Global banks plan to relocate 9000 jobs from London owing to Brexit

The major international banks in London have planned to remove 9000 Jobs from the city to other destinations in Europe over a period of next two years owing to Brexit. Information from sources and public statements reveal that the shifting of finance jobs is already being planned.

JP Morgan and Standard Chartered were the latest international banks to spell out their strategy for operations for Europe after Brexit. They have joined the group of global bankers who are insisting on moving their banking operations out of London, quotes NDTV.

Lloyd Blankfein the Chief Executive of Goldman Sachs said that the upheaval that is being caused due to Brexit will curb the growth of London as a global finance destination.

Thirteen international banks that include Citigroup, UBS, and Goldman Sachs have clearly indicated that they would focus their major operations in Europe so as to access European Union’s single market after Britain exits from the EU.

Though Britain has been negotiating with financial officials in Europe but the global banks are unrelenting and have planned to shift their operations and staff out of London.

 Tax revenues in the UK would be drastically affected if affluent taxpayers employed in London move out of the city.

A think tank focused on budget issues The Institute for Fiscal Studies has revealed in its report that the remaining citizens in London will end up paying more taxes if the affluent earners relocate.

The final figure of jobs that will be relocated from London will depend on the final agreement that is reached between EU and the UK.

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