Published: Fri, January 20, 2017
Industry | By Faith Ward

Is Goldman Sachs moving jobs out of London because of Brexit?


But following her speech on Tuesday setting out her Brexit strategy, which includes a full departure from the European Union's single market, bankers have begun setting out their own exit plans - from London.

Until now, banks have considered varying degrees of upheaval to their British-based businesses, depending on whether the outcome of Brexit was "hard" or "soft".

While May insists that Britain will abandon the EU's common market, Khan said she should press still in Brexit negotiations for "privileged access" to the trading area and for London to have the ability to hire the right talent from overseas.

London's financial pull remains strong.

Earlier this month, JP Morgan boss Jamie Dimon warned that up to 4,000 financial-sector jobs could be lost in Britain if it loses access to European financial markets.

Goldman Sachs has slammed the brakes on plans to move key operations from the U.S. to London because of the uncertainty created by the vote for Brexit.

"We continue to work through all possible implications of the Brexit vote".

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'Operating our business to maximise our global potential - we were trying to get as much into the United Kingdom as we could, ' he said. There remain numerous uncertainties as to what the Brexit negotiations will yield in terms of an operating framework for the banking industry.

And Swiss bank UBS is also expected to shift jobs to the continent after Chairman Axel Weber told the BBC about 1,000 of its 5,000 employees are now involved in operations dependent on passporting rights, which could end post-Brexit.

"No decision has been taken and the numbers mentioned are none we would recognize", company spokeswoman Nicole Mommsen told Bloomberg after the report.

Prime Minister Theresa May, who is also in Davos, is due to meet Wall Street executives to hear concerns that Brexit will cost banks passporting rights, which enable them to sell their services to the rest of the European Union from bases in London.

Sadiq Khan spoke to AFP at the World Economic Forum shortly after Prime Minister Theresa May told the meeting in Davos that Britain would remain open for business, even as some banks start shifting jobs from London to Europe.

He said: "We have a bank subsidiary in Ireland, which is obviously part of the EU".

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