The UK banks are moving more assets out of London to financial centers across the EU bloc, accelerating the pace of moves after the Covid and Brexit uncertainty over UK's access to the EU bloc.
Morgan Stanley: According to Morgan Stanley's CEO, Emmanuel Goldstein, Morgan Stanley has already planned to expand its 150 Paris offices with additional 50 banks before the end of 2021 and also plans to double its staff and size by 2024.
Barclays: Barclays’ head of M&A for Europe and the Middle East, Pier Luigi Colizzi has moved to Milan in Italy and will run the region’s deals team from the Italian financial hub. It makes him one of the first regional M&A heads to be based outside of London after Brexit.
Barclays is also currently expanding offices in Paris and Frankfurt, Hiring more local staff for the new offices. luring senior dealmakers from companies such as BNP Paribas and Greenhill.
Goldman Sachs: The head of European corporate and sovereign derivatives for Goldman Sachs, Alessandro Dusi, has also shifted to Milan.
Goldman Sachs has reportedly expanded its Milan office from about 20 bankers in 2017 to 60 in 2021.
In Spain, the Madrid office, Goldman Sachs, now also counts around 60 finance professionals, twice as many as before Brexit.
JPMorgan: JPMorgan will be moving around 200 more staff into the EU from London by the end of 2021. It has led its Wall Street peers in shifting assets out of London as of Britain's departure from the European Union. JPMorgan has repeatedly said it expects its European Union's unit to gain market share in areas including trading, investment banking, and commercial banking.
According to a JPMorgan report in the statement, “We plan to complete the Brexit program by the end of 2021, Together with the expansion of our existing business activities, we expect that the size of our balance sheet this year could increase similarly to the previous year.”
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