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City flitters: 7,000 jobs leave London's prized banking sector after Brexit

Euronews
Euronews Copyright Euronews
Copyright Euronews
By Luke Hanrahan
Published on Updated
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Dublin, Frankfurt and Paris are vying for a share of the financial services markets once dominated by London.

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London’s role as the financial services King of Europe appears to be under pressure from the likes of Paris, Frankfurt and Dublin after Brexit. 

Although the most dire forecasts for an exodus of a quarter of million City jobs after the split with Brussels have not materialised, a new report suggests 7,000 roles in the sector have been relocated away from the British Isles.

And while there may not have been a wholesale switch in Europe’s financial markets, some experts believe specific sectors are being reorganised and recalibrated, such as investment banking.

"London is still seen as a global financial player, but it isn’t necessarily seen as the single European financial services centre, and I think that is what has changed as a result of Brexit," David Henig, who works with the European Centre for International Political Economy, told Euronews. 

"Now people think it’s not just London that’s a European financial centre, it is other places. It could be Paris or Amsterdam. It could be Dublin.”

Peter Lawlor, the former chief economist of the German Stock Exchange, believes that Brexit has definitely had a detrimental effect on London’s fortunes, but added it is too early to predict the future.

“I don’t think the strategic thinking was properly done in the UK," he said. "Frankfurt was keen, Paris was very keen – you know about the incentives put forward in various European cities. 

"All that said, where will it end up ultimately? Whatever ultimately may mean? It’s too soon to say.”

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