EU regulators wield all the power that will decide the fate of US banking personnel operating in the UK ahead of Brexit.
With many European lenders in the UK mulling over their Brexit strategy and consequent relocation options, the choice for US banks may be even more linear. US bank staff in the UK appear to be fully at the mercy of the regulators, and could be forced out of the country. JPMorgan’s Chief Executive Jamie Dimon echoed this reality as he touched on the bank’s 16,000 personnel in the country this week.
The potential conflict between US banks and EU authorities will effectively decide the fate of thousands of workers in the UK, not just at JPMorgan but for other US lenders. Mr. Dimon warned of these headwinds at the Paris Europlace conference this week. “If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that.”
This sentiment has been widely shared amongst many lenders in the country, which collectively see thousands of jobs leaving London. While a move to within the bloc may be inevitable, the rapid displacement of thousands of jobs out of the UK could have negative consequences for London itself, according to an FT report.
A tidal wave of banks have already come forward this month – the timing of the flurry of updates from lenders regarding their Brexit plans have to do with the Bank of England. The central bank had previously called for a mid-July deadline for UK-based banks to provide the regulator with detailed plans about their Brexit strategies. Most European lenders have opted for either Frankfurt or Dublin as their new EU hub and base of operation, though it is unknown how many staff this actually entails.
EU regulators hold the cards
For JPMorgan’s part, and that of other US lenders, much of their staff is fully dedicated to serving EU clients – this makes any move to the bloc even more of a forgone conclusion, though US banks’ Leverage in this area appears to be nonexistent. Ultimately, the EU has full power to obligate thousands of personnel to relocate to the EU, which will likely trigger the materialization of more concrete plans in the near future.
JPMorgan has already outlined a plan to move segments of its operations into a trifecta of cities, including Dublin, Frankfurt, and Luxembourg. Other US lenders have also charted a similar course, including Morgan Stanley and others. Still, the logistics of tens of thousands of workers moving will not come without consequence, with London bearing the biggest brunt of this exodus.
US banks will await clarity from the EU as to their eventual strategy, though many seem to be embracing the idea of wholesale moves into the bloc as passporting rights are eventually suspended.
With many European lenders in the UK mulling over their Brexit strategy and consequent relocation options, the choice for US banks may be even more linear. US bank staff in the UK appear to be fully at the mercy of the regulators, and could be forced out of the country. JPMorgan’s Chief Executive Jamie Dimon echoed this reality as he touched on the bank’s 16,000 personnel in the country this week.
The potential conflict between US banks and EU authorities will effectively decide the fate of thousands of workers in the UK, not just at JPMorgan but for other US lenders. Mr. Dimon warned of these headwinds at the Paris Europlace conference this week. “If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that.”
This sentiment has been widely shared amongst many lenders in the country, which collectively see thousands of jobs leaving London. While a move to within the bloc may be inevitable, the rapid displacement of thousands of jobs out of the UK could have negative consequences for London itself, according to an FT report.
A tidal wave of banks have already come forward this month – the timing of the flurry of updates from lenders regarding their Brexit plans have to do with the Bank of England. The central bank had previously called for a mid-July deadline for UK-based banks to provide the regulator with detailed plans about their Brexit strategies. Most European lenders have opted for either Frankfurt or Dublin as their new EU hub and base of operation, though it is unknown how many staff this actually entails.
EU regulators hold the cards
For JPMorgan’s part, and that of other US lenders, much of their staff is fully dedicated to serving EU clients – this makes any move to the bloc even more of a forgone conclusion, though US banks’ Leverage in this area appears to be nonexistent. Ultimately, the EU has full power to obligate thousands of personnel to relocate to the EU, which will likely trigger the materialization of more concrete plans in the near future.
JPMorgan has already outlined a plan to move segments of its operations into a trifecta of cities, including Dublin, Frankfurt, and Luxembourg. Other US lenders have also charted a similar course, including Morgan Stanley and others. Still, the logistics of tens of thousands of workers moving will not come without consequence, with London bearing the biggest brunt of this exodus.
US banks will await clarity from the EU as to their eventual strategy, though many seem to be embracing the idea of wholesale moves into the bloc as passporting rights are eventually suspended.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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