There are reportedly 2,100 London employees that could make the move to the Dutch capital. However, Amsterdam is already MUFG’s EU bloc home to their retail and corporate banking operations.
The bulked-up Amsterdam office will allow the bank to continue serving EU clients after Britain leaves the bloc.
The Netherlands has strict bonus caps but, under new proposals, these would be exempt for companies which employ at least 75 per cent of their staff outside the country.
The proposed move separates MUFG from other large Asian banks based in London, which are eyeing moves to Frankfurt, the German financial capital.
So far Frankfurt was also the choice of Citigroup, Morgan Stanley and Standard Chartered for their post-Brexit locations.
HSBC chose Paris and the Bank of America and Barclays have opted for Dublin.
The Bank of England has been pressuring financial institutions to outline their post-Brexit plans in recent weeks so we’re expecting more announcements from London banks in the weeks to come.
All these employers will need to carefully consider how their key staff will react to the requirement to move out of London – especially those with school-aged children. They will want to line up attractive relocation support packages to make the lifestyle transitions as smooth and easy as possible for everyone.
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