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    "Brexit" takes toll: London's banking sector loses 7,000 employees

    "Brexit" takes toll: London's banking sector loses 7,000 employees

    Anticipated post-Brexit workforce exodus from London's financial sector has not lived up to the most pessimistic forecasts of over 250,000 job cuts in the UK's financial services, Euronews has reported.

    "Brexit" takes toll: London's banking sector loses 7,000 employees
    Source: CNBC

    Recent data indicates that the number of relocated employees stands at around 7,000.

    Meanwhile, European cities have become more competitive compared to London, particularly in banking investments.

    London remains a global financial player but is no longer exclusively seen as a European financial hub. This shift in perception is a result of Brexit, leading people to consider other potential European financial centers such as Paris, Amsterdam, and Dublin, says David Henig, Director of the European Centre for International Political Economy.

    Stimulus-driven investment strategies have enabled European cities like Dublin to attract attention as new banking hubs.

    Contrary to earlier predictions of a mass exodus of bankers from London, the reality has been a strategic reallocation of resources across European banking hubs to compete with London, according to facts and insights. 

    Peter Löwler, former Chief Economist of the German Stock Exchange (Deutsche Börse), believes that European centers like Frankfurt have gained a lead over London, but the long-term impact of Brexit on financial services remains uncertain.

    "I don't think strategic thinking was properly thought through in the UK. Frankfurt was interested, Paris was very interested... you know about the incentives across different European cities. But what will it ultimately lead to? What it means... it's too early to tell," Löwler concluded.

    The story of Brexit's influence on Europe's finances is far from over, as winds shift and power redistributes.

    Follow Daryo's official Instagram and Threads pages to keep up to date on world news.

    23.08.2023, 19:01   Comments (0)   1163
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