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Banks fleeing London

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On 19 Jan 2017 at 9:05pm The Old Mayor wrote:
Wouldn't it be funny if all those Banks that said they'll leave London once we trigger Article 50, moved to Paris, then found the same thing happens there, so moved to Holland, and it happened again, soon they will run out of viable options and have to come back. Just left with poor EU states as options. So probably they'll think it over again an then decide to stay here. Except of course the Hong Kong and Shanghai Bank Corporation, that's HSBC to you. As labour must be mega cheap in China.
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On 19 Jan 2017 at 9:46pm Earl of Lewes wrote:
Barclays have announced that they intend to stay based in London, as they believe that it will remain the financial hub of Europe.
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On 19 Jan 2017 at 10:09pm lol wrote:
Let's see if RBS have the balls to try it
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On 19 Jan 2017 at 10:10pm The real world wrote:
Barclays and HSBC have Offices and trading subsidiary companies across the EU. These have been in place for several years. So little will change apart from maybe more UK staff being based over in mainland Europe. The converse will be that EU domiciled banks (i.e. Not UK registered) will have to increase their UK operations to allow full Dterling and EuroDollar trading, thus many jobs will be created in the U.K. The net position will see more jobs created than lost in the UK financial sector.
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On 19 Jan 2017 at 10:10pm Banky Moon wrote:
And HSBC,Goldman Sachs,USB and several Japanese banks are making for the exit.
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On 19 Jan 2017 at 10:20pm Marlen wrote:
Good riddance.
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On 19 Jan 2017 at 10:32pm Newms wrote:
This is a good summary of where we are with Banking , interesting to see how it looks outside the UK
If your business model is fundamentally dependent on retention of city passports, unhindered access to the single market or very complex EU supply chains then you gotta go, simples The sector deals are never going to happen. They have been explicitly ruled out by the EU just as they ruled out any shift on free movement or informal discussions before article 50. On each of these questions Brexit have lied as they always do
The auto and pharmaceutical industries must be weighing their options now but future investment is ruled out. I have no idea why you would need to capitalise in London to trade in Euros with any currency from within the EU . Europe has always been outraged that trade in Euros of any sort was in London . No-one in these industries is suggesting this …. Some “line “ I guess .
It isn`t just now though it is into the future ,. The equation for vast concerns with subsidiaries all over the world is one thing . For any Europe Facing fund London is now the worst place in Europe to be, the same for any new Insurer . Actually it’s the same for any research project, aviation project , manufacturing component company and so on and so on
In each of these industries the Brexit press muddy the waters with fairy tales but the people in it tell you are entirely different story
We have made a profound structural misjudgement and the best we can hope fort is a bad time . It is Just as likely this will be a tipping point and much worse awaits

Check it out here »
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On 19 Jan 2017 at 10:33pm The people wrote:
Banky moon, you have no idea what you are talking about. None of these major U.K. Banks are leaving. They will need to have trading operations on mainland Europe, as I said HSBC have these already and will just move a few more staff over there.
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On 19 Jan 2017 at 10:57pm Newms wrote:
Speaking as a non-person " The people" it strikes me that you are making this up as you go along . UBS are going to move up to a third of their staff, if you click on the link I gave you will see a fair perspective on the situation today. Remember not every bank will wish to be so public
Throughout the last year the propaganda from Brexit has pretended there was an alternative to pass porting capital and compliance . It was often a misrepresentation of equivalence of EU code as referring to funds when it was the institutions themselves that were the issue On countless occasions ( and I do know about this professionally) I said this was a lie and now I am proved right .
Try to grasp this , we have decided nothing . We asked if we could get a better deal we were told no and the only way to go was to pretend we had decided to have the same relationship with our largest market by far as Belize. It could not be worse
Leave assured us and those who know no better endlessly that trade would not be interrupted or affected . The single market means nothing to the vast majority of Brexit voters who had no idea what they had done .
The time has cone for those who have any grasp of what is happening to start apologising and trying to help salvage what we can . Do you want the stopped operations , unemployment and dwindling opportunities for the young on your conscience . Why not try to do something good ?
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On 19 Jan 2017 at 11:04pm The people wrote:
Yes some banks who wish to trade as principals in the Euro markets will relocate staff to mainland Europe, but this will be a small % of the total U.K. Financial services. As I have posted elsewhere, many non-UK banks will want to increase their operations in the U.K. To trade as principals in both Sterling and EuroDollar markets. So net impact may be zero....
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On 19 Jan 2017 at 11:17pm Newms wrote:
..and as I have said, this is a non fact plucked out of thin air ,. quote your source. Mine is the New York Times ..and yours is ?
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On 19 Jan 2017 at 11:18pm Jeff wrote:
But we hate banks and bankers, don't we?
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On 19 Jan 2017 at 11:19pm The people wrote:
APACS and the BBA.
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On 19 Jan 2017 at 11:42pm Newms wrote:
Yup I am quoting facts you are quoting some waffle thrown up by an industry magazine. In fact Anthony Browne agrees with my facts on record has certainly been sounding alarms for long time now
PwC that predicted 100,000 roles would be lost by 2020 (70,000 I have Wseen as well) If the BBA does not announce the end of British Banking….. I am not hugely surprised or impressed , they have Hardly likely is it .
So anyway you were telling me what the good news was?
What the point of this act of self harm was

Well ?
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On 19 Jan 2017 at 11:42pm We'vehadourfun wrote:
So the new York times is now a reliable unbiased data source?? In this climate. You lost any perceived authority on this argument with that statement. All new York waffle Newms. Banks don't recognise borders that they havnt created so don't think your so smart to understand their game plan.
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On 19 Jan 2017 at 11:49pm Newms wrote:
NYT is a pretty respected source as it goes ..... anyway none of this is in dispute,. I daresay by tommorwo the Mail Sun Telegraph et all will be telling us why it is actually a good thing ..like the pound falling ( or rising ) or nmpot falling much , its all good
See how good your interest rate rise feels next year I would like to send the bill for mine to "The People" why do I have to pay for his stupidity ?
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On 19 Jan 2017 at 11:59pm Baldric wrote:
Let the banks all leave, we will live on turnips ,ride donkeys and make our houses out of cow dung.We ve got our country back,Hooray!
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On 20 Jan 2017 at 8:06am Annette Curtin-Twitcher wrote:
20% of our GDP comes from financial services, so even if we lose just 10%, it represents a 2% drop in GDP. And the bankers moving overseas won't be counter staff etc on below-average wages, it'll be much more senior staff on big fat salaries who pay lots of lovely tax. The loss to the public purse won't be a trifling sum.
Btw, EoL, I wouldn't rate Barclays as a source of sound advice. They supported apartheid for many years, until loss of business due to boycotts forced them to reconsider.
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On 20 Jan 2017 at 9:52am @pn wrote:
Your new alter ego, "newms" sounds like an indignant kitten. Why did you choose it?
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On 20 Jan 2017 at 10:12am GDP wrote:
"20% of our GDP comes from financial services", yes London does generate a lot of income, but it also costs a lot.
For example they also get 24 times as much spent on infrastructure per resident than north-east England. The loss of income will hit projects like HS2 first, not a big deal I guess, if there's no financial services he won't need it.
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On 20 Jan 2017 at 10:17am banks wrote:
Said exactly the same thing about the Euro and what happened? Jobs and business increased. Scary to see how many shills are brainwashed into protecting them at all costs.
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On 20 Jan 2017 at 11:36am Clifford wrote:
There seems to be a strange idea that we need vastly overpaid parasitical bankers here because they pay 'lots of lovely tax'. I don't think I've heard anything so daft... Where exactly do people think the money paid to them comes from?
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On 20 Jan 2017 at 1:12pm And your point is... wrote:
Clifford?
 
 
On 22 Jan 2017 at 4:40pm Clifford wrote:
And your point is... wrote: 'Clifford?'

My daughter used to say that when she was about 13. She thought she sounded ever so clever and cool. She's grown out of it now.


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