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Clouds gather over high-rise buildings in the financial district of the Canary Wharf in London. They're great at moving thousands of tons of crude oil across the world but they're not nimble. In many ways, they're like an investment bank.
International investment banks are efficient at moving money around the globe. But, with hundreds of thousands of employees and activities governed by a complex web of financial rules and regulators, they're not nimble. A banker at a US firm used the analogy to explain to me after the June Brexit vote why his bank would hold off making any big moves until a clearer picture emerged of the impact on the City of London.
Moving is expensive and time-consuming, he said, and, just like an oil tanker starting to turn, it's not a decision that can be reversed easily.
Suddenly and worryingly, however, banks are now all beginning to change course. It could fundamentally alter London's position in the world as a financial centre. The bank employs 16, people in the UK. UBS investment bank chief Andrea Orcel warned in an interview with Bloomberg at Davos that jobs "will definitely" move as a result of Brexit.
All four of these banks have warned about possible job losses in the past too and many more finance firms are likely mulling similar changes.
A Goldman Sachs spokesman said there "remain numerous uncertainties as to what the Brexit negotiations will yield in terms of an operating framework for the banking industry. The rhetoric has hardened, notably with Dimon, shifting from talking about possible job relocations to weighing up just how many will go.
But their thinking will also be influenced by Prime Minister Theresa May 's speech on Tuesday, which outlined her negotiating stance for Brexit. This included a rejection of the single market and an end to the free movement of people, resulting in a so-called "Hard Brexit," which would likely have the result of stripping the City of ability to sell financial products across borders to other European countries.
The hard line on immigration has a big effect on banks as bright individuals from all around the world who previously might've picked London to start their working life. HSBC's Gulliver said this week: Relocation is not a decision banks will have taken lightly.
They are used to moving a few employees and their families every year, but transplanting whole chunks of offices to different countries costs time, money, and emotional stress.
Once these finance jobs leave Britain, they'll likely not return for at least a decade, if they do at all. Whatever happens to the City of London after Brexit, these banks and their employees will not want to reverse the expensive and stressful changes.
Of course, none of this spells the immediate end to London's dominance as a European financial centre. In the short term, life will carry on. But as the "oil tankers" turn and rhetoric on immigration grows stronger, it's clear that London's role as the financial bridge between Europe, the US and Asia has already begun to change.University of London, Starting from £53, pa, London.
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