The predicted exodus of banks and jobs in financials services from London simply hasn’t happened. When will those media outlets and politicians who tried to scare people witless in 2016 apologise?
A new report by Reuters lays bare the reality: hardly any jobs have moved to Paris or Frankfurt, there is only a modest increase in recruitment abroad and the big boys, some of whom helped fund the Remain campaign, are staying in London.
Collectively the likes of Goldman Sachs, Citigroup, JP Morgan, Morgan Stanley, Bank of America/Merrill Lynch, UBS, Credit Suisse and Deutsche Bank are advertising for 1,545 new roles in Britain.
France and Germany, talked up as potential big winners of a Brexodus from London, have only 301 roles listed.
As Martin Armstrong of Armstrong Capital puts it: “Culturally, Paris is French, Frankfurt is German but London is international. The Americans – who own this industry – want to operate in an English speaking environment. No one wants to go,.”
Back in September, Reuters found only 630 finance jobs had shifted or gone abroad. That compares to warnings in 2016 reported by The Guardian that “up to 100,000 financial services jobs could be lost if Britain votes to leave”. Total bullshit that they’re now repeating to scare people about a No Deal Brexit.
Project Fear is the biggest con job in recent political history.