US Banks to cut off post-Brexit relocation perks as
No Deal gets more likely
• UK looks increasingly ready to leave the EU without a deal
• Financial firms set to move more key people to EU cities
• Many employees prefer to retain their home base in London
It was always going to be a tough sell for banks to persuade their best talent to move permanently from London to a city within the EU bloc. Some have tried to sweeten the pill by paying for former London staff to commute back to their London homes on a weekly basis so that their families can continue enjoying London living.
But some US banks have, according to media reports, now made it clear to their employees that financial support for London accommodation and travel will be withdrawn altogether. And this comes at a time when the UK government (at least in the shape of the leading candidates to replace Teresa May as Prime Minister) is talking tougher in terms of walking away from the EU without a deal.
This change in the UK’s tone towards the EU means that banks and financial firms are moving forward on their contingency plans to relocate people to EU cities. Understandably, there’s been a strong tendency amongst traders, bankers and executives to prefer that their families remain in London, for example, to avoid disrupting their children’s UK schooling – and let’s face it because London is exciting and offers a fantastic lifestyle! In these circumstances, it’s an odd decision for employers to make it less attractive to accept a permanent move to an EU city.
Saunders 1865’s corporate clients have found that a more successful approach is to provide higher quality relocation support to help the families settle successfully in the EU city.
The main destination cities to which Saunders 1865 have been supporting Brexit moves to are Dublin, Paris, and Frankfurt. We’ve not yet had a single case where a family have tried to maintain a London home in addition to any new accommodation in the EU city.
In our experience, it’s a better investment for an employer to provide high calibre relocation support to encourage a permanent move over providing commuting and/or dual accommodation support that encourages the opposite.
To get answers to all your Brexit move questions, please reach out to the Saunders 1865 team of relocation experts by using this contact form
My husband and I had a wonderful experience working with Saunders 1865 relocation team. They were always available to help us correspond with our landlord management company. They were great at following up in a timely manner and organized many repairs for us. We'd recommend anyone moving to London to use their services as they made the transition very easy.
Ashleigh Ellman, New York