MUFG Prepares for Brexit Fallout

Japan’s Biggest Bank to Move from London to Amsterdam

How will their employees react?

                                                                  By: Tony Coe

               Tony.Coe@Saunders1865.com

It’s interesting that Japan’s biggest bank, MUFG, is set to commit to moving its European investment operations to Amsterdam in preparation for Brexit.

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.

Nobody has more experience in moving employees overseas for top global banks than Saunders 1865 – The VIP Relocation Company. 

If you are responsible for relocating senior executives internationally, or if you yourself are being relocated, discover how top banks support the families they move overseas.  What relocation benefits do they provide and which support programs do senior executives expect?

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