ING said moving traders - to London!

ING London

London is still exerting its magnetic pull.

With Britain poised to leave the European Union, cities from Paris to Frankfurt want a slice of London's financial industry. Until Brexit is formally triggered, though, it's a good time for some overseas banks to add more staff in the U.K.

Bloomberg News reports that ING is doing just that. The firm plans to move as many as 60 trading jobs to London from Amsterdam and Brussels. ING's current operation in the U.K. has about 140 financial markets staff.

But it does show that London is still exerting its magnetic pull, if mainly for reasons of costs and efficiency rather than booming growth.

London's assets - a global talent pool, ease of doing business and market share - haven't changed much since June, except for the fact they're now a lot cheaper in foreign-currency terms. The pound has fallen to 1.11 against the euro from 1.36 since the end of 2015, offering an instant saving for a euro zone bank paying salaries and bonuses to Londoners.

To access the complete Bloomberg News article hit the link below:

Brexit's Latest Bargain? Bankers

Wells Fargo Is Your Last Warning: Check Your 401(k)

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...