London bankers could face 100,000 job losses after EU vote

Departure

The City of London is facing as many as 100,000 job losses amid fears the UK’s dramatic vote to quit the EU will force banks to shift business out of London to other European financial centres.

The Daily Mail reports that the threat to UK operations would be a major blow to the City – dubbed by some the ‘golden goose’ of the UK economy because of the taxes raised from highly paid bankers and the trade it attracts from other European countries.

But leading bankers now fear that London’s glory days are behind it.

One top investment banker, who preferred not to be named, told The Mail on Sunday that ‘we have seen the high watermark of London as a financial centre’ because major banks are considering plans to move thousands of jobs to Frankfurt and Dublin.

People in the City were ‘monster shocked’, he added.

Alan Greenspan, former Chairman of the US Federal Reserve, told the BBC: ‘The focus is going to shift to other areas of economic union: Frankfurt, Paris, or what have you.’

To access the complete Daily Mail article hit the link below:

Are London's financial glory days over? City fears losing up to 100,000 jobs fear if banks leave capital for European countries

Brexit vote will plunge UK into a new recession, warn City economists as they slash growth figures for next two years

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