assets in the amount of about 1,000 billion pounds (1.165 billion euros) have been transferred or are being transferred out of London at the approach of the Brexit, leading to the parallel start of some 7,000 jobs, writes on Wednesday, the consultancy firm EY. Banks, asset managers and insurers in London open or strengthen subsidiaries in Europe in order to avoid any disruption of their activities with the release of the United Kingdom of the european Union.
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The Brexit is scheduled for Friday, march 29, in the evening, but London is about to ask for a deferral at a european union summit that opens Thursday in Brussels. In his last “Brexit Tracker”, established on the basis of the announcements of financial services companies in London, EY notes that 23 companies have announced the transfer of about 1,000 billion pounds since the referendum in 2016. This total was 800 billion pounds in the previous barometer, published in January.
Dublin is the most popular destination for transfers, 28 companies have expressed their intention to establish or strengthen, but Frankfurt, Luxembourg and Paris rattrappent their delay with a number of firms interested ranging from 21 to 18. “The approach to the 29th of march, the companies confirm or revise their statements on the operational changes and personnel transfers but there is hardly last-minute surprises – the firms execute their plans as intended,” says EY in a press release.
