UK bank Lloyds has joined a move amongst banks towards the consideration of several European hubs to move operations to in a bid to protect their businesses from potential damage after Brexit.
For example, one of the UK's oldest banks, Lloyds Bank, is following the trend to move operations across several European locations. It is no longer a choice between such EU cities as Frankfurt, Paris or Dublin that bankers in London are considering.
Lloyds Banking Group intends to operate three different subsidiaries in continental Europe after Brexit. It is just one example of how Britain's exit from the EU is causing banks to spread their operations across EU cities. It is reported that Lloyds was expected to run its EU business from a new subsidiary in Berlin, where it already has about 300 employees. However, they are now planning two more locations – Frankfurt and another undisclosed location.
This is part of a growing trend among banks to set up operations across continental Europe rather than concentrating on just one EU location. This trend involves spreading workers across Europe to keep all relocation options open at this point.
Banks are getting closer to the point of having to move key people out of London to EU locations. These people are going to need good, competent relocation support and HR departments are going to need outside professional help. Both ends of every move (departure end and destination end) will need to be supported in a way that gets the workers and their families through the transition in the best possible way. That’s good for them and it’s good for the business.
At Saunders 1865 – The VIP Relocation Company – we’ve been helping banks move their employees internationally for more than 30 years. It’s what we do day in, day out. We offer a range of support services to match any case and any budget. Call us today on +44 20 7590 2700 or 239 530 1865. Alternatively, use this contact form or send an email to email@example.com
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