Latest Brexit Tracker Indicates Plans to Move Some Staff to EU Bloc
Banks & Financial Services Prepare Brexit Contingency Plans
for Employee Relocations
Careful planning of relocations needed to avoid losing key talent
By Ann Dinsdale, GMS, firstname.lastname@example.org
The latest Ernst & Young (EY) Brexit Tracker shows that UK firms are starting to implement Brexit contingency plans to relocate employees to continental Europe. But those intending to move still remains in the minority.
About a quarter of the 222 financial services firms in Britain tracked have announced that they are moving at least part of their operations out of the UK.
Omar Ali, UK financial services Leader at EY, said, “The number of financial institutions who are publicly committing to concrete action in response to Brexit has increased, but it’s still a minority and is driven by the tight timetable rather than politics.”
“The more complex the organisation, the longer it is going to take to create workable contingency options, and so investment banks in particular are putting their plans on record. Notably though, the majority of firms are maintaining their commitment to the UK, and still talking about moving only the resources necessary to maintain a smooth service for their clients.”
Nearly a quarter of investment banks had changed their public stance on staffing and operations since the beginning of the year and are now stating that some roles or operations will be moved. Almost a third have still have not made any public pronouncements on post-Brexit plans.
Frankly, it’s impossible to say how many finance people will be moved as a consequence of Brexit but banks and financial services firms are right to plan for the worst possible outcome from the Brexit divorce negotiations. Relocations need to be carefully planned and the families that will be moved need to be carefully considered so as not to lose key talent. Professional assistance is available to help you make the best possible relocation decisions.
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