It was just announced that Nomura, a leading global bank, plans to move only about 100 people to Frankfurt, Germany. They will mainly come from the 3,000 or so employees currently based in the UK, mostly based in London.
Frankfurt, home to the European Central Bank, seems a natural choice. The city is also being seriously considered by other financial services firms, such as Goldman Sachs and Morgan Stanley.
Nomura’s decision has been on the company’s agenda for a few months and is now being implemented as the banking industry generally prepares for the UK’s potential loss of passporting rights after leaving the EU.
As part of those preparations, banks and financial services firms are considering a number of Brexit-escape cities within the EU zone to which they might move workers in order to retain their passporting rights.
Of course, a major pre-requisite for these plans is to persuade key talent to leave their lives in London and move to the new EU city. That’s not always easy. They may well perceive the new work location as offering an inferior lifestyle when compared to London.
In my experience, each employee will need selling on the benefits of living in the new city. This careful process should be started as early as possible and is best achieved by engaging a professional relocation firm to look after the employees and their families throughout their moves.
Their questions about the new city should be answered honestly and comprehensively. The relocation support they are given should be both personal and tailored to their individual needs.
The competition amongst global banks for the best talent is fierce. Providing the highest quality international relocation support is key to both recruiting and retaining the best people. And now it’s more important than ever before.
My firm, Saunders 1865 – The VIP Relocation Company – has moved more banking executives internationally in the past 3 decades than any other global relocation provider. If you move people for banks, or if you yourself are being relocated by a bank, you should talk to Saunders 1865.
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