An estimated 9,000 jobs from global banks will move from the UK to the continent in the next two years, according to public statements and information from sources.
Since the June EU referendum, thirteen major banks have announced plans to strengthen European operations and expand offices after the UK leaves the bloc.
The latest banks to outline plans for Brexit were JPMorgan (NYSE:JPM) and Standard Chartered (LON:STAN).
It is understood that JPMorgan will move between 500 – 1,000 jobs to Dublin, Frankfurt and Luxembourg.
The head of investment banking at one global bank in London said: “It’s full speed ahead. We are in full motion with our contingency planning… There’s no waiting.”
The biggest winners from the UK’s decision to leave the EU will be Frankfurt and Dublin, with six of the top 13 banks looking to move operations to Frankfurt.
The largest move of any bank will be from Deutsche Bank (ETR:DBK), who have announced plans to move up to 4,000 UK jobs to Frankfurt and other EU locations.
“For front office people if you want to deal with EU clients you need to be based in the EU, in continental Europe. Does that mean that I have to move all the front office people to Germany or not?” said Deutsche’s chief regulatory officer, Sylvie Matherat.
“We are speaking of 2,000 people – that’s not a small number. Everybody needs clarity – and the sooner the better,” she added.
HSBC (LON:HSBA) Chief Executive Stuart Gulliver also announced plans earlier this week to relocate around 1,000 employees to Paris, assuming a “hard” Brexit.
Consequences of the job movements to Dublin, Frankfurt and Paris will be far reaching. A report by the Institute for Fiscal Studies said on Thursday that the rest of the UK population could face higher taxes if top earners move abroad.