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Big banks cagey on post-Brexit plans for London workers

While a number of big banks, including HSBC, Goldman Sachs, and JPMorgan Chase had said a Brexit vote could mean they’d employ fewer workers in London, they’ve been less strident about that after the votes came in, The Independent reports. HSBC and Goldman Sachs have “declined to reiterate such plans,” according to the newspaper.

“There is no immediate change to the way we conduct our business,” Goldman Sachs CEO reportedly told employees in a memo, reported by Money. JPMorgan chief Jamie Dimon reassured employees in similar language, emphasizing that the actual exit from the European Union is not immediate, according to the outlet.

Morgan Stanley has also denied initial reports that it’s begun putting into place plans to move staff out of London, Reuters reports. But experts have said that London might lose some of its luster as a hub of EU banking once it’s no longer in the EU itself, potentially shedding jobs to Continental financial centers like Paris and Frankfurt. One survey, reported by Reuters, suggests that could also mean less pay for affected bankers, even if they make the move across the English Channel.

 SM