BREXIT’s severe consequences on the British banking sector

BREXIT’s severe consequences on the British banking sector

Oliver Wyman, a prominent international consulting firm, recently issued a report in which it warns of the fact that London’s financial marketplace is at risk of losing up to 40,000 positions in the banking sector in the next couple of years if the British government does not come up with a viable solution capable of mitigating the consequences of the BREXIT.

The firm had already cautioned that the financial sector may lose approximately 75,000 positions, including positions in management and insurance, if Britain were to lose its European Identity.

As for the British government, it may lose somewhere around 10 billion pounds in tax revenues.

Some of the biggest international banks in London have stated that almost 9,600 jobs may relocate to other parts of the European continent (France, Germany, Norway, Luxembourg…). However, the establishment of new European entities will imply 30 to 50 billion dollars in additional private funds mobilization.

“If we were to relocate before March 2019, we cannot wait to take action beyond next summer, even before” explains Matt Austen, partner at Oliver Wyman.


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