BREXIT - Movers and Shakers

[_V_]

Wall Street giant Citi to unveil Brexit plan for new EU unit

Citi will become the latest Wall Street giant to unveil plans to cope with the UK's departure from the European Union this week when it names Frankfurt as the location for a major new trading operation.

Sky News has learnt that Citi's board has finalised plans to establish a second EU-based broker-dealer, which will handle many of the market trading activities currently undertaken in London.

Looks like a Brexit opportunity for BTL apartments in Frankfurt. Profit from Doom!

[Paddy]

The latest financial institution making plans to relocate jobs away from the UK is Morgan Stanley, which has announced that Frankfurt will become its post-Brexit EU hub, a move that could shift an initial 200 jobs to Germany

https://www.theguardian.com/commenti...morgan-stanley

[Mordac]

UK Jobs lost

Barclays - Dublin
Legal & General - Dublin
Standard Life - Dublin
JP Morgan - Dublin
Daiwa Securities - Frankfurt
Sumitomo Mitsui - Frankfurt
Nomura Holdings - Frankfurt
Goldman Sachs - Frankfurt
Standard Chartered - Frankfurt
Deutsche Bank - Frankfurt + other EU locations
Credit Agricole - France (rumoured)
HSBC - Paris (not confirmed)
EasyJet - Austria
Diageo (Drinks manufacture and supplier) - to where?
Eddie Stobart , main operations going to Luxembourg.
Microsoft to Prague (to be confirmed)
Lush? -
Société Générale - Paris 400 jobs
Morgan Stanley - New York 1000 jobs
UBS - Switzerland 1500 jobs


UK Jobs gained

Civil servant Brexit Negotiation positions (1000 short term roles) - London

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A few quibbles here: Morgan Stanley to New York, and you're blaming Brexit? Seriously?
SocGen to Paris - hardly shock news.
Ditto Deutsche Bank to Frankfurt & UBS to Switzerland etc.
Easyjet are not moving to Austria, they're setting up a new operation with a handful of people so they can register some of their aircraft "inside the EU" in order to continue operating flights between EU countries.
Also, Diageo most likely to Switzerland - they moved a number of operations (but not that many people) there some years ago for tax reasons (Geneva I think). A mate of mine worked on the ERP side of that project.

[SamCole]

Credit Agricole - fast track preparation to move to France

I heard at the interview at Credit Agricole from Jozef Sebestyen that the mandatory feature of the new WPF trading system will bi-lingual support.
So, the old one doesn't support French.
He gave the nod that the plan to move to France is considered seriously.
Expect that contract might be not longer than the brexit leave date.