/jul/19/morgan-stanley-picks-frankfurt-post-brexit-hub
Scroll to see replies
Original post by Emms98
http://www.bbc.com/news/business-41677332
Goldman Sachs employs over 6000 people in London. Other large financial firms like JP Morgan and Citi are also considering moving some of their operations to major European cities like Paris, Dublin and Frankfurt in the case of a hard Brexit:
http://uk.businessinsider.com/citi-frankfurt-brexit-eu-hub-2017-7
http://www.independent.co.uk/news/business/news/jp-morgan-chase-brexit-planning-up-headcount-paris-uk-eu-negotiations-outcome-a7998001.html
https://www.theguardian.com/business/2017/jul/19/morgan-stanley-picks-frankfurt-post-brexit-hub
Goldman Sachs employs over 6000 people in London. Other large financial firms like JP Morgan and Citi are also considering moving some of their operations to major European cities like Paris, Dublin and Frankfurt in the case of a hard Brexit:
http://uk.businessinsider.com/citi-frankfurt-brexit-eu-hub-2017-7
http://www.independent.co.uk/news/business/news/jp-morgan-chase-brexit-planning-up-headcount-paris-uk-eu-negotiations-outcome-a7998001.html
https://www.theguardian.com/business/2017/jul/19/morgan-stanley-picks-frankfurt-post-brexit-hub
When it happens let us all know until then it’s just the usual positioning that people/particular business’ do.
Original post by Emms98
http://www.bbc.com/news/business-41677332
Goldman Sachs employs over 6000 people in London. Other large financial firms like JP Morgan and Citi are also considering moving some of their operations to major European cities like Paris, Dublin and Frankfurt in the case of a hard Brexit:
http://uk.businessinsider.com/citi-frankfurt-brexit-eu-hub-2017-7
http://www.independent.co.uk/news/business/news/jp-morgan-chase-brexit-planning-up-headcount-paris-uk-eu-negotiations-outcome-a7998001.html
https://www.theguardian.com/business/2017/jul/19/morgan-stanley-picks-frankfurt-post-brexit-hub
Goldman Sachs employs over 6000 people in London. Other large financial firms like JP Morgan and Citi are also considering moving some of their operations to major European cities like Paris, Dublin and Frankfurt in the case of a hard Brexit:
http://uk.businessinsider.com/citi-frankfurt-brexit-eu-hub-2017-7
http://www.independent.co.uk/news/business/news/jp-morgan-chase-brexit-planning-up-headcount-paris-uk-eu-negotiations-outcome-a7998001.html
https://www.theguardian.com/business/2017/jul/19/morgan-stanley-picks-frankfurt-post-brexit-hub
I strongly doubt that.
Why will these massive banks leave the centre of finance and global politics to go to Germany or France?
I think their most probable move will be to host two operations; one in the UK and the other in the EU.
Original post by MartinF98
Oh no, the bankers are leaving? Who are we going to get our recessions from now?
You can almost smell the envy.
You may not like bankers but they are talented hard working individuals that are vital to the tax revenues and prosperity of our nation. Many people eho ate going nowhete in life resent those that work in finance and ignore this fact.
It is great that we are leaving the EU but let's not reduce the nation's most successful sector. Use Brexit to deregulate the economy and reduce the size of the state then Britain can prosper.
Original post by MartinF98
Oh no, the bankers are leaving? Who are we going to get our recessions from now?
We'll get our recession the moment they leave you imbecile.
Original post by Economics Legend
You can almost smell the envy.
You may not like bankers but they are talented hard working individuals that are vital to the tax revenues and prosperity of our nation. Many people eho ate going nowhete in life resent those that work in finance and ignore this fact.
It is great that we are leaving the EU but let's not reduce the nation's most successful sector. Use Brexit to deregulate the economy and reduce the size of the state then Britain can prosper.
You may not like bankers but they are talented hard working individuals that are vital to the tax revenues and prosperity of our nation. Many people eho ate going nowhete in life resent those that work in finance and ignore this fact.
It is great that we are leaving the EU but let's not reduce the nation's most successful sector. Use Brexit to deregulate the economy and reduce the size of the state then Britain can prosper.
This is so cringe. You sound just like a wannabe banker, "economics legend".
Original post by itsfantanoo
This is so cringe. You sound just like a wannabe banker, "economics legend".
Debating skills not your strong point?
Original post by Economics Legend
Debating skills not your strong point?
What makes you think I wanted a debate with you?
People, if the Marxists get in as some of you so dearly wish... everybody will be leaving. Brexit really isn't the worst of our worries...
Original post by Wired_1800
Why will these massive banks leave the centre of finance and global politics to go to Germany or France?
Why will these massive banks leave the centre of finance and global politics to go to Germany or France?
Because it is no longer in their financial interests to keep jobs in Britain. And yes - it is posturing in the hope that some sort of deal can be done to overt the catastrophe that would be a hard Brexit.
I take it you don't remember the time when low value manufacturing jobs moved from the UK to far off lands, or the time when call centres moved from Britain to India - and then ironically back again? Even that British of all British inventors, James Dyson moved his manufacturing base to Eastern Europe to save costs and as I type the Vauxhall plant at Ellesmere Port is once again under threat with Brexit looming.
A business like Goldman Sachs would have no issues taking the decision to move shop if it was in their interests to do so. Financial businesses are currently located in London because that is the place to be. That doesn't mean it will always be the place to be.
(edited 6 years ago)
Original post by ByEeek
Because it is no longer in their financial interests to keep jobs in Britain. And yes - it is posturing in the hope that some sort of deal can be done to overt the catastrophe that would be a hard Brexit.
I take it you don't remember the time when low value manufacturing jobs moved from the UK to far off lands, or the time when call centres moved from Britain to India - and then ironically back again? Even that British of all British inventors, James Dyson moved his manufacturing base to Eastern Europe to save costs and as I type the Vauxhall plant at Ellesmere Port is once again under threat with Brexit looming.
A business like Goldman Sachs would have no issues taking the decision to move shop if it was in their interests to do so. Financial businesses are currently located in London because that is the place to be. That doesn't mean it will always be the place to be.
I take it you don't remember the time when low value manufacturing jobs moved from the UK to far off lands, or the time when call centres moved from Britain to India - and then ironically back again? Even that British of all British inventors, James Dyson moved his manufacturing base to Eastern Europe to save costs and as I type the Vauxhall plant at Ellesmere Port is once again under threat with Brexit looming.
A business like Goldman Sachs would have no issues taking the decision to move shop if it was in their interests to do so. Financial businesses are currently located in London because that is the place to be. That doesn't mean it will always be the place to be.
The main issue in EU is the combined economic policy that hinders certain economies whilst benefitting others.
Once the UK leaves the EU, you will begin to see deeper changes. The UK will be more free to adjust economic policy to support national developments.
The UK as a nation is in a strategic economic and geopolitical centre of international affairs that many companies will not leave it.
Original post by Wired_1800
Once the UK leaves the EU, you will begin to see deeper changes. The UK will be more free to adjust economic policy to support national developments.
Once the UK leaves the EU, you will begin to see deeper changes. The UK will be more free to adjust economic policy to support national developments.
That sounds really good... until you realise that people like Boris Johnson, Michael Gove and Theresa May run our country. I'm sorry but I don't think the average government has the intelligence to make long term strategic decisions on the future of our economy.
Add to the fact that we are in rather uncharted territory with stagnated wage growth, a weak underlying economy but rising inflation and the threat of higher interest rates imposed on a leveraged society. And whilst this is going on, the Tories still haven't eliminated the deficit 5 years after they said they would.
The future economically right now doesn't exactly fill me with hope. So what do we do? Fix the economy? No. We sh1t on ourselves with the hope that things "might" be better sometime in the future, perhaps, maybe.
(edited 6 years ago)
People seem to forget that banking is the last thing Britain has left to offer the world. Without a stable financial sector, we're all ******
Original post by ByEeek
That sounds really good... until you realise that people like Boris Johnson, Michael Gove and Theresa May run our country. I'm sorry but I don't think the average government has the intelligence to make long term strategic decisions on the future of our economy.
Add to the fact that we are in rather uncharted territory with stagnated wage growth, a weak underlying economy but rising inflation and the threat of higher interest rates imposed on a leveraged society. And whilst this is going on, the Tories still haven't eliminated the deficit 5 years after they said they would.
The future economically right now doesn't exactly fill me with hope. So what do we do? Fix the economy? No. We sh1t on ourselves with the hope that things "might" be better sometime in the future, perhaps, maybe.
Add to the fact that we are in rather uncharted territory with stagnated wage growth, a weak underlying economy but rising inflation and the threat of higher interest rates imposed on a leveraged society. And whilst this is going on, the Tories still haven't eliminated the deficit 5 years after they said they would.
The future economically right now doesn't exactly fill me with hope. So what do we do? Fix the economy? No. We sh1t on ourselves with the hope that things "might" be better sometime in the future, perhaps, maybe.
I agree with you but I think that anyone with the highest intelligence and best will in the world wont be able to progress within the limitations of the European Union.
A country that truly controls its destiny can be as flexible as they wish to be. For example, if there is high inflation rate or poor economic conditions, the government can adjust its economic policy to reflect the conditions. This is feasible in immigration, taxes or other national policies.
This unfortuanately cannot be the case when you remain in the EU. They have already stated that they are unwavering in the 4 freedoms, which creates serious issues for nations.
Two, the main aim of the EU is for the "betterment" of the many which sometimes translates to the strong within the bloc. Have you forgotten Greece, where the EU were completely against any national economic decision making that could support the crippling debts. However, the EU demanded that the Greeks sold their national treasures and dismantled their public services.
Some people love to say rubbish about how beautiful a trade deal will be with the EU, but crazy Donald Trump threw it out of the window and the US did not implode.
There are so many examples of how the European Union has failed its members to the gratification of certain elite groups.
To me, the best option is to leave and the people decide how they choose to progress in their nation. If they prefer 0% immigration, so be it. If they choose to have a socialist system, then so be it. The EU should not choose how British people live their lives.
Original post by calsmith12
People seem to forget that banking is the last thing Britain has left to offer the world. Without a stable financial sector, we're all ******
Of the firms that have moved jobs from the city so far it appears that they are only moving about 20% of their workforce.
The idea that banks have left en masse or are even planning to appears to be folly and without much evidence at this stage.
The threat is if the EU take Euro clearing from London.
Original post by Wired_1800
A country that truly controls its destiny can be as flexible as they wish to be. For example, if there is high inflation rate or poor economic conditions, the government can adjust its economic policy to reflect the conditions. This is feasible in immigration, taxes or other national policies.
A country that truly controls its destiny can be as flexible as they wish to be. For example, if there is high inflation rate or poor economic conditions, the government can adjust its economic policy to reflect the conditions. This is feasible in immigration, taxes or other national policies.
I agree with that. And within the EU, that is entirely possible. A country like the UK, not tied to the Euro. With high inflation we can simply increase our BofE banking interest rate to bring down inflation. Ok - so many home owners will end up defaulting on their mortgages like they did in the late 80s / early 90s, but what is a few thousand additional homeless people to contend with?
I don't get where you are coming from? We can already control our economy. We are not constrained by the EU. However, what we are throwing away is the ability to trade freely with out biggest customers / importers. We sell 45% of our exports to the EU. They don't sell 45% of their exports to us. It is a bigger loss to us than it is to them. And our next biggest market (US) only accounts for 18% of exports. Even if we were able to magically double our exports to the US (unlikely) we would still be shy by 9% on what we currently export to the EU. I don't understand why people play that down so much. Half of the money we make for the UK is through Europe. Half!!! That isn't a small number. And we have elected to ditch it. Bonkers!
And don't forget that if you or I decide to start manufacturing widgets for France or Germany - all we have to do is put them in a van and drive them there - simple! Most French or German importers even speak English. The idea of ditching that ease in favour of selling to the bizarreties of places like the US, China or India which are not only a gazillion miles away but have completely different cultures and ways of doing business is not a prospect the average UK business is relishing.
(edited 6 years ago)
Original post by ByEeek
I agree with that. And within the EU, that is entirely possible. A country like the UK, not tied to the Euro. With high inflation we can simply increase our BofE banking interest rate to bring down inflation. Ok - so many home owners will end up defaulting on their mortgages like they did in the late 80s / early 90s, but what is a few thousand additional homeless people to contend with?
I don't get where you are coming from? We can already control our economy. We are not constrained by the EU. However, what we are throwing away is the ability to trade freely with out biggest customers / importers. We sell 45% of our exports to the EU. They don't sell 45% of their exports to us. It is a bigger loss to us than it is to them. And our next biggest market (US) only accounts for 18% of exports. Even if we were able to magically double our exports to the US (unlikely) we would still be shy by 9% on what we currently export to the EU. I don't understand why people play that down so much. Half of the money we make for the UK is through Europe. Half!!! That isn't a small number. And we have elected to ditch it. Bonkers!
And don't forget that if you or I decide to start manufacturing widgets for France or Germany - all we have to do is put them in a van and drive them there - simple! Most French or German importers even speak English. The idea of ditching that ease in favour of selling to the bizarreties of places like the US, China or India which are not only a gazillion miles away but have completely different cultures and ways of doing business is not a prospect the average UK business is relishing.
I don't get where you are coming from? We can already control our economy. We are not constrained by the EU. However, what we are throwing away is the ability to trade freely with out biggest customers / importers. We sell 45% of our exports to the EU. They don't sell 45% of their exports to us. It is a bigger loss to us than it is to them. And our next biggest market (US) only accounts for 18% of exports. Even if we were able to magically double our exports to the US (unlikely) we would still be shy by 9% on what we currently export to the EU. I don't understand why people play that down so much. Half of the money we make for the UK is through Europe. Half!!! That isn't a small number. And we have elected to ditch it. Bonkers!
And don't forget that if you or I decide to start manufacturing widgets for France or Germany - all we have to do is put them in a van and drive them there - simple! Most French or German importers even speak English. The idea of ditching that ease in favour of selling to the bizarreties of places like the US, China or India which are not only a gazillion miles away but have completely different cultures and ways of doing business is not a prospect the average UK business is relishing.
That is because we are still tied to the EU. If the UK was allowed to trade with China, India, Russia, Nigeria, US, South Africa, Australia, i strongly doubt that the EU will still account for 45% of UK businesses.
We are fed this lie that the UK will implode post-brexit which is not true because nobody knows what will happen. We were fed the same lie with the Euro but clever people in the Labour Party stopped that from happening then.
You see the economy is not only affected by direct economic policy but by several other factors such as immigration, low wage workers, pressure on infrastructure, inability to properly secure the nation from terrorists etc.
We all know the examples of the housing crisis, NHS problems, struggles to deport terrorists etc, but if the UK was like a proper nation, it will be much easier to depend on internal policy than EU bullying from the Court of Justice or whatever part of the Union.
To your final point, i think that argument is redundant. China is the second largest economy in the world and sells to the whole world. The idea that China is in Asia has never stopped them from selling things to Africa, Americas or Europe.
To me, Brexit is not only about leaving the EU but deciding how British people should govern their nation. We have been fed lies for decades and it is time to make the decisions by ourselves.
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