Banks poised to channel hundreds - if not thousands - of employees out of the U.K. expect their Brexit bills to reach $500m or more, according to people with knowledge of firms’ contingency planning.
Bloomberg Businessweek reports that costs are climbing in part as they find it more difficult than anticipated to persuade reluctant Londoners to move abroad and reckon with a shortage of experienced bankers in Dublin, Paris and Frankfurt, said the people, who asked not to be identified discussing confidential matters.
“There’s no doubt that the costs are significantly bigger than the banks originally expected,” said Jon Terry, a partner and pay specialist at PricewaterhouseCoopers LLP. “There aren’t enough qualified people in local EU markets to meet the needs of the banks, so they are going to have to rely on moving more expensive staff from elsewhere. And a lot of those people don’t want to move.”
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