So Bloomberg just released this article about virtually all major investment banks moving over a significant amount of their operations to continental Europe amidst the Brexit fallout despite May's promises for a 2-year transition period. More specifically:
"Big investment banks with their European headquarters in London are forging ahead with plans to create new trading hubs elsewhere in the region in preparation for Brexit despite the U.K.’s pledge to secure a two-year transition period after March 2019, according to people with knowledge of the situation."
"London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move 1.8 trillion euros ($2.1 trillion) of assets out of the U.K. after Brexit, according to think tank Bruegel."
What do you think of this? Numbers sound a bit extreme, but with Brexit talks all over the place, who knows. Any London-based monkey who can shed some light on how things are looking over there?
That number seems high; moving highly skilled workers across borders into countries with different languages isn't trivial, especially since there won't be freedom of movement for workers between the UK and Europe. It's not without precedent, though. The same thing happened in Canada in the mid-late nineties. Quebec (french speaking) decided it wanted to be its own country (didn't pan out), but all of the banks left for Toronto (english speaking). In the process, Montreal went from being Canada's financial center to a third rate city.
well London isn't safe anyhow with all those terrorist yahoos dreaming of bombing every street and public building.
Europe is turning into a sh!thole by the hour.
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