Debate Lingers On UK Financial Jobs In Brexit’s Wake

Brexit Negotiations

In the debate over Brexit, the only certain thing is … more debate.

Bloomberg News reports the latest salvo centers on jobs and where they may be headed.

Banks waded into the thick of the discussion as the talent pool may shift away from London, and at the same time, the same institutions are telling U.K. officials that the financial industry should not be restricted in its “access to foreign talent,” as the newswire described it.

Amid banking figures lobbying the government for that access, and warning of job flight: Deutsche Bank stated that 4,000 jobs could move from London throughout the EU, and Barclays gave a timeframe of six months for relocation efforts for its own job base within the region.

That latter firm’s warning came from CEO Jes Staley. In remarks at a Prosperity U.K. conference held Wednesday in London, he said that immigration stands out as key concern, one that takes precedence over passporting rights, which has been another debate within the financial services sector in the U.K. and beyond.

The issue is top of mind as about 25 percent of the city’s 360,000 workers were born outside London.

Amid the chorus of voices, Credit Suisse Chief Financial Officer, David Mathers, noted his company “will probably look to increase our clearing and transaction activity” elsewhere in the EU.

And on the opposite side of the equation, Brexit Secretary David Davis stated that “compromise will be necessary on both sides.” Bloomberg reported that this admission may signal the government may not get all that it desires.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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