How big banks are reacting to Brexit: Thousands of UK jobs feared at risk

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Thousands of banking jobs across London are at risk after the UK voted for Brexit yesterday.

JP Morgan, HSBC and Citibank others warned jobs would be moved in the event of a Leave vote.

And other big banks are also understood to be considering shifting jobs from the UK depending on how Brexit negotiations pan out.

Read more: Deutsche Bank to cut almost 3,000 jobs in Germany

Simon Hunt, UK head of banking and capital markets, told City A.M.:

I think it's fair to say that there is going to be continued uncertainty and FS organisations are going to have months and possibly years of negotiations before they have clarity on what access they could have from the UK.

And therefore they are going to have to consider, particularly the non-EU headquartered organisations, whether using a base [in the UK] is viable or feasible.

Therefore there is likely to be some restructuring. I think what happens in terms of negotiations, how that plays out in the next few months, will be important. Because ultimately this is going to depend on whether there is confidence that some sort of passporting regime can remain.

If it can't, then they will have to do something to restucture operations to enable them to access the EU markets. And that will almost certainly mean jobs move.

JP Morgan

Earlier this month, JP Morgan chief executive Jamie Dimon warned Brexit could see his company cut up to 4,000 UK jobs.

After a Brexit we cannot do it all here and we will have to start planning for that. I don't know if it means 1,000 jobs, 2,000 jobs - it could be many as 4,000, and they will be jobs all around the UK.


HSBC group chairman Douglas Flint today said his bank’s “commitment to British businesses, customers and staff in the UK remains undiminished”.

Read more: Bank of England to take "all necessary steps" in wake of Brexit vote

He said:

We are today entering a new era for Britain and British business. The work to establish fresh terms of trade with our European and global partners will be complex and time consuming. We will be working tirelessly in the coming weeks and months to help our customers adjust to and prepare for the new environment.

As one of the largest, most stable, liquid and prudent financial institutions in the world, HSBC is well placed to support our customers and the markets as they deal with the challenges that will arise.

But in February the bank warned that 1,000 UK investment banking job could be moved to Paris in the event of a Brexit.

Goldman Sachs

It is understood no jobs will be lost at Goldman Sachs immediately and any change there will depend on the terms of the exit.

Read more: Deutsche Bank's chief executive isn't happy about the Brexit vote

Goldman Sachs chairman and chief executive Lloyd Blankfein said:

We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs.

Deutsche Bank

Deutsche Bank chief executive John Cryan said today:

I’m afraid that this is not such a good day for Europe. At this stage, we cannot fully foresee the consequences, but there’s no doubt that they will be negative on all sides. As a bank headquartered in Germany and with a strong presence in the UK, we are well prepared. However, there’s no doubt that the uncertainty created by the referendum’s results will be a challenge.


Citi told its 9,000 UK staff earlier this month that it would probably look to “rebalance” its operation in the event of a Brexit.

Citi's UK country officer James Bardrick wrote in a memo to staff then:

To continue to serve our clients and maintain efficient access to those markets currently enabled through the EU passporting regime, we would likely need to rebalance our operations across the EU.

Full story: How big banks are reacting to Brexit: Thousands of UK jobs feared at risk: City A.M.

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