Post-Brexit City jobs exodus to continent eases as firms maintain London footprint

The exodus of City jobs to the continent after Brexit is easing as firms push to maintain a strong presence in London, reveals new figures published today.

The number of staff relocations from the capital to the EU dipped over the last year to 7,400, according to research by consultancy EY.

London’s top investment banks have slashed the number of workers being booted over to the continent over the last year, driving down the volume of staff relocations.

Top finance firms have been expanding their footprint in London this year. JPMorgan’s British retail arm, Chase, is planning on hiring hundreds of new recruits, including at its UK headquarters in the capital, as it looks to expand the range of services offered to clients.

However, the absence of a financial services deal between London and Brussels continues to plague firms’ long term planning.

“For many financial services firms, we are still far from being fully ‘post-Brexit’,” said Omar Ali, financial services leader at EY.

“For the UK and the EU to maintain their individual competitive standings on the global financial stage, they must continue to work together, while acknowledging evolving regulatory divergence,” he added.